Circle's successful debut on the New York Stock Exchange (NYSE) on June 5, 2025, is widely seen as the starting gun for a potential wave of crypto IPOs. The stablecoin issuer's shares, trading under the ticker CRCL, opened at $69, more than double the IPO price of $31, and surged as high as $83.23 on the first day, demonstrating significant investor demand. As of June 11, 2025, the stock was trading at $103.50, reflecting continued enthusiasm. This performance has not only rewarded early investors but has also ignited speculation about which crypto companies might be next to go public.
Circle's IPO raised approximately $1.1 billion, giving the company an initial valuation of around $6.9 billion, with a fully diluted valuation potentially reaching $8 billion. The company offered 34 million shares, with 14.8 million new shares from Circle and 19.2 million from existing shareholders. The offering was reportedly oversubscribed by 25 times, signaling intense investor interest in the stablecoin sector.
The success of Circle's IPO can be attributed to several factors. First, Circle is a key player in the stablecoin market, with its USDC being the second-largest stablecoin globally, boasting a market capitalization of roughly $61 billion as of June 2025, behind only Tether's USDT. USDC's stability, being pegged 1:1 to the U.S. dollar, makes it attractive for digital transactions and a safe haven in the volatile crypto market. Second, Circle has focused on regulatory compliance, which has positioned it favorably with institutional investors. Finally, the company's revenue model, primarily based on interest earned on USDC reserves held in U.S. Treasuries, provides a relatively stable and attractive income stream, especially in a higher interest rate environment.
Following Circle's debut, several other crypto companies are reportedly considering or preparing for IPOs. Among the most discussed are Kraken, Gemini, and Bullish. Gemini, the cryptocurrency exchange founded by the Winklevoss twins, has reportedly filed an S-1 with the SEC. Kraken is also considered a strong contender for an IPO, given its established position in the crypto exchange market. Bullish, a cryptocurrency exchange backed by Peter Thiel, has also reportedly filed for a U.S. IPO. Other companies that may be considering going public include Ripple, Consensys, eToro, Bakkt, Anchorage, Chainalysis, Figure, and MoonPay.
The potential wave of crypto IPOs is driven by several factors, including increasing regulatory clarity, growing institutional adoption of cryptocurrencies, and the overall maturation of the crypto market. A successful IPO from a company like Circle provides a stamp of legitimacy for the industry and can attract a broader range of investors, including those who have been hesitant to invest directly in cryptocurrencies.
However, it's important to note that not every crypto IPO will be a success. Investors should carefully evaluate the fundamentals of each company, including its revenue model, growth prospects, and regulatory risks. The crypto market remains volatile, and IPO-related profit-taking could lead to short-term corrections. Nevertheless, the growing presence of crypto companies in the public markets represents a significant milestone for the industry, potentially paving the way for further innovation and adoption of digital assets.
