Must-see in 2025: From Crypto Stocks to IPOs, Exploring New Opportunities in Blockchain Investment

Why Are Traditional Investors Starting to Pay Attention to Crypto Assets?

In January 2024, the U.S. Securities and Exchange Commission (SEC) approved a decision to approve a spot Bitcoin ETF, shocking the investment community. This move breaks the final barrier for crypto assets to enter mainstream financial markets, giving millions of traditional investors the opportunity to participate in this wave of wealth without directly holding digital assets.

Current Data Overview:

• Bitcoin (BTC): $88.69K, 24h change +1.35%
• Ethereum (ETH): $2.97K, 24h change +1.52%
• Toncoin (TON): $1.52, Market Cap $3.73B
• USDC Stablecoin: Market Cap $76.56B

Compared to directly purchasing cryptocurrencies, investing in crypto-related publicly traded companies and IPOs offers a gentler entry route—enjoying industry growth dividends while avoiding technical issues like wallet loss and exchange risks.

Three Investment Logic for Crypto Concept Stocks

Type 1: Payment and Trading Platforms

These companies build bridges between crypto and traditional finance. PayPal (PYPL) is a prime example—this payment giant listed in 2002 not only allows users to buy and sell cryptocurrencies directly in their accounts but also launched its own stablecoin PYUSD. In 2023, PayPal’s revenue reached $29.77 billion, up 8.19% year-over-year, with a net profit of $4.25 billion. Its stock fluctuated between $50.25 and $77.95 over the past 52 weeks.

SoFi Technologies (SOFI) and Robinhood (HOOD) follow the same path. SoFi went public via SPAC merger in 2021, with revenue of $2.12 billion in 2023, growing at 34.91% (despite a loss of $300.7 million). The platform integrates Galileo technology, allowing users to trade stocks, options, and cryptocurrencies. Robinhood, after its IPO in 2021, quickly became synonymous with retail crypto trading, with annual revenue of $1.87 billion, and stock price ranging from $7.91 to $19.42.

Type 2: Professional Mining and Infrastructure

Marathon Digital Holdings (MARA) represents this track. Founded in 2010 and primarily engaged in Bitcoin mining, this company recently signed an agreement to acquire a 200MW Bitcoin mining farm. The profitability of mining farms correlates directly with Bitcoin prices—when Bitcoin hits $88K, these companies’ financial reports start shining.

Nvidia (NVDA), although mainly producing GPU chips, has products widely used in crypto mining. In 2023, Nvidia’s revenue was $60.92 billion, a surge of 125.85%, with a net profit of $29.76 billion, up 581.32%. Driven by the AI boom, its stock soared from $258.50 to $974.00. Analysts have given it a “strong buy” rating.

Type 3: All-in Bitcoin Speculators

MicroStrategy (MSTR) is a prime example—it’s become a “Bitcoin fund disguised as a software company.” This 1998-listed BI software firm now holds a large amount of Bitcoin, with a market cap of $26.24 billion and annual revenue of $496 million. Its stock price fluctuated from $230.72 to $1815.00 over 52 weeks—closely tied to Bitcoin’s price.

Japan’s Metaplanet (3350) is also copying this model. Once operating cheap hotels, this company invested over $6 million in Bitcoin, boosting its stock price by 90%, providing Japanese investors with a legal channel for “indirect holding” of cryptocurrencies.

Type 4: Exchanges Themselves

Coinbase Global (COIN) is a publicly listed pure crypto exchange. Listed in April 2021 (via direct listing, not IPO), its current market cap is $62.4 billion. Over the past 12 months, revenue was $31.1 billion, with a net profit of $94.75 million. Its stock ranged from $46.43 to $276.38 over 52 weeks. The company’s revenue depends directly on trading volume—when the market is hot, fees pour in; when prices fall, trading volume shrinks, and Coinbase tightens its belt.

Block Inc. (SQ) is more complex. Listed in 2015, it provides payment processing and Cash App services, allowing users to buy and sell Bitcoin within the app. Block also strategically holds Bitcoin equivalent to about 1% of its total assets, reflecting confidence in digital assets’ long-term value. Its market cap is now $51.77 billion.

Type 5: Marginally Connected but Profitable

Tesla (TSLA) was once a Bitcoin supporter—accepting BTC payments in 2021 and purchasing Bitcoin itself. But due to concerns over mining energy consumption, the company’s stance has become more conservative. In 2023, revenue was $96.77 billion, up 18.80%, with a market cap of $55.944 billion. The stock rose from $152.37 to $299.29, but the impact of holding BTC is less significant than before.

The Most Worth Watching IPO Tracks in 2025

Reddit Community Token Awakening

Reddit IPO caused a stir in 2024—raising $220 million by selling 20.4 million shares at $34 each, with a valuation of $5.4 billion (fully diluted $6.4 billion). Although significantly down from the 2021 valuation of $10 billion, it remains one of the most anticipated IPOs of 2024.

What’s the key selling point? Reddit plans to accept Bitcoin, Ethereum, Polygon as payment methods. Even more interesting is the platform’s Community Points system—MOON (r/CryptoCurrency) and BRICK (r/FortNiteBR), two ERC-20 tokens rewarding user contributions. These tokens can be traded, used for membership payments, or participate in governance votes. The Reddit IPO was oversubscribed, with an estimated final valuation of $6.5 billion.

Telegram’s “Dual Identity” Power

Telegram IPO is expected within the next two years, with a valuation target of $3-5 billion, aiming at Nasdaq or Hong Kong Stock Exchange. This is not just a communication app IPO—Telegram’s connection with Toncoin (TON) makes things complex and interesting.

After supporting the TON network, Ton’s market cap soared from $6 billion to $15.5 billion in just two days, an increase of $9.5 billion. Founder Pavel Durov has confirmed plans for an IPO but has not announced a specific timeline (as of March 2024). This case perfectly illustrates how a major tech company’s move can directly influence the entire crypto ecosystem.

Opportunities in Localized Thai Exchanges

Bitkub Online IPO is scheduled for 2025. This is Thailand’s largest crypto exchange, valued at approximately $165 million (6 billion Thai Baht). The background is a surge in crypto trading demand in Thailand, with new account numbers hitting record highs. However, Bitkub faces competition from Binance Thailand and must also deal with SEC’s previous concerns over its acquisition and manipulation allegations.

“Return A” Plans for Stablecoin Issuers

Circle is the behind-the-scenes driver of USDC—this circulating stablecoin with a market cap of $765.6 billion has become a liquidity lifeline in the crypto ecosystem. Circle initially planned to go public via SPAC (discussed with Concord Acquisition Corp in 2021), with a valuation of $9 billion. But that plan was shelved.

In January 2024, Circle secretly submitted an S-1 filing (IPO application) to the SEC, officially initiating the traditional IPO process. Once approved, the IPO could proceed, but the specific timeline remains undisclosed. Circle’s deep integration with the crypto ecosystem means that once listed, fluctuations in USDC and regulatory changes in stablecoins will impact the entire market. Mainstream cryptocurrencies like Bitcoin and Ethereum, which rely on USDC liquidity, will be among the first to feel the effects.

Valuation of Blockchain Infrastructure

Blockchain.com is negotiating an IPO, possibly launching this year. Valued at $14 billion, this company is one of the earliest providers of Bitcoin blockchain explorers and also operates a well-known crypto wallet.

Its track record is impressive: over 82 million wallets created, 3.7 million verified users, and over $1 trillion in processed transactions. Such user base and transaction volume make Blockchain.com’s IPO likely to replicate Coinbase’s success story and have a broad impact on the entire crypto ecosystem.

How to Evaluate These Investments?

Due Diligence Checklist

1. Revenue Model Transparency — How does the company make money? What proportion comes from crypto? What is the market size?

2. Team and Regulatory Environment — What is management’s background in crypto? How are the policies and environment in the country where the company operates? These determine expansion feasibility.

3. Financial Health — Compare valuation, growth rate, and profit margins. Is the company profitable? Is growth sustainable?

4. Technology and Security — Is the underlying architecture innovative? Any major security incidents? How are strategic partnerships?

5. Market Sentiment and Risks — Are short-term hype and long-term fundamentals aligned? What proportion of your portfolio should be allocated?

Golden Rule: Do your homework (DYOR), consult a financial advisor if necessary, and focus on risk exposure and position management.

Bottom Line

Crypto concept stocks and IPOs open a window for traditional investors—allowing them to enjoy the benefits of blockchain industry explosion while operating within a familiar listed company framework. From payment platforms to mining companies and exchanges, options are diverse.

But opportunities come with risks. Whether choosing stablecoin issuers like Circle or infrastructure providers like Blockchain.com, a clear understanding of their crypto business and market volatility is essential. The high volatility of crypto markets can make these stocks’ charts look like roller coasters—but for investors willing to do in-depth research, this is a chance to find undervalued opportunities.

Related Reads

• MicroStrategy’s Bitcoin Investment History: Tactical Analysis and Data Tracking
• Complete Guide to Spot Bitcoin ETFs: GBTC or Direct Holding?
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• Tokenization of Physical Assets (RWA): The Ultimate Form of Traditional Finance
• Top 5 IoT Projects: How Blockchain is Transforming IoT
• Selected AR/VR Crypto Projects: The Most Promising Directions in 2024