If the most important theme in global capital markets over the past two years has been AI, then one of the most concerning matters in 2026 may be that AI companies are beginning to concentrate on entering the capital markets. Recently, Anthropic has been widely regarded by the market as one of the AI unicorns most likely to go public in the future, and OpenAI has also been frequently discussed regarding its possible capital market paths. As the global IPO market becomes active again, capital is reassessing the value of growth companies, while TradFi still holds the most important funding sources and valuation systems.
Many people focus on how much wealth effect these companies can create after going public, but what the capital markets truly care about is another matter: how much these companies are actually worth. For companies like Anthropic, an IPO not only means fundraising but also signifies the first time accepting public pricing in the global market. When a company moves from the private market to the public market, its value is no longer determined by a few investment institutions but is jointly evaluated and validated by global investors.
This is also why behind every super IPO, there is often not just a growth story but a reaffirmation of market pricing power. From the internet era to the mobile internet era, and now to today’s AI era, each wave of technological revolution ultimately needs to rely on the capital market to complete value discovery. The established financial system created by TradFi has always been responsible for this process.
The Core Ability of TradFi: Allowing Assets to Receive Market Pricing
Many people simply understand TradFi as banks, brokers, or stock markets, but in fact, the core ability of TradFi is not fundraising, but pricing. Fundraising addresses the issue of companies obtaining funds, while pricing determines how the market perceives a company's long-term value.
An AI company can have a valuation of hundreds of billions of dollars in the primary market, but that price essentially still comes from negotiations between a limited number of investment institutions. Only after entering the public market does a company’s value truly come under scrutiny by global capital. Pensions, sovereign funds, insurance funds, mutual funds, and tens of millions of individual investors collectively form the market price discovery mechanism, allowing asset prices to continuously reach new consensus through ongoing trading.
This ability is crucial for the entire economic system. The price provided by the capital market not only affects a company's fundraising capacity but also influences the future flow of resources in the entire industry. When NVIDIA became one of the highest valued technology companies globally, the market began to reassess the value of the entire AI industry chain; when Tesla received valuations far exceeding traditional automakers, the new energy industry also gained more capital support. In other words, the public market provides not just a numerical valuation, but determines which industries can acquire more resources and which technologies can seize more development opportunities. This is fundamentally why TradFi has long held mainstream capital market pricing power.
Why More and More Innovative Assets Choose to Embrace TradFi
In the past few years, both the technology sector and the cryptocurrency sector have seen the emergence of a viewpoint: innovative companies do not necessarily need to rely on traditional financial markets. Especially during the rapid development phase of Web3 and digital assets, many believed that new fundraising models could bypass traditional capital systems and establish a new ecology independent of Wall Street.
However, the actual development direction has been quite the opposite. As the market matures, more and more innovative companies are beginning to actively embrace TradFi. The reason is not complex; the capital market offers not only funds but also the most mature value amplification mechanism globally. After a company completes its IPO, it gains not only fundraising capabilities but also broader investor coverage, greater brand influence, a more transparent information disclosure system, and stronger liquidity support.
For large institutions, whether they can invest in a particular asset often depends on regulatory frameworks, liquidity levels, and risk management requirements. The public market happens to fulfill these conditions, thus becoming the most important allocation venue for global long-term capital, including companies like Anthropic and Databricks, which are actively exploring capital market opportunities, while SpaceX is also long regarded as a potential IPO target. Because what they are truly competing for is not just fundraising opportunities, but also eligibility to enter the global capital allocation system and the long-term pricing power that comes with it.
Crypto is Absorbing TradFi's Value Assessment Methods
This change is also occurring in the Crypto market. In the past, the crypto industry relied more on narrative-driven growth. A new track, a new public chain, or even a popular meme could gain massive market attention in a short period. The core of market interest has been the story rather than the value itself.
However, as the industry matures, new changes are emerging in the market. Increasingly, investors are no longer only focusing on concepts and narratives but are beginning to pay attention to real user numbers, protocol revenues, business models, and cash flow growth. Metrics like TVL, token issuance, and ecosystem incentives that were widely discussed in the past are gradually being supplemented by metrics such as revenue capability, product competitiveness, and user retention rates. This shift essentially signals that Crypto is aligning itself with TradFi's value assessment logic.
The emergence of BTC ETFs has further accelerated this process. When Bitcoin officially entered the traditional financial system, more institutions began to analyze BTC using methods similar to those used for stocks, gold, and macro assets. The focus of the market has shifted from on-chain narratives to dollar liquidity, Federal Reserve policies, risk preferences, and global asset allocation needs. Bitcoin increasingly resembles a global macro asset rather than just a trading target within the crypto market.
Meanwhile, the development of stablecoins further reinforces this trend. USDT and USDC are essentially extensions of the dollar credit system onto the blockchain, and after companies like Coinbase and Circle went public, they began to accept valuation standards similar to those of traditional public companies. To some extent, Crypto has not created a completely independent pricing system from TradFi but is gradually integrating within the existing value assessment framework of the global capital market.
BitMart TradFi: A New Bridge Connecting Traditional Capital and Digital Assets
As the boundaries between TradFi and Crypto continue to blur, the demand for cross-market asset allocation is rapidly growing. In the past, investors often had to switch between multiple platforms to view market trends for stocks, ETFs, gold, forex, and crypto assets. However, as the global capital markets gradually move towards integration, multi-asset trading is becoming the new development trend.
BitMart TradFi is a new functional module launched in this context. By integrating traditional financial asset entry points such as stocks, index ETFs, precious metals, forex, and some commodities, users can complete market tracking, asset screening, and trading decisions from different markets in a unified platform environment. For investors increasingly focused on global asset allocation, this means not only more trading options but also a more comprehensive perspective on global capital flows.
From a longer-term perspective, this model actually reflects a change in the development direction of trading platforms. Future platform competition will not only be between different crypto platforms but also between global digital financial platforms. Whoever can connect TradFi and Crypto simultaneously will be more likely to become an important part of the next generation of financial infrastructure.
The Future: TradFi and Crypto Will Together Establish a New Pricing System
What Anthropic, OpenAI, and SpaceX are competing for may superficially appear to be IPO opportunities, but at a deeper level, they are competing for future capital market discourse and pricing power. Because in financial markets, those who can gain market recognition can attract more capital; and those who can continuously secure funding can drive the next round of industrial innovation.
For Crypto, this also means that a new era is coming. In the past few years, the crypto industry relied more on its narrative to fuel growth, while future development logic will increasingly align with the operational logic of global capital markets. Real demand, business models, revenue capability, and long-term value creation will gradually become the core indicators of market attention.
TradFi provides a mature rule system, a global liquidity network, and strong pricing capability; Crypto offers a more open financial structure, more efficient value transmission methods, and continuous technological innovation. In the coming years, the most crucial relationship between the two may not be one of replacement, but rather who can better achieve integration. As global capital continues to flow into the digital asset space, a new financial system that integrates the pricing capabilities of TradFi with the innovative capabilities of Crypto is also gradually taking shape.
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