Recent $200M investment from Deutsche Börse at $13.3B valuation ahead of potential IPO.

Received approval for a version of 'skinny master accounts' at the Fed, signaling integration into the formal financial system.

Likely to pursue an IPO within the next 12–24 months as it remains on an 'IPO readiness track' despite potential delays.

Gained a Federal Reserve Master Account, allowing direct Fedwire settlement and reducing counterparty risk; positioning for an IPO.

Reportedly gained direct access to the Federal Reserve’s payment system, allowing it to bypass traditional correspondent banks.

Gained Fedwire access and planning for an IPO, increasing institutional competitiveness.

Has officially filed for an IPO, with a recent funding round at a $20 billion valuation floor. Hosts see a potential IPO pop to a $35-40 billion valuation, viewing it as a significant investment opportunity with strong institutional backing.

Reportedly raising capital at a $15B valuation, seen as 'fair value' by some with a bullish case based on improved product speed, excellent customer support, and revenue per user being 3x higher than Coinbase's.

Planning a 2026 IPO at a potentially favorable $15 billion valuation. Analysis suggests it could '2x pop' on IPO day, with an AI model giving a bull case valuation of $40-50 billion.

Identified as a mature private company that is a potential candidate for an IPO in the second half of 2025.