Crypto companies are piling up on U.S. stocks, has the investment logic of the cryptocurrency circle changed?
In 2025, the crypto industry is moving from the fringes to the mainstream, and the U.S. capital market takes center stage in this craze. From crypto fintech company Antalpha's stock price soaring 70% on its first day of listing and triggering a circuit breaker, to the world's leading exchange Coinbase's imminent entry into the S&P 500, to the backdoor listing of Bitcoin mining company American Bitcoin, which caused the stock price to soar, a wave of crypto companies have ignited investors' enthusiasm through initial public offerings (IPOs) or backdoor listings.
At the same time, Wall Street giants such as Morgan Stanley, Bank of America, and Royal Bank of Canada have smelled business opportunities and are trying to get a piece of the pie against the backdrop of the Trump administration's strong support for the crypto industry. The latest forecast from crypto asset manager Bitwise adds fuel to the frenzy, declaring that 2025 will be the "year of crypto IPOs", and that companies like Circle and Kraken are poised to take off. This wave not only demonstrates the maturity of the crypto industry, but also injects fresh blood into the capital market.
Antalpha, a fintech company focusing on crypto asset management, trading, and infrastructure services, was officially unveiled on the Nasdaq Global Market on May 14 under the ticker symbol "ANTA". On the first day of listing, Antalpha's stock price jumped 70% like a rocket, triggering the circuit breaker mechanism and finally closing with a daily limit. This debut not only made investors excited, but also marked Antalpha's successful step from a crypto professional into the spotlight of traditional finance.
At the same time, Coinbase, the "big brother" of the crypto exchange, also ushered in a highlight moment. Coinbase will soon be included in the S&P 500 index, becoming the first crypto company to receive this honor. This is not only an affirmation of Coinbase, but also a milestone recognition of the mainstreaming process of the entire crypto industry. The S&P 500 brings together the top players in the U.S. economy, and Coinbase's inclusion means that crypto assets are being embraced by the traditional financial system. Market analyst firm QCP Capital excitedly predicts that this event may become a new "tipping point" for the crypto market, attracting more institutional investors and pushing the price of assets such as bitcoin to new highs. Back in 2021, Coinbase's direct listing was handled by top investment banks such as Goldman Sachs and JPMorgan Chase, and now its S&P 500 status has cemented its position as an industry leader.