Bitwise Predicts Major Crypto Milestones for 2025 — Kraken and Circle Eye IPOs

Bitwise has projected that 2025 could mark significant milestones for the cryptocurrency industry, including Bitcoin reaching $500,000, Coinbase joining the S&P 500, and artificial intelligence agents sparking a new "memecoin mania."
The issuer of crypto exchange-traded funds (ETFs) foresees at least five crypto "unicorns"—companies valued at over $1 billion—going public in 2025. Among these are stablecoin issuer Circle and crypto exchange Kraken. Other companies expected to launch initial public offerings (IPOs) include Anchorage Digital, Chainalysis, and Figure, according to Bitwise’s investment chief Matt Hougan and research head Ryan Rasmussen in their December 10 report, "10 Crypto Predictions for 2025."
The duo identified rising investor interest, institutional adoption, supportive macroeconomic conditions, and a friendlier political climate as the key factors underpinning their designation of 2025 as the "Year of the Crypto IPO."

Key Predictions for 2025
Bitcoin and Ethereum to Surge, Solana to Soar
Bitwise anticipates Bitcoin reaching $200,000 or more by the end of 2025, with the potential to surpass gold’s $18 trillion market cap by 2029. They suggested that if the United States adopts Senator Cynthia Lummis’ proposal for a strategic Bitcoin reserve, which involves acquiring over 1 million Bitcoin in five years, the price could surge to $500,000 next year.
Ethereum (ETH) is expected to rebound to a high of $7,000, driven by increased activity on Ethereum layer 2 solutions, rising inflows from spot Ether ETFs, and significant growth in stablecoins and tokenized assets. Meanwhile, Solana (SOL) could see a 250% increase, climbing to $750, propelled by the launch of impactful projects.
Coinbase to Dominate Brokerage Space and Join S&P 500
Bitwise predicts that Coinbase’s stock could more than double to $700, enabling it to surpass Charles Schwab as the leading brokerage platform and secure a place in the S&P 500.
"Coinbase is more than just a brokerage," Hougan and Rasmussen explained, citing anticipated growth in revenues from its stablecoin, staking, custody services, and its Ethereum layer 2 platform, Base. Additionally, they foresee MicroStrategy ascending to the Nasdaq-100 index in the next index rebalancing.
Fund managers tracking the S&P 500, which oversees $10 trillion in assets, would need to invest roughly $15 billion in Coinbase shares, while MicroStrategy’s inclusion in the Nasdaq-100 would also positively influence its stock price, they added.
Spot Bitcoin ETFs to See Record Inflows, Tokenization of Assets Expands
After surpassing $33.6 billion in net inflows this year—well above initial estimates of $5 billion to $15 billion—Bitwise expects even higher inflows for spot Bitcoin ETFs in 2025. They likened this trajectory to that of gold ETFs, which experienced consistent growth over their first five years, from $2.6 billion to $28.9 billion in net inflows.

Additionally, the tokenization of real-world assets is projected to grow from $13 billion to $50 billion, leveraging benefits like instant settlement, round-the-clock liquidity, and reduced costs. Larry Fink, CEO of BlackRock, has described tokenization as "the next generation for markets," highlighting its transformative potential.
AI Agents to Ignite Memecoin Frenzy
The report predicts a heightened memecoin craze in 2025, fueled by artificial intelligence agents. An early glimpse of this trend was seen when AI chatbot Truth Terminal promoted the obscure memecoin GOAT, propelling it to a $1.3 billion market cap.
Bitwise also expects the stablecoin market to double to $400 billion, supported by long-awaited US legislation. Furthermore, the United States Department of Labor may ease its restrictions on crypto investments in 401(k) retirement plans, opening up new avenues for significant capital inflows.
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