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Technology Updates

2026-07-07 01:04:39

The Crypto IPO Frenzy Has a Fatal Flaw: Bitcoin Still Calls the Shots

Despite Circle and Bullish's successful IPOs in 2025, Kaiko research reveals exchange revenues remain tightly linked to Bitcoin price. Gemini's collapse and Kraken's IPO freeze expose the structural risk, urging investors to distinguish cyclical exchanges from stablecoin infrastructure.

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The Crypto IPO Frenzy Has a Fatal Flaw: Bitcoin Still Calls the Shots
2026-07-07 01:04:39

The Crypto IPO Wave's Biggest Problem: Bitcoin Still Calls the Shots

Kaiko's research reveals crypto exchange IPOs remain tethered to Bitcoin price. Cases like Gemini's 75% stock drop and Kraken's delayed listing highlight structural revenue dependency. Wall Street must distinguish stablecoin infrastructure from cyclical exchange models.

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The Crypto IPO Wave's Biggest Problem: Bitcoin Still Calls the Shots