Circle’s recent IPO was a major success, with its stock (CRCL) soaring by nearly 290% above its initial offering price, signaling strong investor appetite for crypto-native companies in public markets. This success has sparked renewed momentum in the crypto IPO space, encouraging other firms to consider going public.
Following Circle’s NYSE debut, two prominent crypto exchanges—Gemini and Bullish—have confidentially filed IPO paperwork with the SEC, indicating a growing trend of crypto companies seeking regulatory clarity and institutional capital through public equity markets. Gemini’s filing relates to Class A common stock offerings, while Bullish, backed by Peter Thiel, is reattempting its public debut after a failed SPAC attempt in 2021.
The ongoing crypto IPO wave was preceded by recent listings from Israeli exchange eToro and Delaware’s Galaxy Digital in May 2025. This trend suggests increasing integration of the crypto industry into traditional financial markets, driven by improved regulations and global macroeconomic uncertainties that are pushing investors toward diversification.
Speculation is rising about potential IPOs from other crypto industry leaders such as Kraken, BitGo, Consensys, Ledger, Fireblocks, and Chainalysis. These companies are poised to follow Circle’s lead but may face more complex valuation considerations given their diverse crypto-related business models linked to broader blockchain ecosystems.
Circle’s IPO set a high benchmark with its business model rooted in USDC stablecoin issuance and interest earnings on reserves, a concept familiar to traditional finance. Other firms, especially crypto exchanges and infrastructure providers, will present unique investment challenges due to their deeper dependencies on the evolving crypto ecosystem.
Overall, this fresh wave of IPOs marks a significant milestone for the crypto sector’s maturation and mainstream acceptance, tightening the connections between crypto and the larger financial markets.