Bitwise predicts a big year for crypto in 2025, forecasting at least five crypto unicorns, including Circle and Kraken, to go public. They see Anchorage Digital, Chainalysis, and Figure also launching IPOs, driven by rising investor demand and a favorable macro environment. Bitcoin could hit $200,000, potentially surpassing gold's market cap by 2029, while Ethereum might reach $7,000. Solana is expected to see a 250% price increase. Coinbase could become the most valuable brokerage, entering the S&P 500, and Bitcoin ETFs might see significant inflows as tokenization of real-world assets grows.