The once-scrappy world of digital assets has grown into a sector defined by structured governance, audited financials, and scalable revenue models.
Exchanges that began as weekend experiments now resemble traditional financial institutions, complete with compliance teams, investor relations departments, and long-term capital strategies. “We are now IPO-ready,” MEXC chief operating officer (COO) Tracy Jin told Cointelegraph.
On June 5, Circle, the issuer of the USDC (USDC) stablecoin, raised $1.1 billion in its public debut, exceeding expectations and marking a record-setting 167% gain on its first day of trading.
On June 6, Gemini, the exchange founded by Cameron and Tyler Winklevoss, also filed confidentially for a US listing, followed by a similar filing from Bullish, the digital asset exchange backed by billionaire investor Peter Thiel, on June 10.
“Improved market sentiment is the fundamental of a successful launch,” Jin said, pointing to the surge of capital flowing into spot Bitcoin (BTC) and Ether (ETH) ETFs in the US as a catalyst. The bull market environment has pushed valuations higher and created a wealth effect for early investors, opening the IPO window.
Related: Tether CEO snubs IPO, says $515B valuation is ’a bit bearish’
Regulator clarity boosts IPO hype
However, sentiment alone isn’t driving the trend. According to Jin, long-awaited regulatory clarity is playing a central role. Frameworks like Markets in Crypto-Assets Regulation (MiCA) in Europe and US ETF approvals have helped de-risk crypto for institutional investors.
“For years, the ambiguity in jurisdictions like the United States made public market investors wary,” she noted. The new rules may not be comprehensive, but they provide enough structure to legitimize listings in the eyes of Wall Street.
MEXC’s COO believes the industry itself has matured dramatically. “Crypto is no longer a nascent industry run from garages,” Jin said. With audited financials, established governance, and sustainable revenue from custody, staking, and trading, crypto firms are now “IPO-ready.”
As for what kinds of firms will dominate this new IPO phase, Jin sees infrastructure and fintech-adjacent companies leading the way. Blockchain analytics, staking services and secure custody providers will be among the top contenders, along with stablecoin issuers.
“The momentum is sustainable, but it will be selective,” she said. “Companies with clear, defensible business models that look more like tech or fintech than a pure bet on token prices will be the most successful.”
Related: Circle’s NYSE debut marks start of crypto IPO season: Are Kraken, Gemini and Bullish next?
Asia next to see crypto surge
Asia could emerge as a hotbed of activity. Jin mentioned Metaplanet’s Bitcoin treasury strategy as a sign of growing regional adoption. “It’s not just a MicroStrategy story anymore,” she said, noting that concerns over currency depreciation in Japan have made BTC an attractive hedge.
She also sees a future for crypto-linked financial engineering. Strategy’s use of convertible notes to provide yield with upside exposure has set a precedent. “I fully expect to see a wave of structured products from major banks like Goldman Sachs and JP Morgan,” Jin said.
That doesn’t mean institutions are ready to hold crypto on their balance sheets en masse, but it’s a step in that direction. Jin views these instruments as “a blueprint for mainstream adoption” that starts as a niche play and gradually builds institutional comfort with the asset class.
Magazine: China threatened by US stablecoins, G7 urged to tackle Lazarus Group: Asia Express
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