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\u5e74\uff0c\u4ee3\u5e01\u4e0a\u5e02\u6570\u91cf\u6709\u6240\u4e0b\u964d\uff0c\u4e14\u65b0\u4ee3\u5e01\u4e2d\u80fd\u7ef4\u6301\u6da8\u5e45\u7684\u66f4\u5c11\uff0c\u5bf9\u4e0b\u6e38\u4ea4\u6613\u6d41\u9020\u6210\u62d6\u7d2f\u3002\u4f9d\u8d56\u4ee3\u5e01\u53d1\u884c\u7684\u9879\u76ee\u82e5\u7f3a\u4e4f\u5e02\u573a\u5438\u5f15\u529b\uff0c\u5c06\u66f4\u96be\u83b7\u5f97\u878d\u8d44\u3002<\/p>\n<p class=\"ql-align-justify\">\u4e0e\u4e4b\u5f62\u6210\u5bf9\u6bd4\u7684\u662f\uff0cIPO \u7a97\u53e3\u5df2\u91cd\u65b0\u5f00\u542f\u30022025 \u5e74\u5df2\u6709 95 \u5bb6\u516c\u53f8\u5728\u7f8e\u56fd\u4ea4\u6613\u6240\u4e0a\u5e02\uff0c\u622a\u81f3 6 \u6708\u4e2d\u65ec\u878d\u8d44\u989d\u8fbe 156 \u4ebf\u7f8e\u5143\uff0c\u8f83 2024 \u5e74\u589e\u957f 30%\u3002Circle\u3001BitGo \u7b49\u52a0\u5bc6\u76f8\u5173\u4f01\u4e1a\u7684 IPO \u5f15\u9886\u6f6e\u6d41\uff0c\u50ac\u751f\u4e86\u65b0\u8d8b\u52bf\uff0c\u6295\u8d44\u8005\u5f00\u59cb\u5c06\u8d44\u91d1\u914d\u7f6e\u5230\u52a0\u5bc6\u80a1\u7968\u800c\u975e\u4ee3\u5e01\u4e0a\u30022025 \u5e74 6 \u6708 5 \u65e5\uff0cCircle \u4e0a\u5e02\u6210\u4e3a\u5173\u952e\u8282\u70b9\uff1a\u5176\u53d1\u884c\u4ef7\u4e3a\u6bcf\u80a1 31 \u7f8e\u5143\uff0c\u622a\u81f3 7 \u6708\u4e2d\u65ec\u6da8\u81f3 233 \u7f8e\u5143\uff0c\u56de\u62a5\u7387\u8d85 5 \u500d\uff0c\u5e02\u503c\u8fbe 449.8 \u4ebf\u7f8e\u5143\u3002\u8fd1\u671f\uff0cFigure \u4e0e Bullish \u4e5f\u5b8c\u6210 IPO\uff0c\u5176\u4e2d Bullish \u6210\u4e3a\u9996\u5bb6\u90e8\u5206\u901a\u8fc7\u7a33\u5b9a\u5e01\u878d\u8d44 11.5 \u4ebf\u7f8e\u5143\u7684\u4f01\u4e1a\u3002BitGo \u8ba1\u5212\u63a8\u8fdb IPO\uff0c\u4e14\u5728 2023 \u5e74\u718a\u5e02\u671f\u95f4\u5c31\u5df2\u878d\u8d44 1 \u4ebf\u7f8e\u5143\uff0c\u8fd9\u4e00\u60c5\u51b5\u51f8\u663e\u4e86\u6295\u8d44\u8005\u5bf9\u5176\u7684\u5174\u8da3\u3002\u5982\u4eca\uff0c\u52a0\u5bc6\u516c\u53f8\u66f4\u6ce8\u91cd\u4f18\u5316\u8425\u6536\u4e0e\u589e\u957f\uff0c\u800c\u975e\u8ffd\u6c42\u6295\u673a\u6027\u4ee3\u5e01\u53d1\u884c\u3002<\/p>\n<p class=\"ql-align-justify\">\u52a0\u5bc6 IPO \u53ca\u5176\u4ed6 \u201c\u81ea\u4e0a\u800c\u4e0b\u201d \u9886\u57df\u7684\u70ed\u6f6e\uff0c\u6b63\u901a\u8fc7\u7a33\u5065\u3001\u4ee5\u8425\u6536\u4e3a\u5bfc\u5411\u7684\u5546\u4e1a\u6a21\u5f0f\uff08\u800c\u975e\u6ce2\u52a8\u5267\u70c8\u7684\u52a0\u5bc6\u8d27\u5e01\uff09\u5438\u5f15\u4f20\u7edf\u6295\u8d44\u8005\u3002\u76ee\u524d IPO \u6d6a\u6f6e\u624d\u521a\u5f00\u59cb\uff0c\u672a\u6765\u51e0\u4e2a\u6708\u8fd8\u5c06\u6709\u66f4\u591a\u4f01\u4e1a\u52a0\u5165\u3002<\/p>\n<h2 class=\"ql-align-justify\"><strong>\u5e76\u8d2d\u6d3b\u52a8\u4e0e\u884c\u4e1a\u6210\u719f<\/strong><\/h2>\n<p class=\"ql-align-justify\"><img decoding=\"async\" alt=\"\u5185\u5e55\u4ea4\u6613\" src=\"https:\/\/hx24-prod.mars-block.com\/image\/crawler\/2025\/08\/29\/1756457854462509.jpg\"><\/p>\n<p class=\"ql-align-justify\">2024 \u5e74\u662f\u5e76\u8d2d\u521b\u7eaa\u5f55\u7684\u4e00\u5e74\uff0c\u5e76\u8d2d\u4ea4\u6613\u8d85 100 \u7b14\uff0c\u603b\u989d\u8fbe 17.3 \u4ebf\u7f8e\u5143\uff1b\u800c 2025 \u5e74\u7684\u4ea4\u6613\u6570\u91cf\u6709\u671b\u8d85\u8d8a 2024 \u5e74\u3002\u4ec5\u4eca\u5e74 1 \u6708\u81f3 7 \u6708\uff0c\u5c31\u5df2\u5b8c\u6210 76 \u7b14\u4ea4\u6613\uff0c\u603b\u989d\u8fbe 62.3 \u4ebf\u7f8e\u5143\uff0c\u662f 2024 \u5e74\u5168\u5e74\u4ea4\u6613\u989d\u7684 3.6 \u500d\u3002\u82e5\u6309\u5f53\u524d\u901f\u5ea6\uff0c2025 \u5e74\u5168\u5e74\u5e76\u8d2d\u4ea4\u6613\u6709\u671b\u8fbe 130 \u7b14\u3002<\/p>\n<p class=\"ql-align-justify\">2025 \u5e74\u7684\u5e76\u8d2d\u52bf\u5934\u66f4\u591a\u53cd\u6620\u7684\u662f\u884c\u4e1a\u81ea\u7136\u6210\u719f\u7684\u4fe1\u53f7\uff0c\u800c\u975e\u91ca\u653e\u79ef\u538b\u9700\u6c42\u3002\u4f8b\u5982 Robinhood \u6536\u8d2d Bitstamp \u8fd9\u7c7b\u6218\u7565\u6027\u5e76\u8d2d\uff0c\u8868\u660e\u6210\u719f\u4f01\u4e1a\u6b63\u7740\u529b\u6253\u9020\u4e00\u4f53\u5316\u5e73\u53f0\u3002Robinhood \u5bf9\u52a0\u5bc6\u672a\u6765\u6295\u5165\u6570\u5341\u4ebf\u7f8e\u5143\u7684\u8d4c\u6ce8\uff0c\u4e3a\u751f\u6001\u7cfb\u7edf\u589e\u6dfb\u4e86\u66f4\u591a\u53ef\u4fe1\u5ea6\u30022025 \u5e74\u7b2c\u4e8c\u5b63\u5ea6\uff0cRobinhood \u52a0\u5bc6\u4e1a\u52a1\u8425\u6536\u540c\u6bd4\u6fc0\u589e 98%\uff0c\u8fbe 1.6 \u4ebf\u7f8e\u5143\uff1b\u516c\u53f8\u603b\u8425\u6536\u589e\u957f 45%\uff0c\u8fbe 9.89 \u4ebf\u7f8e\u5143\uff0c\u5229\u6da6\u8fbe 3.86 \u4ebf\u7f8e\u5143\u3002\u4f5c\u4e3a\u4ee5\u96f6\u552e\u7528\u6237\u4e3a\u6838\u5fc3\u7684\u80a1\u7968\u4ea4\u6613\u5e73\u53f0\uff0cRobinhood \u5bf9\u533a\u5757\u94fe\u57fa\u7840\u8bbe\u65bd\u7684\u63a5\u7eb3\uff0c\u51f8\u663e\u4e86\u884c\u4e1a\u5411\u4e3b\u6d41\u5316\u3001\u5408\u89c4\u5316\u57fa\u7840\u8bbe\u65bd\u8f6c\u578b\u7684\u8d8b\u52bf\u3002<\/p>\n<p class=\"ql-align-justify\">\u540c\u6837\uff0c\u540e\u671f\u878d\u8d44\u4ea4\u6613\u4e5f\u4f53\u73b0\u51fa\u5bf9 \u201c\u4ee5\u8425\u6536\u4e3a\u5bfc\u5411\u3001\u5408\u89c4\u5316\u6a21\u5f0f\u201d \u7684\u5173\u6ce8\uff0c\u4f8b\u5982 2025 \u5e74\u7b2c\u4e8c\u5b63\u5ea6\uff0cSecuritize \u4ece Mantle \u878d\u8d44 4 \u4ebf\u7f8e\u5143\u7528\u4e8e RWA \u4ee3\u5e01\u5316\uff1b\u9884\u6d4b\u5e02\u573a\u5e73\u53f0 Kalshi \u878d\u8d44 1.85 \u4ebf\u7f8e\u5143\uff0c\u4f30\u503c\u8fbe 20 \u4ebf\u7f8e\u5143\u3002\u8fd9\u4e9b\u4e3e\u63aa\u8868\u660e\uff0c\u52a0\u5bc6\u884c\u4e1a\u7684\u91cd\u5fc3\u5df2\u8f6c\u5411\u4e0e\u4f20\u7edf\u91d1\u878d\u673a\u6784\u5408\u4f5c\u5171\u5efa\uff0c\u800c\u975e\u5355\u7eaf\u8ffd\u9010\u6295\u673a\u673a\u4f1a\u3002<\/p>\n<p class=\"ql-align-justify\"><\/p>\n<h2 class=\"ql-align-justify\"><strong>\u52a0\u5bc6\u884c\u4e1a\u4e0e\u5176\u4ed6\u9886\u57df\u7684\u4ea4\u53c9\u878d\u5408<\/strong><\/h2>\n<p class=\"ql-align-justify\">\u52a0\u5bc6\u884c\u4e1a\u4e0d\u518d\u5904\u4e8e\u5b64\u7acb\u72b6\u6001\uff0c\u800c\u662f\u6b63\u4e0e\u5f53\u4eca\u524d\u6cbf\u6280\u672f\u53ca\u5168\u7403\u91d1\u878d\u4f53\u7cfb\u6df1\u5ea6\u878d\u5408\u3002<\/p>\n<p class=\"ql-align-justify\">\u5728\u4eba\u5de5\u667a\u80fd\u9886\u57df\uff0cOpenMind \u7684 OM1 + FABRIC \u6280\u672f\u6808\u586b\u8865\u4e86\u673a\u5668\u4eba\u884c\u4e1a\u7684 \u201c\u7f3a\u5931\u5c42\u201d\uff0c\u901a\u8fc7\u53bb\u4e2d\u5fc3\u5316\u65b9\u5f0f\u5b9e\u73b0\u4e0d\u540c\u673a\u5668\u4eba\u7684\u534f\u540c\u5de5\u4f5c\uff1bWorldcoin \u7684\u8679\u819c\u626b\u63cf\u8eab\u4efd\u9a8c\u8bc1\u7cfb\u7edf\u4f9d\u6258\u533a\u5757\u94fe\u8eab\u4efd\u5c42\uff0c\u6709\u671b\u8ba9 AI \u4ee3\u7406\u5b9e\u73b0\u81ea\u4e3b\u8ba4\u8bc1\u4e0e\u4ea4\u6613\uff0c\u89e3\u51b3\u4e86 AI \u4ee3\u7406\u5728\u52a0\u5bc6\u9886\u57df\u5b89\u5168\u4ea4\u4e92\u7684\u5173\u952e\u96be\u9898\uff1bSahara AI\uff08\u53bb\u4e2d\u5fc3\u5316\u7248 Scale AI\uff09\u3001Sentient\uff08\u53bb\u4e2d\u5fc3\u5316\u7248 Hugging Face\uff09\u7b49\u53bb\u4e2d\u5fc3\u5316 AI \u5e73\u53f0\uff0c\u6b63\u98a0\u8986\u4f20\u7edf AI \u57fa\u7840\u8bbe\u65bd\u3002\u76ee\u524d\u52a0\u5bc6 AI \u7684\u5e94\u7528\u5c42\u4ecd\u5904\u4e8e\u840c\u82bd\u9636\u6bb5\uff0c\u4f46\u5b83\u8574\u542b\u7684\u6f5c\u529b\u53ef\u80fd\u901a\u8fc7\u94fe\u4e0a\u4ee3\u7406\u4e0e\u4ea4\u6613\u7cfb\u7edf\u50ac\u751f\u5168\u65b0\u7684\u5e02\u573a\u7ed3\u6784\u3002<\/p>\n<p class=\"ql-align-justify\">\u5728\u652f\u4ed8\u9886\u57df\uff0c\u7a33\u5b9a\u5e01\uff08\u5c24\u5176\u662f Circle \u7684 USDC\uff09\u5df2\u6210\u4e3a\u5168\u7403\u652f\u4ed8\u7cfb\u7edf\u7684\u91cd\u8981\u7ec4\u6210\u90e8\u5206\uff0c\u800c\u300a\u5929\u624d\u6cd5\u6848\u300b\u8fdb\u4e00\u6b65\u52a0\u901f\u4e86 USDC \u7684\u5e94\u7528\u30022025 \u5e74\u7b2c\u4e00\u5b63\u5ea6\uff0cCircle \u8425\u6536\u589e\u957f 58.6%\uff0c\u8fbe 5.79 \u4ebf\u7f8e\u5143\u3002\u5206\u6790\u5e08\u9884\u6d4b\uff0c\u672a\u6765\u4e09\u5e74\u5185\u7a33\u5b9a\u5e01\u65e5\u4ea4\u6613\u91cf\u6709\u671b\u8fbe 2500 \u4ebf\u7f8e\u5143\uff1b\u82e5\u589e\u957f\u52bf\u5934\u6301\u7eed\uff0c\u672a\u6765\u5341\u5e74\u751a\u81f3\u53ef\u80fd\u8d85\u8d8a Visa \u7b49\u4f20\u7edf\u652f\u4ed8\u7cfb\u7edf\u3002PayPal\u3001Visa \u7b49\u4f01\u4e1a\u6b63\u63a2\u7d22\u7a33\u5b9a\u5e01\u6574\u5408\uff0c\u5c06\u7a33\u5b9a\u5e01\u878d\u5165\u4e3b\u6d41\u652f\u4ed8\u6e20\u9053\u3002Robinhood \u4e0e Arbitrum \u7684\u5408\u4f5c\uff0c\u8ba9 Robinhood \u7528\u6237\u53ef\u5728 Arbitrum \u4e0a\u76f4\u63a5\u8fdb\u884c USDC 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