In 2025, the number of token listings will decrease, and few new tokens will be able to maintain an upward trend, which will create downstream resistance to trading traffic. Projects that rely on token issuance have found it difficult to obtain financing without market appeal. In contrast, the IPO window has reopened, with 95 companies listed on US trading platforms by 2025, raising a total of $15.6 billion as of mid June, a year-on-year increase of 30%. Cryptocurrency related IPOs, including Circle and BitGo, have led the trend and opened up a new trend for investors to lean towards cryptocurrency stocks rather than tokens. The IPO of Circle on June 5, 2025 was a critical moment, with an issue price of $31 per share, rising to $233 by mid July, bringing more than five times the return and a market value of $44.98 billion. Recently, Figure and Bullish also went public, with Bullish being the first to raise $1.15 billion through stablecoins. The planned IPO of BitGo and the $100 million financing during the bear market in 2023 highlight investors’ interest. Cryptocurrency companies are now more focused on revenue and growth rather than speculative token issuance. The surge of cryptocurrency IPOs and other “top-down” projects has attracted traditional investors through stable, revenue driven business models. This is just the beginning of the IPO pipeline, and more companies will go public in the coming months.
2024 is a record year for mergers and acquisitions, with over 100 transactions totaling $1.73 billion, and 2025 is expected to surpass 2024 in terms of transaction volume. From January to July, there have been 76 transactions with a total amount of 6.23 billion US dollars, which is 3.6 times the total US dollar amount for the whole year of 2024. If the current pace continues, it is expected to reach 130 transactions. The momentum of 2025 is no longer about unleashing suppressed demand, but a sign of the industry’s natural maturity. Strategic acquisitions, such as Robinhood’s acquisition of Bitstamp, demonstrate that mature players are building comprehensive platforms. Robinhood’s multi billion dollar bet on the future of cryptocurrency further enhances the credibility of its ecosystem, with its cryptocurrency revenue growing 98% year-on-year to $160 million in Q2 2025, and the company’s total revenue increasing by 45% to $989 million, with a profit of $386 million. As a pillar of retail stock trading, Robinhood emphasizes the shift towards mainstream, regulated infrastructure for the adoption of blockchain infrastructure. Similarly, late stage transactions such as Securitize raising $400 million from Mantle in Q2 2025 for real-world asset tokenization, and Kalshi raising $185 million at a valuation of $2 billion for market forecasting, highlight the focus on revenue driven, compliant business models.
These measures reflect the cryptocurrency industry’s focus on collaborating with existing financial enterprises, rather than just chasing speculative opportunities.
Registration invitation code for high rebate fees on digital currency exchanges
Friends who speculate in cryptocurrency do not yet know that the accumulated transaction fees are very high, and they do not even care about this amount of fee. Little do they know that frequent transaction fees are also a large expense: they may even exceed your principal.
Open the relevant cryptocurrency trading app to check the transaction fees, and you can see your transaction fees for the past year,
For brothers with high-frequency trading and large positions, it may only take one month for your transaction fees to exceed the principal.
So it is necessary to apply for rebates, and the handling fees should be taken back. If you don’t apply for rebates, everything will go to the market. If you apply for rebates, the handling fees will be returned to your own account, saving you at least hundreds or thousands of U in handling fees per month.
The system will automatically return it to you
If you can save money on flowers, you can share the commission rebate invitation code below with your friends.
HTX refund fee registration code: 888ee
Gate refund fee registration code: FFFFTTTT
Binance refund fee registration code: F2222
According to the highest proportion, the handling fee will be refunded, and the invitation code will be permanently valid. The time for refunding the handling fee will be permanently valid.