Wall Street’s next big crypto bet may not be on the volatile altcoin market, but on late-stage, IPO-ready companies poised to tap billions in fresh capital.

Crypto financial services firm Matrixport reported on Friday that more than $200 billion worth of crypto firms are preparing initial public offerings (IPOs), potentially raising between $30 billion and $45 billion. The firm said this marks a significant shift in institutional focus—from speculative early-stage plays to scalable businesses tailored for public markets.

Related reporting: ‘Government Grift’ ETF Tracking Congressional Trades Could Launch This Week

Source: Matrixport

Matrixport noted that Bitcoin’s price action has recently been weighed down by selling pressure from miners and early adopters, which has “nearly neutralized ETF and treasury inflows, reducing volatility and dampening its appeal to risk-seeking investors.” But Wall Street, the firm argued, has a strong incentive to extend the bull cycle with a pipeline of IPOs that could unlock tens of billions in new funding.

Among the companies gearing up for listings are major players like crypto exchange Kraken, which reportedly secured $500 million in late-stage funding at a $15 billion valuation, and crypto custodian BitGo, which filed to go public on the New York Stock Exchange on Sept. 19. BitGo disclosed roughly $90.3 billion in assets under custody across 4,600 institutional clients and 1.1 million users.

BitGo files for US IPO. Source: James Seyffart

ETFs Could Shape a “Paper-Backed Altseason”

While IPOs dominate Wall Street’s attention, ETF filings may be the key driver behind selective altcoin rallies. Matrixport emphasized that 2025’s altcoin season won’t mirror the wild speculative cycles of the past, but instead favor tokens with strong institutional support or exchange-traded fund exposure.

Nic Puckrin, co-founder of The Coin Bureau, noted that Ethereum (ETH) has already begun quietly outperforming as Bitcoin dominance slips toward yearly lows—an early indicator of a potential altcoin rotation. Still, he cautioned that the trend remains highly selective.

Blockchain analytics platform CryptoQuant echoed the sentiment, with CEO Ki Young Ju dubbing the trend “a paper-backed altseason,” fueled by institutional-grade ETF products.

Source: Eric Balchunas

The industry is now awaiting several ETF decisions from the SEC in October, including filings tied to Solana (SOL), XRP (XRP), Litecoin (LTC), Dogecoin (DOGE), and Cardano (ADA). The outcomes could determine whether altcoin momentum broadens or remains limited to a few headline projects.