Crypto Firms Ready for IPOs as Circle's Debut Soars 167%

The digital asset sector has evolved significantly, transitioning from a disorganized space to one characterized by structured governance, audited financials, and scalable revenue models. Exchanges that initially started as weekend projects now operate similarly to traditional financial institutions, complete with compliance teams, investor relations departments, and long-term capital strategies. MEXC's chief operating officer (COO), Tracy Jin, highlighted this transformation, stating that the industry is now ready for initial public offerings (IPOs).

On June 5, Circle, the issuer of the USDC stablecoin, successfully raised $1.1 billion in its public debut, achieving a record-setting 167% gain on its first day of trading. This event marked a significant milestone in the crypto industry. Following Circle's success, Gemini, the exchange founded by Cameron and Tyler Winklevoss, filed confidentially for a US listing on June 6. Similarly, Bullish, the digital asset exchange backed by billionaire investor Peter Thiel, filed for a US listing on June 10.

Tracy Jin attributed the success of these launches to improved market sentiment, citing the surge of capital flowing into spot Bitcoin (BTC) and Ether (ETH) ETFs in the US as a key catalyst. The bull market environment has driven valuations higher and created a wealth effect for early investors, opening the IPO window. However, sentiment alone is not the sole driver of this trend. Jin emphasized that long-awaited regulatory clarity has played a central role. Frameworks like the Markets in Crypto-Assets Regulation (MiCA) in Europe and US ETF approvals have helped de-risk crypto for institutional investors. The new rules provide enough structure to legitimize listings in the eyes of Wall Street, addressing the ambiguity that previously made public market investors wary.

Jin believes the industry has matured dramatically, stating that "Crypto is no longer a nascent industry run from garages." With audited financials, established governance, and sustainable revenue from custody, staking, and trading, crypto firms are now "IPO-ready." She sees infrastructure and fintech-adjacent companies leading the way in this new IPO phase, with blockchain analytics, staking services, secure custody providers, and stablecoin issuers among the top contenders. Companies with clear, defensible business models that resemble tech or fintech rather than pure bets on token prices will be the most successful.

Asia could emerge as a hotbed of activity in the crypto space. Jin mentioned Metaplanet’s Bitcoin treasury strategy as a sign of growing regional adoption, noting that concerns over currency depreciation in Japan have made BTC an attractive hedge. She also sees a future for crypto-linked financial engineering, with the use of convertible notes to provide yield with upside exposure setting a precedent. Jin expects to see a wave of structured products from major banks, viewing these instruments as "a blueprint for mainstream adoption" that starts as a niche play and gradually builds institutional comfort with the asset class.