Cryptocurrency firms are no longer operating in the shadows or out of makeshift “garage-style” setups. According to Tracy Jin, COO of global exchange MEXC, the industry has evolved into a sophisticated, regulated sector with IPO-ready players leading the charge into public markets. Speaking at a recent industry event, Jin highlighted how regulatory clarity and market maturity are catalyzing a new era for crypto capital markets.

From Startup Roots to Structured Giants

“The days of crypto being run from garages are over,” Jin stated. “We're seeing the rise of institutions with robust governance, clean balance sheets, and scalable revenue streams.”

Once characterized by volatility and regulatory uncertainty, crypto is now gaining legitimacy. Companies like Circle, the issuer of the USDC stablecoin, and Gemini, the exchange founded by the Winklevoss twins, are leading the way with public market ambitions. Circle’s IPO on the NYSE earlier this year made headlines after its stock surged over 110% on opening day. Just days later, Gemini confirmed it had confidentially filed for an IPO with the SEC.

These moves, Jin said, signal that crypto firms are reaching the operational and compliance thresholds required for public investors.

The Role of Regulation and Institutional Interest

A major factor enabling this IPO momentum is regulatory clarity. In the U.S., the approval of spot Bitcoin and Ethereum ETFs by the SEC earlier this year was a watershed moment. Meanwhile, Europe's Markets in Crypto-Assets (MiCA) framework has established a comprehensive regulatory environment, fostering confidence among investors and institutions.

“Clear frameworks are critical,” Jin noted. “They reduce uncertainty and attract the kind of capital that wants long-term exposure, not just speculative upside.”

Selective Growth: Not All Firms Will Survive

Despite the optimistic tone, Jin emphasized that not every crypto startup is poised for IPO success. Investors are now looking for business models that resemble traditional fintechs, not projects with purely token-driven speculation.

“Custodial services, staking infrastructure, payment rails, stablecoin issuers—these are the types of companies with recurring revenue and compliance standards that institutional investors respect,” she explained.

Firms focusing solely on tokenomics without delivering utility or transparency are unlikely to make the cut.

Asia’s Growing Footprint and Structured Finance Tools

Jin also pointed to Asia as a potential hotspot for IPO activity, referencing Japan’s Metaplanet and its aggressive Bitcoin treasury strategy as a bellwether. As Asian firms integrate digital assets into traditional finance frameworks, the region could produce the next wave of publicly listed crypto companies.

Meanwhile, Jin expects an influx of structured financial products, such as convertible debt instruments and yield-enhanced notes tied to crypto performance, as traditional banks begin developing crypto-linked securities for IPO-bound firms.

Crypto’s Financial Coming-of-Age

With IPOs from Circle and Gemini setting a precedent, and companies like Kraken and Ledger reportedly exploring similar paths, Jin believes we’re witnessing the “financial coming-of-age” of the crypto sector.

“What we’re seeing is a maturing industry aligning itself with global capital markets,” she concluded. “Crypto isn’t fringe anymore—it’s becoming a core pillar of the financial system.”

As regulation solidifies and business models mature, crypto IPOs are shaping up to be one of the defining financial trends of 2025.