#加密IPO热潮# The encryption industry is once again in the spotlight. Following the trends of stablecoins, RWA, and AI+Crypto, the Capital Market in 2025 is witnessing a wave of "batch IPOs of crypto exchanges." Multiple leading platforms have submitted or are preparing to list on the US stock market, indicating that the encryption industry is accelerating its full integration with TradFi.

Why are the big players suddenly flocking to go public? The three main driving forces are key:

The regulatory "green light" is on:
The advancement of regulatory frameworks like the U.S. "GENIUS Act" has made compliance pathways increasingly clear. Going public is no longer "driving without a license," but rather a legitimate choice.

Wall Street is "smelling good" now:
The approval of Bitcoin ETFs and the embrace of related products by mainstream exchanges such as Nasdaq have significantly increased the recognition and acceptance of digital assets in the traditional Capital Market.

Investors are more willing to spend money! The market window is just right: with the second-hand market warming up and these platforms experiencing strong business growth, they can now achieve a relatively ideal valuation upon listing. Who wouldn't want to sell at a good price?

The year 2025 is destined to be recorded in history! This wave of collective IPOs led by top trading platforms (associated service providers such as custody and asset management) is the first in the development history of the digital asset industry! It clearly outlines a "listing ecological map": from trading front desks to asset custody, from stablecoin cornerstones to asset management, top players in every link are embracing the mainstream Capital Market. This is not only a recognition of the value of individual companies but also a milestone event for the entire industry to accelerate its integration into the global mainstream financial system.