In 2025, crypto companies raised $3.4 billion from the stock market, with names like Circle and Bullish becoming new favorites on Wall Street. But next year, the scene could be even bigger.

Why? Because the next wave of companies going public will be different. As investors put it, they are infrastructure firms that can efficiently move money between traditional ledgers and on-chain markets. Simply put, they are the more stable and compliant ones.

The first tough player: Kraken

This established U.S. exchange might be the biggest fish next year. Last year's revenue doubled to $1.5 billion, and its valuation has already reached $20 billion. It has secretly submitted documents to the SEC, aiming to go public as early as the first half of next year. Its key advantage is 'compliance,' which has enabled it to rapidly acquire licenses across Europe. Many believe it is the cleanest crypto stock after Coinbase.

Second: Consensys

If you're using the MetaMask wallet, you're already using its product. This giant serves 30 million monthly active users and is backed by JPMorgan and Goldman Sachs, now intensively preparing for its IPO next year. It has evolved from a development company into a profitable infrastructure platform, offering a pure 'crypto software' concept.

Third: BitGo

Want to invest in crypto but worried about exchange volatility? This company might be your best bet. It's a top-tier custodian, specializing in managing funds and compliant staking for institutional clients—its business has quadrupled in two years. It's likely to become the first major custodian to go public, playing the 'security' card and serving as a gatekeeper for large funds entering the crypto world.

Fourth: Animoca Brands

Remember metaverse and blockchain games? This Hong Kong-based company is a major player behind the scenes. It holds a significant portfolio of equity stakes in gaming and metaverse projects and plans to list on Nasdaq next year through a special mechanism. This will be a major test of whether the market still has enthusiasm for 'digital ownership' and in-game assets.

Fifth: Ledger

"You hold your coins, you control them." This philosophy is making a strong comeback. The French company that has sold over 6 million hardware wallets is the leader in this space. It's transforming itself from a 'USB drive seller' into a full-fledged self-custody platform, aiming to become the 'Apple of crypto.' In an era of declining trust in centralized platforms, its story is highly compelling.

Sixth: Bithumb

How crazy are South Koreans about cryptocurrency trading? Daily trading volume can exceed that of the stock market. Bithumb is a microcosm of this frenzy. After years of dormancy, it has reclaimed a quarter of the market by offering zero fees and is preparing for an IPO in South Korea. This isn't just a company's comeback story—it's seen as a thermometer for the largest retail crypto market in Asia.

By 2026, the narrative of crypto entering traditional capital markets seems set to shift from 'wild growth' to 'regulatory compliance.' Who will be the next star? We'll just have to wait and see.#币安钱包TGE #加密市场观察