Kraken IPO, M&A Deals Reignite Crypto's 'Mid-Stage' Cycle: Fund Manager
Kraken, a major cryptocurrency exchange, is considering an IPO in 2025, which could attract significant investment from traditional finance (TradFi) institutions. Despite Bitcoin recently hitting a record high of over $126,000, its price fell to $87,015 following a $19 billion market liquidation and remains down 6% in two weeks. Dan Tapiero, CEO of 50T Funds, asserts that the Bitcoin bull market is still ongoing and believes the forthcoming Kraken IPO and increased mergers and acquisitions may spur additional TradFi capital inflow. Kraken reportedly achieved a $20 billion valuation after an $800 million funding round and filed for a US IPO in November. However, some analysts, like Fidelity’s Jurrien Timmer, predict a bearish trend in 2026, possibly pushing Bitcoin down to $65,000. Axis co-founder Jimmy Xue suggests that Bitcoin’s market dynamics are shifting from four-year cycles to being influenced by global liquidity and macroeconomic factors. Meanwhile, many top cryptocurrency traders are currently positioned for short-term declines, with “smart money” generally net short on leading coins except for Avalanche (AVAX) and Pump.fun (PUMP).
