TechFlow news, November 5 — According to The Block, Bitwise Chief Investment Officer Matt Hougan said in a report to clients that Bitcoin is experiencing an "IPO moment," marking the end of the era when traditional portfolios allocated only 1% of assets to BTC.
Hougan cited views from Wall Street veteran Jordi Visser, comparing Bitcoin's current phase to a "silent IPO," transitioning from a radical idea to a mainstream asset. Although Bitcoin has risen only 9% in 2025—underperforming the S&P 500's 15% and gold's 51%—this sideways consolidation reflects a healthy shift in ownership from risk-takers to long-term institutional holders.
Hougan believes that selling by early investors does not signal the end of Bitcoin's journey but rather the beginning of a new phase. As Bitcoin's risk profile declines and its volatility drops significantly, the traditional 1% portfolio allocation is rapidly giving way to a new 5% benchmark. He stated that Bitcoin's path from its current market cap of $2.5 trillion toward gold's $25 trillion could unfold faster than expected.
