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Bitwise CIO Matt Hougan says Bitcoin is in its “silent IPO” phase.
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He expects institutional allocations to grow beyond 1% portfolios.
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Current sideways trading signals market maturity, not weakness.
Bitcoin’s Post-IPO Phase
According to Bitwise CIO Matt Hougan, Bitcoin’s muted price action throughout 2025 reflects its transition into a mainstream financial asset, similar to tech giants after their IPOs. Drawing from macro investor Jordi Visser’s analogy, Hougan argues Bitcoin is entering its “IPO moment,” where early investors exit and institutions enter.
Healthy Consolidation Before Growth
Hougan emphasized that this phase signals strength, not exhaustion. “Early investors selling doesn’t mark the end of the journey — it represents a new phase,” he said, comparing Bitcoin’s trajectory to Facebook’s year-long post-IPO consolidation before massive long-term growth.
Institutional Maturity and Lower Volatility
With ETFs, corporate treasuries, and sovereign funds now participating, Bitcoin’s ownership base is broadening and volatility is dropping. This evolution makes it more comparable to traditional safe-haven assets like gold.
From 1% to 5% Allocations
Hougan concluded that as Bitcoin’s risk profile declines, investors will move beyond the old “1% allocation rule.” Bitwise has already observed institutional portfolios raising allocations to 5% or more, viewing Bitcoin’s current price stagnation as a long-term accumulation opportunity.
