The Wall Street sign in the Financial District of Lower Manhattan in New York City.
Circle鈥檚 successful IPO has sent a signal. A strong one. The crypto world is heating up again, but this time, it鈥檚 happening on Wall Street. Crypto companies are making a comeback after a long period of regulatory uncertainty. Circle, the stablecoin issuer, has initiated a global sensation in capital markets. Understandably so. Circle鈥檚 recent debut on the New York Stock Exchange as CRCL was impressive, to say the least. CRCL鈥檚 share price skyrocketed nearly 600% from its IPO price of $31 to a high of $215 during the day. With a market cap of $45 billion, Circle has quickly become the representative of a new trend, giving rise to a crypto IPO season.
Was it a flashy debut? Yes, and for all good reasons. Circle鈥檚 IPO, the biggest in recent history, marks a major milestone in the industry鈥檚 journey toward mainstream acceptance. USDC, Circle鈥檚 flagship stablecoin, is backed by over $32 billion in reserves and is already a core component of onchain finance, serving as a payment medium that dominates the whole crypto ecosystem. But there are three key things you need to know about this year鈥檚 IPO season to understand this phenomenon.
1. It鈥檚 Only The Beginning Of Crypto IPOs
Just days after Circle鈥檚 IPO, Gemini, the crypto exchange founded by Tyler and Cameron Winklevoss, confidentially filed paperwork for its own IPO in the U.S. At the same time, all eyes moved onto Kraken, which is reportedly preparing to go public sometime in early 2026. Another company making moves is BitGo, a regulated U.S. crypto custodian. Back in February, reports suggested it was aiming for an IPO as early as 2025.
A few other names also stand out as potential IPO contenders:
Consensys, the developer behind MetaMask, Linea, and other Ethereum tools.
Ledger, a hardware wallet company.
Fireblocks, an institutional custody provider based in New York.
Chainalysis, a blockchain analytics firm serving government and financial institutions.
These companies span the entire spectrum, from custody and analytics to wallets and infrastructure. What they have in common is a fresh appetite for public capital and growing investor interest, especially institutional one. As one analyst put it, 鈥淎fter watching Circle鈥檚 stock take off, any crypto firm with a clear business model is now looking at the IPO route seriously.鈥
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2. The IPO Process
Although the range of companies participating in the IPO summer is wide, crypto exchanges are leading the charge in pursuing US stock market listings. Think Gemini, Kraken, Bullish Global, FalconX, and Bithumb. These types of businesses are particularly well-positioned for public listing due to their strong cash flows, large customer bases, and stable business models that appeal to traditional investors.
There are different ways companies can go about executing public offerings. Traditional IPOs remain the gold standard, particularly for mature companies with strong compliance records and established business operations. However, this process is very complex and time-consuming, making it most suitable for larger platforms with proven business models and solid profitability. That鈥檚 why for smaller cryptocurrency companies seeking a faster path to public markets, reverse mergers have become a popular alternative. Companies, such as TRON, have successfully leveraged this approach by acquiring existing public companies to quickly gain access to the stock market, bypassing the lengthy traditional IPO process. Meanwhile, some companies are opting for direct listings. This is shown by Kraken’s approach, which achieved a $16.2 billion valuation. They were able to create market liquidity for their shares without the need to raise new capital, making it ideal for firms that don’t necessarily require additional funding but instead want to provide exit opportunities for existing shareholders.
3. High Crypto IPO Expectations
Circle has definitely set a high bar. Its stock soared, boosting confidence across the crypto sector. But Circle isn鈥檛 your typical crypto company. Their stablecoin, USDC, is a go-to onchain payment solution. In addition, its business model鈥攅arning yield on reserve assets鈥攊s easy for traditional finance folks to understand.
Retail and institutional demand are growing, and with a government no longer hostile, investors see 2025 as the year when crypto companies leverage the IPO playbook. The dramatic shift in institutional adoption is particularly compelling. As of January 2025, 86% of institutional investors reported having exposure to digital assets or planned to make digital asset allocations later in the year. Additionally, recent success stories have proven that crypto companies can achieve substantial valuations in public markets. Circle鈥檚 roughly $1.1 billion public listing formed the largest crypto IPO in recent history, sparking high expectations among industry experts that more digital asset companies will soon follow suit. However, only time will tell if this crypto IPO summer turns into an IPO supercycle, but Coinbase being the best performing S&P500 stock in June is definitely a promising sign.
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