The traditional path to public markets is being fundamentally reshaped as private companies raise mega-rounds and offer robust secondary liquidity, challenging the IPO as the default exit strategy. According to recent reports, secondaries are now competing with IPOs and acquisitions as the principal way that companies are exiting, with Brad Gerstner noting on All-In with Chamath, Jason, Sacks & Friedberg that this represents a structural change in how capital is formed and value is realized. The conversation has shifted from "when will they IPO?" to "do they even need to?" as the smartest money pivots to private markets for liquidity and bets on AI as a fundamental rerater of enterprise value. This isn't just about delaying IPOs; it's about a fundamental shift in how capital formation and value realization occur in the current market environment.
Going public does not automatically lift token prices, as noted by Anton Efimenko, Co-Founder and Lead Expert at 8Blocks. As reported by BeInCrypto, token holders should not assume an IPO will directly support token prices, as many tokens are not tied to the issuer's business. Efimenko emphasized that even if a company reports strong annual profit, its token doesn't have to increase in value, as token price won't necessarily follow the stock price. This distinction becomes crucial as more crypto firms move toward public markets, requiring investors to understand whether they are buying company earnings power, token utility, or broader crypto sentiment exposure.
Public listings can make crypto exposure easier for pension funds, banks, and asset managers, but institutional access still depends on ratings and internal policy restrictions. According to Efimenko's analysis reported by BeInCrypto, pension funds can buy shares of crypto companies only if the rating matches their investment policy. Many institutions may choose lower-yielding traditional assets over crypto-native returns due to clearer risk profiles, as noted by Efimenko, who cited the example of easier investment in US Treasuries at 3% annually versus staking USDT at 5.5%. The private stock market is now eating the public one, with liquidity and valuations defying traditional IPO logic, as secondaries compete with IPOs and acquisitions as the principal exit routes for founders.
Exchanges and stablecoin issuers emerged as the strongest public-market candidates among crypto businesses. Fernando Lillo Aranda, CMO at Zoomex, highlighted that stablecoin infrastructure benefits from network effects, float economics, payments expansion, and increasingly becoming financial rails. As reported by BeInCrypto, exchanges offer the strongest cash generation when executed well, monetizing attention and liquidity better than most crypto businesses. Federico Variola, CEO of Phemex, confirmed that exchanges and stablecoin issuers represent the strongest business models for public markets, with exchanges having more stable revenue baselines and room for growth. The smartest money is pivoting to private markets for liquidity and betting on AI as a fundamental rerater of enterprise value, with the conversation shifting from "when will they IPO?" to "do they even need to?"
Less visible infrastructure businesses may prove to be the strongest public-market crypto opportunities. Aranda pointed to custody, market services, analytics, data, and compliance providers as important long-term categories that provide operational layers institutions need before allocating capital to digital assets. As reported by BeInCrypto, these firms can benefit from digital asset adoption without relying fully on token prices, generating revenue from enterprise contracts, reporting tools, surveillance systems, and compliance services. These companies may face less scrutiny than market-sensitive businesses during crypto market downturns, as the private secondary markets now compete with IPOs as the principal exit routes for founders.
