New explosive IPO surge proves smart money has abandoned high-risk tokens for this specific safe haven

The cryptocurrency IPO market is seeing a resurgence, but the focus has shifted from token-exposed speculation to regulated infrastructure and security plays. BitGo's successful IPO, which priced at $2.08 billion and jumped 24.6% on debut, validated the thesis that profitable, regulated custody and compliance firms carry lower perceived risk, especially after receiving national charter approval.

Following this, Ledger (hardware wallets) and CertiK (security auditing) signaled plans for major IPOs, targeting valuations above $4 billion and $2 billion, respectively. These companies are pitching themselves as essential "trust-layer" components, capitalizing on institutional demand for security infrastructure as on-chain capital grows and regulatory scrutiny tightens. This contrasts sharply with 2025 IPOs like Circle and Gemini, whose shares significantly declined from their peaks by year-end, suggesting the market is now prioritizing fundamentals over initial momentum.

Future diligence for Ledger will focus on the mix between cyclical consumer hardware sales and recurring institutional custody revenue, while CertiK will face scrutiny over audit liability and reputational risk from exploits in audited protocols. Overall, the current IPO window is selective, rewarding companies that demonstrate profitability, regulatory clarity, and recurring revenue from institutional clients, positioning regulated infrastructure as a lower-beta exposure to crypto growth.

(Source：CryptoSlate)