I. Introduction
Recently, crypto concept stocks have triggered an unprecedented wave in the global capital market. From the stablecoin giant Circle's stock price soaring nearly fourfold within a week after listing, to TRON quickly igniting the market through a backdoor listing, the crypto industry is entering the mainstream capital's vision at an unprecedented speed and intensity. Almost any blockchain-related company with a clear compliance pathway can obtain astonishing valuations in a short time, becoming a hot pursuit in the capital market. As more crypto enterprises announce or initiate IPO plans, 2025 may usher in an unprecedented "Crypto Enterprise IPO Year", which will have a profound impact on both the capital market and crypto ecosystem.
This article will deeply analyze the key drivers behind the recent surge in crypto concept stocks, meticulously sort out the main crypto-related listed companies in the current market, and inventory the heavyweight crypto enterprises preparing for IPO. Meanwhile, the article will also look forward to the long-term impact of the crypto IPO wave on market ecology, providing valuable references and insights for investors and industry observers.
II. Crypto Concept Stocks Heating Up
After Circle, a stablecoin company, was listed on the New York Stock Exchange at $31 on June 5th, its stock price continued to soar, closing at around $115 in the first week. On June 23rd, Circle's stock price reached a high of $292.77 intraday, rising over 844% from its IPO price, and then slightly retreated, but the heat remained undiminished.
[The rest of the translation follows the same professional and accurate approach, maintaining the specified translations for specific terms and preserving the original structure and meaning.]Reverse Backdoor Merger: This is a new highlight this year, represented by the case of TRON backdoor merging with SRM. The TRON project has already issued the crypto token TRX, and through the small-cap US stock SRM Entertainment, Justin Sun first injected $100 million into SRM and obtained a large number of new stock issuances, then renamed the company "Tron Inc", allowing the TRON ecosystem to achieve a roundabout listing through SRM's shell. After the news was confirmed, SRM's stock price instantly soared more than 5 times, showing the market's excitement about this "crypto project's roundabout listing on US stocks" model. Backdoor listing provides an alternative path for crypto projects that cannot directly IPO, but the corresponding compliance challenges and operational complexity also need to be considered (such as information disclosure, shareholder structure restructuring, etc.).
"Dual Listing" or Cross-Border Listing: Some large crypto companies are seeking to list on multiple markets to attract capital from different regions. For example, OKX is reportedly considering an IPO in the US while exploring a "split listing" plan, which may mean listing in places like Hong Kong. Galaxy Digital has already been listed in Canada and later directly listed on the US Nasdaq through restructuring. Dual listing helps improve global visibility and liquidity, and is also a strategy for some companies to address regional regulatory risks.
Riot Platforms (NASDAQ: RIOT): Another long-established Bitcoin mining company, listed in 2003, focusing on North American mining operations. Similar to Marathon, as Bitcoin prices recovered in recent years, Riot's stock has risen 20-30% since early 2024, with industry funds flowing back into the sector, making Riot a core asset in the mining industry.
Bitdeer (NASDAQ: BTDR):Bitdeer was founded by Jihan Wu, former chairman of Bitmain, focusing on mining operations and computing power leasing. Listed on NASDAQ in April 2023 through a merger with Blue Safari SPAC, it attracts attention with its computing power resources and market scarcity. The company operates multiple mining farms in the US and Norway, with stable revenue growth expected in 2024-2025 and plans to expand its data center facilities to AI cloud services. As a derivative enterprise of a Chinese mining giant overseas, Bitdeer's listing marks the entry of Chinese mining capital into US stocks.
Canaan Technology (NASDAQ: CAN):Canaan was one of the first Chinese Bitcoin mining machine manufacturers to go public on NASDAQ in 2019, focusing on the Avalon series of mining machines. It performed excellently during the Bitcoin bull market in 2021 but subsequently experienced a stock price slump due to market correction and intense competition. With the mining industry recovering since 2023, Canaan's performance has improved, with revenue and orders rebounding. Currently, Canaan is a key representative of blockchain hardware in the capital market, and its revival signals the start of an industry cycle.
Other Ecosystem-Related Companies
Tron Inc (Planned IPO):Tron is progressing with a reverse merger IPO through SRM. Once completed, Tron will become the first crypto public chain project to successfully list on US stocks. Tron's IPO process may create a new model of capitalization for crypto projects, inspiring others to follow or explore. However, the Tron case also raises discussions about its compliance, especially with tokens still trading and previous SEC litigation. If Tron successfully goes public, it will further elevate market expectations for the securitization of "crypto-native projects".
DeFi Development (NASDAQ: DFDV): The company transformed from property tech to a Solana asset-holding company, representing an exploration of DeFi ecosystem company securitization. Its stock price has risen 28 times after switching tracks. This demonstrates that small companies can achieve remarkable market speculation by connecting with popular public chain ecosystems and boldly announcing their token holding strategies.
Hong Kong and Singapore Market Targets: Besides OSL, companies like New Fire Technology (formerly Tong Cheng Holdings, HKEX: 1611) are involved in crypto asset management and brokerage businesses in Hong Kong. In Singapore, in addition to Amber's existing listing, companies like Osmosis (a mining machine distributor) are seeking local listings. Although the scale and number of crypto concept stocks in these regions are not as large as in the US, they are gradually developing within their respective regulatory frameworks. For example, the Hong Kong government has been actively promoting itself as a crypto center, and more Asian crypto enterprises are expected to choose listing in Hong Kong, potentially creating "Hong Kong's Coinbase" and other landmark companies.
Overall, the global crypto listed company landscape now covers the entire industry chain. Upstream are mining companies and mining machine manufacturers, midstream are exchanges and wallets, downstream are payment and investment services, and even public chain ecosystem companies. This landscape expansion is a microcosm of the blockchain industry moving from the margins to the mainstream. The stock market provides a new stage for crypto companies to showcase their value and allows traditional investors to share the dividends of the blockchain revolution.
Impact of Crypto IPO Boom
First, a large number of crypto companies going public means traditional capital is further embracing the crypto industry. When stocks like Circle, Coinbase, and MicroStrategy enter authoritative indices such as S&P 500 and Nasdaq 100, global passive investment funds and traditional institutional investors passively or actively allocate crypto exposure. This will deepen the linkage between the crypto market and the overall financial market. On one hand, crypto assets are no longer limited to Token form but are integrated into mainstream investment portfolios through stocks; on the other hand, volatility and capital flows in traditional stock markets may affect the performance of these crypto concept stocks, thereby indirectly influencing crypto market sentiment.
Secondly, the IPO boom may indirectly impact crypto currency prices. On one hand, some listed companies directly hold large amounts of crypto assets. These companies' fundraising and stock appreciation enhance their ability to increase crypto asset holdings. For example, Semler Scientific announced plans to raise funds to purchase up to 100,000 bitcoins in the coming years, effectively introducing stock market funds into the crypto asset market. Similarly, companies implementing "treasury strategies" may have more motivation and resources to buy related tokens after their stock prices rise, thereby supporting token prices. On the other hand, when crypto company stocks perform well, they can also boost investor interest in underlying crypto assets.
Potential Risks and Challenges
It's worth noting that not every listed crypto company can replicate Circle's success. Investor enthusiasm inevitably contains overheating elements, and subsequent differentiation may occur: only companies with performance support and mature models can maintain high valuations, while concept stocks lacking fundamentals will ultimately return to rationality. For instance, SharpLink Gaming (SBET) surged and then quickly halved. This reminds us that when the boom subsides, the market will focus more on fundamentals. Therefore, in the short term, this IPO boom brings funds and attention to the industry, but in the medium to long term, whether companies can deliver growth and whether the regulatory environment remains friendly will determine the stability of stock prices and market capitalization.
Regarding regulation, although the US regulatory attitude is currently trending positive, policy uncertainty remains a long-term variable. Future political changes and regulatory replacements may affect the regulatory scale for crypto enterprises. For example, if the stablecoin bill is blocked in the House or regulations become stricter in other aspects, it could dampen market sentiment. However, there are reasons for optimism: the two major US securities indices have already included multiple crypto stocks, and the interests of millions of traditional stockholders are now tied to the crypto market, which will force regulators to be more cautious and balanced when formulating policies, rather than rashly suppressing the industry. Therefore, crypto enterprises entering the public market somewhatenhance the industry's "political weight", helping to secure a more rational regulatory environment.
Future Trend Outlook
Looking ahead, we can foresee further deepening integration between crypto and traditional finance. In the next 18 months, the industry predicts several more companies will join the listing ranks: for example, the US veteran exchange Kraken is reportedly preparing to go public by 2026; custody giant BitGo might IPO as early as this year; Ethereum ecosystem developer ConsenSys, hardware wallet manufacturer Ledger, institutional custody company Fireblocks, and on-chain data analysis company Chainalysis, all valued at billions of dollars, are also considered to have IPO potential. Additionally, Chinese-background enterprises and projects are also active: OKX exchange has established headquarters in the US and is considering an IPO; TRON is actively seeking a backdoor listing in US stocks. If the crypto market remains strong, these reserved projects are likely to materialize, triggering the largest crypto IPO wave in history. It can be imagined that by then, crypto concept stocks will further enter public view, with sector market value and influence continuously rising.
Summary
The recent strong performance of crypto concept stocks in global capital markets represents a concentrated victory for the crypto industry's march towards the mainstream. The "two-way convergence" between the stock market and the crypto circle shows that crypto enterprises are no longer limited to internal entertainment but are truly knocking on the doors of the capital market. From macro policy shifts and capital enthusiasm to specific company stock price doubles and financing surges, the crypto industry is gaining increasing recognition from traditional investors. For investors, it's crucial to recognize the opportunities and risks: on one hand, high-quality crypto company stocks may share the industry's high-speed growth dividends; on the other hand, the high volatility characteristics of the crypto field have not disappeared, merely manifesting differently in the stock market. Looking forward, the crypto enterprise listing wave may continue to surge, and the integration of the crypto world with traditional finance will further deepen, jointly composing the next brilliant chapter.
