加密货币IPO浪潮有一个大问题：比特币仍然占据主导地位

After Circle and Bullish delivered blockbuster listings in 2025, crypto exchanges rushed toward public markets with a familiar promise: the industry is finally mature enough for Wall Street. However, the latest research from Kaiko shows that it's not as simple as that. The crypto exchange IPO wave was supposed to prove that the crypto industry had graduated from speculative boomtown to legitimate financial infrastructure. These companies hired Wall Street bankers, appointed compliance chiefs, and refined their pitch decks to emphasize regulated platforms, recurring institutional flows, and revenue streams diversified enough to survive a bear market. But Kaiko's analysis found that exchange trading activity, investor appetite, and public-market valuations all remain tethered to Bitcoin price in ways most of these exchanges try to obscure. When Bitcoin rallies, trading volume surges, we see an increase in listings, and Wall Street rewards the sector generously. When Bitcoin stalls or reverses, however, exchange revenue expectations compress fast, and the infrastructure narrative loses its audience. The central question for anyone buying into crypto IPOs in 2026 is whether they can generate durable earnings when Bitcoin isn't cooperating. The year the IPO window reopened To understand why exchanges are scrambling to go public now, it helps to understand how good 2025 looked from a distance. Circle priced an upsized IPO at $31 per share in June 2025, raising $1.05 billion and valuing the stablecoin issuer at roughly $8 billion on a fully diluted basis. Its shares surged on their NYSE debut, and the reception sent an unambiguous signal: institutional investors had an appetite for regulated crypto exposure and weren't particularly sensitive to valuation. Bullish followed in August, pricing above range at $37 per share, raising more than $1.1 billion, and debuting at a total valuation of nearly $13.2 billion. Bankers had a genuine pitch to deliver: regulation was improving