RootData SG Summit Roundtable Discussion: TGE, IPO or Exit through Acquisition?

ChainCatcher live report, MEXC Strategic Investment Director Leo Zhao, Mask founder Suji, Galaxy Digital Asia COO John Cahill, and WebX International Holdings investor Abraham, jointly attended the Crypto Capital Market themed forum "RootData SG Summit" held by ChainCatcher and RootData during TOKEN2049 in Singapore, where they shared insights in the roundtable discussion "TGE, IPO, or M&A Exit?" to deeply explore the current exit strategies in the crypto industry.

The meeting pointed out that IPOs of companies like Circle and Coinbase, as well as crypto merger and acquisition activities, have surged, as acquirers can buy at a 10x earnings multiple and exit at a 50x earnings multiple. Additionally, the regulatory environment in the U.S. has improved, and traditional financial institutions' funds have begun to flow in, lowering the investment threshold for digital asset ETFs.

DAT has become the best choice for emerging exits, combining the advantages of TGE and IPO. However, the meeting also mentioned the need to be aware of premium risks. Mask founder Suji emphasized that the industry needs to establish clearer token governance mechanisms and merger frameworks. John Cahill from Galaxy Digital stated that the industry is moving towards integration and abstraction, making it easier for general investors to access crypto assets.

Furthermore, Leo Zhao shared observations from engaging with over 100 global crypto exchanges in the past year, pointing out that the industry is undergoing a large-scale consolidation phase. After the EU MiCA license was passed, small and medium-sized exchanges face pressure to close, while stronger exchanges are actively pursuing local mergers and acquisitions. He emphasized that the emergence of IPOs has finally established the logic of mergers and acquisitions, with Robinhood, Coinbase, and Kraken all actively acquiring to expand their businesses.

Abraham pointed out that the DAT market has evolved from a stage where no one believed in it to a stage where investors seek logical and compliant premiums. Abraham is particularly optimistic about market opportunities in capital-controlled countries (such as China and India), believing that whoever can open these markets first will become a regional star.

The guests suggested that market founders should choose appropriate exit tools based on their business models and pay attention to compliance and actual revenue performance.