The once-scrappy world of digital assets has grown into a sector defined by structured governance, audited financials, and scalable revenue models.
Exchanges that began as weekend experiments now resemble traditional financial institutions, complete with compliance teams, investor relations departments, and long-term capital strategies. “We are now IPO-ready,” MEXC chief operating officer (COO) Tracy Jin told Cointelegraph.
On June 5, Circle, the issuer of the USDC (USDC) stablecoin, raised $1.1 billion in its public debut, exceeding expectations and marking a record-setting 167% gain on its first day of trading.
On June 6, Gemini, the exchange founded by Cameron and Tyler Winklevoss, also filed confidentially for a US listing, followed by a similar filing from Bullish, the digital asset exchange backed by billionaire investor Peter Thiel, on June 10.
Source: Chad Steingraber
“Improved market sentiment is the fundamental of a successful launch,” Jin said, pointing to the surge of capital flowing into spot Bitcoin (BTC) and Ether (ETH) ETFs in the US as a catalyst. The bull market environment has pushed valuations higher and created a wealth effect for early investors, opening the IPO window.
Related: Tether CEO snubs IPO, says $515B valuation is ’a bit bearish’
Regulator clarity boosts IPO hype
However, sentiment alone isn’t driving the trend. According to Jin, long-awaited regulatory clarity is playing a central role. Frameworks like Markets in Crypto-Assets Regulation (MiCA) in Europe and US ETF approvals have helped de-risk crypto for institutional investors.
“For years, the ambiguity in jurisdictions like the United States made public market investors wary,” she noted. The new rules may not be comprehensive, but they provide enough structure to legitimize listings in the eyes of Wall Street.
MEXC’s COO believes the industry itself has matured dramatically. “Crypto is no longer a nascent industry run from garages,” Jin said. With audited financials, established governance, and sustainable revenue from custody, staking, and trading, crypto firms are now “IPO-ready.”
As for what kinds of…
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