But the path has not been easy. Some firms, including Kraken and Copper, reportedly delayed or reconsidered their IPO plans as crypto markets weakened. Even BitGo, which completed one of the largest crypto IPOs earlier this year, has seen its stock price fall sharply since launch. The mixed results show that while Wall Street remains interested in crypto companies, investors are becoming far more selective about which firms can survive long term market pressure and prove sustainable business models beyond hype cycles.