The Milk Road Show

Why Crypto IPOs & M&A Are the Real Alpha in 2025 w/ Coinbase Head of Strategy John D'agostino

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May 20, 2025
John D'Agostino, Head of Strategy at Coinbase, dives into the evolving crypto landscape. He discusses how the next wave of growth may come from IPOs and strategic acquisitions rather than just token sales. Exciting developments like Coinbase's acquisition of Deribit and IPO plans from companies like Circle and Kraken are highlighted. D'Agostino also examines the interplay between crypto and traditional finance, emphasizing how Big Tech is eyeing the crypto sector. Plus, he shares insights on regulatory challenges and investment preferences for 2025.
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INSIGHT

IPOs & M&A Recycle Capital

  • IPOs and M&A in crypto are crucial for recycling capital and industry growth.
  • They enable venture capital returns, new startups, and overall ecosystem development.
INSIGHT

Crypto IPO Surge Outpaces M&A

  • Crypto M&A is challenging due to limited acquirers with cash, equity, or leverage.
  • Flood of IPOs expected, many through access vehicles, institutionalizing crypto markets.
INSIGHT

Derivatives Boost Crypto Infrastructure

  • Combining spot markets with derivatives is powerful for crypto infrastructure and revenue.
  • Derivatives markets invite capital for building and hedging, key to crypto maturation.
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