Maksym Sakharov, co-founder and group CEO of WeFi, confirmed that there has been a capital rotation from token launches. He noted that when risk appetite tightens, investors demand cleaner ownership, clearer disclosure, and a path to enforceable rights. The money is going toward businesses that look like infrastructure because of custody, payments, settlement, brokerage, compliance, and plumbing. Sakharov added that the “equity wrapper” is attractive because it aligns with real-world adoption, enabling licensing, audits, partnerships, and distribution channels.

Market Impact & Sentiment

The sentiment surrounding CertiK’s potential listing reflects a broader maturation of the crypto industry. The market is increasingly treating tokens and businesses as separate things. Sakharov noted that a token alone cannot replace distribution or a working product. If a project fails to generate steady users, fees, transaction volume, and retention, the token ends up priced on expectations rather than real activity, which is why many launches look successful at first but later disappoint.

Listed crypto equities are not necessarily safer, but they are clearer and easier for investors to evaluate. Public companies offer reporting standards, governance, and legal claims, and they fit within institutional portfolio rules, whereas holding tokens often requires custody approvals and policy changes. Grachev described this shift as structural rather than cyclical. While tokens will remain part of crypto networks for incentives and governance, he said institutional capital increasingly prefers equity rails.

This sentiment is reinforced by recent regulatory developments. The US Securities and Exchange Commission dismissed a civil lawsuit against Gemini Trust Company and Genesis Global Capital with prejudice, effectively ending the SEC’s claim over Gemini’s crypto lending program. This dismissal signals a move toward regulatory clarity, which supports the narrative that infrastructure companies like CertiK are better positioned for public listing than speculative token projects.

Furthermore, the broader market context includes major institutional players exploring new avenues. UBS is reportedly exploring a move to open crypto trading to its wealthiest clients, aiming to let select private banking clients in Switzerland trade Bitcoin and Ether first. Meanwhile, GameStop has moved its entire Bitcoin stash to Coinbase Prime, signaling potential sales of holdings as prices fluctuate. These movements highlight the transition from holding assets for speculation to managing them within regulated frameworks.

The Road Ahead

For CertiK, the path to an IPO is defined by specific prerequisites outlined by CEO Ronghui Gu. Speaking at the World Economic Forum in Davos, Gu stated that pursuing a public listing would be a natural step for the company but requires investment and lots of strategic partnerships to achieve this goal. He noted, “We still do not have a very concrete IPO plan, but this is definitely the goal we are pursuing.”

Gu added that CertiK going public would represent a significant step for Web3 infrastructure companies: “Many people want to see the success of CertiK, want to see the successful IPO of CertiK, because they view [it as] important not only for CertiK but also for the industry.” The company’s valuation stands at about $2 billion, and achieving a public listing would validate the security infrastructure required for the next phase of blockchain adoption.

The road ahead involves navigating the bifurcation Grachev described: serious protocols with real revenue will thrive, while the long tail of speculative launches faces a much harder environment. CertiK’s focus on security aligns perfectly with this trend, as institutional investors prioritize compliance and safety over pure token utility. The company must continue to demonstrate its ability to generate steady users, fees, and transaction volume to justify the equity wrapper.

5 Critical Takeaways

1. Valuation Milestone: CertiK has reached a valuation of approximately $2 billion, positioning it as a leading Web3 infrastructure asset with significant potential for public market listing.
2. Capital Rotation: Institutional capital is shifting from tokens to stocks; DWF Labs data shows over 80% of token projects fall below their TGE price within 90 days, driving investors toward regulated equities.
3. Valuation Multiples Gap: Public crypto equities trade at 7-40 times sales compared to 2-16 times for tokens, reflecting a premium for accessibility, regulation, and institutional compliance.
4. Strategic Prerequisites: CertiK’s CEO Ronghui Gu confirmed that while an IPO is the goal, the company requires significant investment and strategic partnerships before finalizing a concrete plan.
5. **Structural Industry