Circle’s IPO Soars 290% Sparking Crypto IPO Wave

Circle’s successful IPO on the New York Stock Exchange (NYSE) has marked the beginning of a new era for the crypto industry, with CRCL soaring almost 290% above its IPO price. This surge in investor interest has sparked renewed enthusiasm for crypto-native firms, signaling a growing momentum in the sector. The success of Circle’s IPO has paved the way for other crypto companies to consider going public, with Gemini and Bullish already filing for IPOs.

Gemini, the crypto exchange founded by the Winklevoss twins, confidentially filed a draft registration statement with the SEC on June 6. Although details such as share count and pricing remain undisclosed, the move indicates a strong interest in entering the public markets. Similarly, Bullish, backed by Peter Thiel, submitted confidential IPO paperwork to the SEC on June 11. Bullish had previously attempted to go public via a SPAC in 2021, but the move collapsed in 2022 due to broader market turbulence. The current timing seems favorable, with the US advancing toward regulatory clarity on crypto assets and institutional capital normalizing crypto exposure.

The success of Circle’s IPO has also sparked speculation about which crypto companies might be next in line for an IPO. Kraken, a major US exchange, is reportedly preparing to go public, possibly in early 2026. BitGo, a regulated US-based custodian, is also targeting an IPO. Other potential candidates include Consensys, a US-based developer of MetaMask and other Ethereum tooling, valued at around $7 billion; Ledger, the French hardware wallet maker, with a valuation of $1.4 billion in 2023; Fireblocks, the institutional custody infrastructure firm based in New York, valued at $8 billion; and Chainalysis, a New York-based blockchain analytics firm, valued at $8.6 billion in 2022.

While Circle’s success has set a high bar, the structural differences between Circle and other crypto firms mean that upcoming IPOs may not match its returns. Circle’s core product, USDC, is a stablecoin with more blockchain-related capacities, and its business model is familiar to traditional finance. In contrast, crypto exchanges, blockchain infrastructure firms, and data analytics platforms depend more directly on the long-term development of Bitcoin, Ethereum, and Web3 ecosystems. This requires investors to engage more deeply with crypto’s complexities. The eToro and Galaxy Digital listings in May were less successful than Circle’s, registering only a 43-46% gain on the first trading day.

Despite the potential for varying returns, the symbolic value of these IPOs is enormous. Each listing marks a tightening link between the crypto and traditional finance worlds. Crypto is becoming an integral part of public markets, with traditionally non-crypto firms reinventing themselves and crypto-native companies increasingly going public. With MicroStrategy joining the Nasdaq 100 in December 2024 and Coinbase’s COIN entering the S&P 500 in May 2025, both of the world’s top equity indexes now reflect exposure to the crypto industry. What was once dismissed as a volatile fringe is now producing companies that are IPO-ready—and in some cases, outperforming expectations.