Crypto IPOs in the Spotlight at Proof of Talk Paris 2025

At the recent Proof of Talk conference in Paris, a key panel hosted by BitMEX drew attention to one of the most pressing topics in the Web3 industry today: the rise of crypto IPOs. The fireside chat featured notable voices including Crypto_SLutz, J.M. Mognetti, and Alex Irwin-Hunt, offering a deep-dive discussion into the evolving intersection of traditional finance (TradFi) and crypto.

From Launchpads to Public Markets

Once confined to token launches and venture-backed hype cycles, the crypto industry is now facing a new phase — one where public listings are becoming a legitimate path for growth and credibility. The conversation at the event focused on how crypto firms are increasingly exploring IPOs as a way to establish legal clarity, expand investor reach, and tap into more stable funding avenues.

J.M. Mognetti, known for his pragmatic takes on TradFi integration, stressed the importance of understanding the difference between IPOs in traditional markets and the ones emerging from crypto-native companies. While TradFi IPOs come with decades of regulatory precedents, crypto IPOs are still finding their footing amidst inconsistent global regulation and evolving investor sentiment.

Key Differences Between TradFi and Crypto IPOs

The panelists agreed that while the structure of going public might appear similar on paper, the motivations and implications differ significantly. For crypto firms, IPOs are not just about capital — they’re also about transparency, trust, and long-term survival in a competitive, often volatile, landscape.

Alex Irwin-Hunt drew attention to the “identity shift” that comes with going public. Many crypto-native firms pride themselves on decentralisation and community-driven governance. But IPOs require regulatory compliance, top-down structure, and traditional corporate disclosures. This tension between crypto’s grassroots ethos and the formal requirements of traditional financial markets remains a critical topic of debate.

Implications for the Future of the Industry

Crypto IPOs could signal maturity in the Web3 space. They might also serve as litmus tests for how well these firms can operate within — and be accepted by — mainstream financial ecosystems. But there’s risk too. IPOs could invite greater regulatory scrutiny, alienate decentralised communities, or divert companies from their original vision.

The Proof of Talk panel offered no easy answers, but it did surface valuable questions: Will crypto IPOs push projects toward centralisation? Can they protect their core communities while complying with regulators? And will investors treat crypto companies as tech innovators or financial assets?

BitMEX’s Evolving Role

BitMEX, once known solely for its derivatives exchange, now seems to be playing a broader role in shaping dialogue across the crypto-finance spectrum. By hosting such discussions, the company appears interested in not just trading trends but in fostering cross-industry understanding — a much-needed step as the lines between Web2, Web3, and Wall Street continue to blur.

As the space evolves, forums like Proof of Talk will remain crucial for untangling complex narratives — and for reminding everyone that behind every market shift, there’s a human conversation trying to make sense of it.