TradFi Why Holds Pricing Power? New Rules of the Capital Markets from the Anthropic IPO

If the most important theme in global capital markets over the past two years was AI, then one of the most closely watched events in 2026 might be AI companies beginning to converge on the capital markets. Recently, Anthropic has been widely regarded by the market as one of the most likely AI unicorns to go public in the future, and OpenAI's potential capital market path is also frequently discussed. As the global IPO market becomes active again, capital is reassessing the value of growth companies, and TradFi still holds the most critical entry points for capital and the evaluation system for value.

Many people focus on how much wealth effect these companies can create after going public, but the real concern of the capital markets is something else: how much are these companies actually worth? For a company like Anthropic, an IPO represents not just fundraising, but for the first time, accepting public pricing from 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 assessed and validated by global investors.

This is why behind every mega-IPO, there is often not just a corporate growth story, but a reconfirmation of market pricing power. From the internet era to the mobile internet era, and now to the era of artificial intelligence, every round of technological revolution ultimately requires the capital market to complete value discovery. And the entity responsible for this process has always been the mature financial system established by TradFi.

TradFi's Core Capability: Enabling Market Pricing for Assets

Many people simply understand TradFi as banks, brokerages, or the stock market. However, in reality, TradFi's core capability is not fundraising, but pricing. Fundraising solves the problem of a company obtaining capital, while pricing determines how the market views a company's long-term value.

An AI company can have a valuation of hundreds of billions of dollars in the primary market, but this price essentially still comes from the game among a limited number of investment institutions. Only after entering the public market will a company's value truly be tested by global capital. Pension funds, sovereign wealth funds, insurance funds, mutual funds, and tens of millions of individual investors together constitute the market price discovery mechanism, allowing asset prices to continuously form new consensus through ongoing trading.

This capability is crucial for the entire economic system. Because the price set by the capital market not only affects a company's ability to raise funds but also influences the future flow of resources in the entire industry. When NVIDIA became one of the world's most valuable tech companies, the market began to reassess the value of the entire AI industry chain; when Tesla achieved a valuation far exceeding traditional automotive companies, the new energy industry also gained more capital support. In other words, the public market doesn't just grant a numerical valuation; it determines which industries receive more resources and which technologies gain more development opportunities. This is the fundamental reason TradFi has long held the pricing power in mainstream capital markets.

Why More Innovative Assets Are Choosing to Embrace TradFi

In the past few years, both in the tech and crypto industries, a viewpoint emerged: innovative companies may not necessarily need to rely on traditional financial markets. Especially during the rapid development phase of Web3 and digital assets, many believed that new financing models could bypass the traditional capital system and establish a new ecosystem independent of Wall Street.

However, the actual development trend has been quite the opposite. As the market matures, more and more innovative companies are proactively embracing TradFi. The reason is not complicated: the capital market provides not just capital, but the world's most mature value amplification mechanism. After a company completes its IPO, it gains not only fundraising capabilities but also broader investor coverage, higher brand influence, a more transparent information disclosure system, and stronger liquidity support.

For large institutions, whether to invest in an asset often depends on the regulatory framework, liquidity level, and risk management requirements. The public market happens to meet these conditions, making it the most important allocation venue for global long-term capital. Companies like Anthropic and Databricks are actively exploring capital market opportunities, while SpaceX has long been seen as a potential listing candidate. What they are truly competing for is not just fundraising opportunities, but the qualification to enter the global capital allocation system and the long-term pricing power that comes with it.

Crypto is Absorbing TradFi's Valuation Methods

This change is also happening within 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 hot Meme could gain huge market attention in a short period. The core of market attention was the story, not the value itself.

However, as the industry matures, new changes are emerging in the market. More and more investors are no longer focusing only on concepts and narratives but are starting to pay attention to real user numbers, protocol revenue, business models, and cash flow growth. Indicators like TVL, token issuance, and ecosystem incentives, which were widely discussed in the past, are gradually being supplemented by metrics such as revenue capability, product competitiveness, and user retention rate. This shift essentially means that Crypto is aligning with TradFi's value assessment logic.

The emergence of the BTC ETF has further accelerated this process. Since Bitcoin officially entered the traditional financial system, more and more institutions have started analyzing BTC using methods used for stocks, gold, and macro assets. The market's focus is shifting from on-chain narratives to dollar liquidity, Federal Reserve policy, risk appetite, and global asset allocation needs. Bitcoin is increasingly behaving like a global macro asset, rather than just a trading subject within the crypto market.

At the same time, the development of stablecoins has further reinforced this trend. USDT and USDC are essentially extensions of the dollar credit system on-chain, and after crypto companies like Coinbase and Circle went public, they also began to face valuation standards similar to those of traditional listed companies. To some extent, Crypto has not created a pricing system entirely independent of TradFi; instead, it is gradually integrating into the value assessment framework already established by 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, users' demand for cross-market asset allocation is growing rapidly. In the past, investors often had to switch between multiple platforms to view quotes for stocks, ETFs, gold, forex, and crypto assets. As global capital markets gradually move towards convergence, multi-asset trading is becoming a new development trend.

BitMart TradFi is a new functional module launched against this backdrop. By integrating entry points for traditional financial assets such as stocks, index ETFs, precious metals, forex, and some commodities, users can track market trends, screen assets, and make trading decisions within a unified platform environment. For investors increasingly focused on global asset allocation, this means not only more trading options but also the ability to observe global capital flows from a more complete perspective.

From a longer-term perspective, this model reflects a change in the development direction of trading platforms. Future platform competition will no longer just be between different crypto platforms, but between global digital financial platforms. Whoever can simultaneously connect TradFi and Crypto will be more likely to become a key component of the next-generation financial infrastructure.

Future: TradFi and Crypto Will Jointly Establish a New Pricing System

On the surface, Anthropic, OpenAI, and SpaceX are competing for IPO opportunities. But on a deeper level, they are competing for the power of discourse and pricing power in the future capital markets. In the financial market, whoever gains market recognition can attract more capital; and whoever can continuously secure capital support can drive the next round of industrial innovation.

For Crypto, this also signals that a new era is arriving. In the past few years, the crypto industry relied more on its own narratives to drive growth. However, the future development logic will increasingly mirror the operational logic of the global capital market. Real demand, business models, revenue capability, and long-term value creation will gradually become the core indicators of market focus.

TradFi provides a mature rule system, a global liquidity network, and strong pricing capabilities; Crypto offers a more open financial structure, more efficient value transfer methods, and continuous technological innovation. In the coming years, perhaps the most important relationship between the two will no longer be about one replacing the other, but about who can achieve better integration. As global capital continuously flows into the digital asset space, a new financial system that combines TradFi's pricing power with Crypto's innovation capability is gradually taking shape.