Gate 2025 Year-End Community Festival December 30, Kraken, Consensys, BitGo, and others are reported to be pushing forward with the listing process around 2026, covering exchanges, wallets/infrastructure, custody, and hardware self-custody tracks, with industry "IPO wave" expectations heating up. BiyaPay analysts pointed out that the secondary market has become more discerning about "concept premiums," and future pricing will focus on compliance progress, revenue quality, and risk control capabilities, with stronger top-tier players and more challenging tail-end players.