Bitwise predicts 2025 as year for crypto IPO — Kraken, Circle to go public
2024-12-11
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Crypto exchange-traded fund (ETF) issuer Bitwise has predicted at least five “crypto unicorns” will go public in 2025 — including stablecoin issuer Circle and crypto exchange Kraken.
The so-called “crypto bank” Anchorage Digital, analytics firm Chainalysis and crypto exchange Figure were the other three firms expected to launch an Initial Public Offering next year — selling shares to the public for the first time — Bitwise’s investment chief Matt Hougan and research head Ryan Rasmussen wrote in a “10 Crypto Predictions for 2025” report on Dec. 10.
Growing investor demand, institutional adoption, a favorable macro environment and a warmer political environment were the main catalysts that led the pair to name 2025 as the “Year of the Crypto IPO.”

Here are some of the other predictions that Bitwise’s Hougan and Rasmussen made for next year.
BTC, ETH and SOL to hit new highs, Bitcoin tops gold in 2029
Hougan and Rasmussen forecasted Bitcoin BTCUSD to hit $200,000 or more by the end of 2025 and said it could surpass gold’s current $18 trillion market cap by 2029.
Bitcoin could even reach $500,000 or more next year if the United States follows through on Senator Cynthia Lummis’ pitch for a strategic Bitcoin reserve that buys 1 million or more Bitcoin over five years.
Bitcoin could even eclipse gold without a US Bitcoin reserve — though it would fast-track the process, the duo said.
Meanwhile, Bitwise expects Ether ETHUSD to bounce back in 2025 and hit a high of $7,000, fueled by growing activity on Ethereum layer 2s more spot Ether ETF flows and “massive growth in stablecoins and tokenized projects.”
Hougan and Rasmussen expected “serious” projects would launch on Solana SOLUSD and push its price to $750 — a 250% increase from its current price of $215.
Coinbase to be most valuable brokerage, enter S&P 500, MicroStrategy joins Nasdaq-100
The pair predicted Coinbase shares would more than double to $700 and overtake Charles Schwab as the most valuable brokerage platform in 2025 — earning it a place in the S&P 500.
“The reason? Coinbase is more than just a brokerage,” the Bitwise duo said, predicting that Coinbase’s revenues from its stablecoin, staking, and custody services would increase substantially in addition to revenues from its Ethereum layer 2 Base.
Coinbase entering the S&P 500 and MicroStrategy rising into the Nasdaq-100 index could happen when the two indexes next rebalance.
With $10 trillion worth of assets tracking the S&P 500, fund managers would have to buy roughly $15 billion in Coinbase shares, while MicroStrategy’s entry into the Nasdaq-100 would have a smaller but still “significant” impact on its share price, Bitwise said.
Bitcoin ETFs attract more Wall Street flows as RWA market hits $50B 
Analysts expected US spot Bitcoin ETFs to see somewhere between $5 billion to $15 billion in net inflows this year but they’ve already more than doubled that upper figure, seeing $33.6 billion this year.
“We expect 2025’s inflows to top that,” Hougan and Rasmussen wrote, saying institutional investors are “laddering up” Bitcoin allocations to 3%, while major wirehouses will come online in 2025.
They said that gold ETFs saw net inflows increase for five consecutive years from $2.6 billion in their first year to $28.9 billion in their fifth, and added they predict spot Bitcoin ETF inflows would follow a similar trajectory.
Tokenization of real-world assets will also rise from around $13 billion to $50 billion in 2025, Bitwise said, highlighting the instantaneous settlement, 24/7/365 liquidity and lower cost benefits than traditional securitization.
That’s why BlackRock CEO and “tokenization maximalist” Larry Fink thinks the “next generation for markets will be tokenization of securities,” the pair said.
AI agents will spearhead memecoin mania
Hougan and Rasmussen think crypto markets are in for an “even bigger memecoin mania” in 2025, fueled largely by artificial intelligence agents
Related: Microsoft shareholders vote ‘no’ on Bitcoin reserve
AI’s potential to influence memecoins was seen firsthand when AI chatbot Truth Terminal promoted the “obscure” memecoin GOAT, which soared to a $1.3 billion market cap, Bitwise said.
Bitwise also tipped that the stablecoin market will double to $400 billion, in part driven by long-awaited stablecoin legislation in the US.
The pair also expects the US Department of Labor to “relax its guidance” against crypto in 401(k) plans, enabling another avenue for billions of dollars to flow into the market.