DWF Labs Partner Andrei Grachev Calls for Altcoins to Actively List on Nasdaq, Transforming Traditional Shareholders into Long-Term Token Holders, Sparking Market Discussion on “Altcoins Moving to Wall Street.”
(Background: Nasdaq has submitted an application to the SEC to include XRP, SOL, XLM, and ADA in its cryptocurrency index.)
(Context: The first year of crypto IPOs sees Amber Group landing on Nasdaq, with over 10 companies queued for listing (Kraken, Gemini, Circle…))
The Crypto Market Welcomes New Strategic Thinking
DWF Labs Partner Andrei Grachev recently stated on X that if traditional finance (TradFi) is reluctant to engage with altcoins, then altcoins should actively knock on Wall Street’s door.
“If TradFi doesn’t enter altcoins, then altcoins should enter TradFi.” He suggested that project teams issue stocks or convertible bonds through a Nasdaq listing, allowing fund managers to initially buy shares and then passively become long-term token holders, thereby bridging the gap between the two sides.
If tradfi doesn’t go to alts – alts should go to tradfi! I believe, crypto projects should have Nasdaq listed vehicles and capture investors from traditional markets, covert them to long term token holders via selling the shares, which will support the crypto market LFG! — Andrei Grachev (@ag_dwf) June 13, 2025
Institutional Funds Quietly Positioning in Altcoins
Grachev’s remarks are not without basis. Since the approval of the Bitcoin spot ETF in the U.S. earlier this year, more funds have begun evaluating tokens with practical blockchain ecosystems such as Ethereum, Solana (SOL), and Sui.
Although Nasdaq does not directly list tokens, companies like Coinbase (COIN), MARA Holdings (MARA), RIOT Platforms (RIOT), and Core Scientific (CORZ) are traded there. The platform also lists ETFs tracking Bitcoin and Ethereum prices. More importantly, Nasdaq’s Cryptocurrency U.S. Settlement Price Index (NCIUS) included Cardano, Solana, Stellar Lumens, and XRP this June, symbolizing mainstream exchanges’ acknowledgment of the investability of altcoins.
High-Risk Fantasies: Reverse Listing Model
According to Grachev’s framework, project teams would first establish a holding company to conduct an IPO in the U.S., using part of the raised funds to purchase or lock up their tokens, and disclosing the holding mechanism in the prospectus. This “dual capital structure” allows fund managers to enter the market with familiar stock forms while also benefiting from token appreciation.
However, the risks associated with this listing operation are quite high. To list on U.S. capital markets, project teams must comply with the SEC’s stringent information disclosure and accounting audits, and the token’s attributes may also be classified as securities. Additionally, given the extreme volatility of altcoin prices, balancing corporate governance and community autonomy remains a significant challenge for regulators.
Despite the considerable challenges, Grachev’s vision offers an alternative pathway connecting TradFi with Web3, packaging altcoins as a “stock + token” hybrid vehicle to make a direct appearance on Wall Street. For the crypto industry eager to expand further, this could be the next experimental frontier.
