The next 12 months of IPO and M&A activity in crypto is shaping up to be one of the industry’s most transformative moments, with Circle, Kraken, and eToro eyeing public markets and Coinbase’s blockbuster acquisition of Deribit setting the tone. We unpack the ripple effects for builders and investors, from how this changes market dynamics to where M&A might go next. Are crypto stocks the altcoin trade of this cycle? We dig into who wins, who loses, and what this shift means for the future of crypto.
