IPO Can't Buy You Token Love 💔

Going public does not guarantee a lift for a crypto company's native token, according to industry executives who spoke with BeInCrypto about how listings reshape investor expectations. Anton Efimenko, Co-Founder and Lead Expert at 8Blocks, said token holders should not assume an IPO will directly support token prices. "Unfortunately, an IPO itself doesn't really give anything to the crypto community. Many tokens are not tied to the issuer's business. So even if the company goes public and reports strong annual profit, its token doesn't have to increase in value. The token price won't necessarily follow the stock price," Efimenko said. He added that "an IPO can bring visibility to the issuer, but it doesn't guarantee profit for token holders." A listed share represents ownership in the issuing company, while a token may reflect access, governance, network activity, or market sentiment, links that are often indirect.

Institutional access through public markets also depends on ratings and internal investment policy rather than sector alone. Efimenko said pension funds and other large institutions will consider shares of listed crypto companies only when ratings align with their mandates. "Pension funds will be able to buy shares of crypto companies, but only if the rating of those shares matches the fund's investment policy. For such large financial institutions, the asset's rating matters a lot because they can't afford to lose their depositors' money," he said. He noted that risk clarity can push capital toward traditional assets over crypto-native yield, stating: "That's why it's easier for them to invest in US Treasuries at 3% annually than to stake USDT at 5.5%."

Public listings are also raising the bar on disclosure across exchanges, stablecoin issuers, miners, custody firms, data companies, and Bitcoin treasury businesses. Investors in listed crypto firms are asking for revenue quality, margins, reserves, governance, client asset protection, and performance across weaker market cycles. BeInCrypto gathered commentary from Efimenko at 8Blocks, Fernando Lillo Aranda, CMO at Zoomex, and Federico Variola, CEO of Phemex, on how IPOs and listings reshape those expectations. As more crypto firms move toward public markets, the executives said investors must distinguish between buying a company's earnings power, a token's utility, or broader exposure to crypto sentiment.