Pantera Capital Managing Partner Paul Veradittakit joins CoinDesk to discuss the outlook into crypto markets and the broader industry in 2026. With market structure legislation nearing the finish line, Paul details why entrepreneurs are returning to U.S. soil. They also discuss the success of Solana and XRP ETFs, the roadmap for crypto IPOs in 2026, and how the strategic reserve narrative is reshaping institutional portfolios. - Check out CoinDesk's research report on KuCoin at: https://www.coindesk.com/re ...

Core Insights - This year has seen a significant increase in crypto IPOs, driven by retail interest, political support, and a reopened U.S. IPO market [1] - Companies from various sectors, including exchanges and stablecoin issuers, are actively pursuing public listings, leading to a crowded IPO calendar [1] Group 1: Notable IPOs and Market Activity - Coinbase's Nasdaq debut in 2021 was the only major IPO success for the crypto industry until this year [2] - Circle, the issuer of USDC, and crypto exchange Bullish are notable companies that attempted to go public via SPACs before successfully listing [2] - Circle's initial SPAC merger attempt in 2021 valued the company at up to $9 billion but was terminated in late 2022 due to market conditions [3] Group 2: Market Reception and Performance - Circle's NYSE debut was highly popular, leading to trading halts within the first hour, although its momentum has since slowed due to Federal Reserve interest rate changes [4] - Bullish also experienced a significant increase in share price upon its public listing in August, following a similar SPAC background as Circle [5] - eToro, while not exclusively a crypto company, saw its valuation rise to $5.4 billion after its Nasdaq debut in May, despite scaling back its crypto offerings [5] Group 3: IPO Aspirations and Challenges - Not all companies have successfully completed their IPOs this year; FalconX is reportedly considering an IPO but has not filed any paperwork with the SEC [6]

Laura Katherine Mann, a partner at global law firm White & Case, sees 2025 as the "test-case year" for crypto initial public offerings, but says 2026 is the real proof point: the year the market finds out whether digital asset IPOs are a "durable asset class" or just a cyclical trade that only works when prices are ripping. 2025 was a busy year for crypto companies going public. Stablecoin issuer Circle (CRCL) listed in June, followed by CoinDesk's owner Bullish (BLSH) in August and crypto exchange Gemin ...

Core Insights - Thai cryptocurrency exchange Bitkub is considering an initial public offering (IPO) in Hong Kong to enhance its visibility and capitalize on a more favorable market environment as the Thai market struggles [1][4][9] Company Overview - Bitkub, founded in 2018, is one of Thailand's leading cryptocurrency platforms and had previously looked into listing on the Stock Exchange of Thailand [3][9] - The exchange is now targeting a raise of approximately $200 million through the potential Hong Kong IPO [4][9] Market Context - The Thai stock market has faced significant challenges, with the SET Index declining about 10% in 2025 and newly listed companies experiencing an average drop of over 12% [4] - In contrast, Hong Kong is actively working to revitalize its financial standing by implementing a regulated crypto trading environment and attracting both retail and institutional investors [5][6] Regulatory Environment - Hong Kong has introduced a formal licensing regime for digital-asset exchanges and is making additional regulatory changes to attract global crypto and tech issuers [5][9] - Thailand's regulatory landscape is tightening, with the Securities and Exchange Commission and the Bank of Thailand planning to launch a regulatory crypto sandbox for foreign tourists [7] Industry Trends - The IPO market in Hong Kong is projected to reach its highest level in four years, with expected proceeds surpassing $40 billion in 2025 [6] - Other crypto firms, such as tZero Group, are also preparing for public offerings, indicating a growing momentum for crypto IPOs [8]

Company Developments - Figure Technology Solutions Inc. has filed for an initial public offering (IPO) on Nasdaq, marking its entry into the public market [1] - Gemini has disclosed a $75 million credit deal with Ripple, highlighting connections within the cryptocurrency sector [1] - Gemini's IPO registration with the U.S. SEC confirms plans to list on Nasdaq under the ticker "GEMI" [3] - The company reported a net loss of $282.5 million in H1 2025, following a $158.5 million loss in 2024, despite a 45% revenue increase to $142.2 million [2] - As of mid-2025, Gemini had 523,000 monthly active users and processed $24.8 billion in trading volume [2] Market Trends - A wave of crypto firms is preparing for IPOs, driven by growing institutional interest and a favorable regulatory climate in the U.S. [6] - Companies like Kraken, Bullish, and TRON are among those aiming to go public this year, following Circle's recent debut on the NYSE [6] - The cryptocurrency market is experiencing a recovery, with secondary market estimates placing Gemini's valuation at $10–$10.05 billion, up from $7 billion in 2022 [3] Funding and Valuation - Gemini has raised over $725 million across six funding rounds from notable investors including SoftBank and BlackRock [4] - Figure Technology Solutions reported a net income of $29.1 million on $190.6 million revenue in H1 2025, compared to a loss of $15.6 million on $156 million revenue a year earlier [7] - FalconX was valued at $8 billion during its last fundraising effort in 2022, when it raised $150 million [13] Regulatory Environment - The improved regulatory conditions in the U.S. are encouraging crypto firms to pursue public listings [5] - OKX is exploring a U.S. IPO after reentering the market following a $505 million settlement with the DOJ over anti-money laundering violations [10][11] - Ripple's leadership has confirmed that an IPO is not currently on the agenda, citing a strong financial position with significant cash reserves [29][30]

Market Trends - Crypto IPOs are performing strongly [1] Regulatory Issues - Missing Gensler texts are causing concern [1]

Core Insights - Gemini achieved a valuation of $4.4 billion upon its Nasdaq debut, with shares trading around $34, reflecting a 22.6% increase from the initial trading price [2][4] - The company raised $425 million through its IPO, which was significantly oversubscribed according to regulatory filings [3][4] - Tensions have arisen between Gemini's founders and the CFTC Chair nominee, linked to a complaint filed by Gemini regarding alleged misconduct at the regulator [4][5] Company Performance - Gemini's shares debuted at a price that led to a valuation of $4.4 billion, marking a successful entry into the public market [2][4] - The IPO was oversubscribed, indicating strong investor interest and confidence in the company's future [3] - The company settled a lawsuit with the CFTC for $5 million shortly before the trial, which has led to ongoing legal disputes [4] Industry Context - Gemini is part of a broader trend of crypto companies going public, with Figure, a crypto lender, also debuting on Nasdaq with a valuation of $5.3 billion and a share price increase of 33% from its IPO price [6][7] - The successful IPOs of these companies highlight the growing intersection of blockchain technology and capital markets, emphasizing speed, transparency, and efficiency [7]