The year 2025 has emerged as a pivotal moment for the cryptocurrency industry, with a surge of initial public offerings (IPOs) signaling a new era of institutional integration. The spotlight intensified when Circle, the issuer of the US dollar-pegged stablecoin USDC, made its debut on the New York Stock Exchange (NYSE) on June 5. The listing was nothing short of spectacular—CRCL shares skyrocketed nearly 290% above their IPO price, reigniting investor enthusiasm and marking the official start of what many are calling the crypto IPO season.
This explosive performance wasn’t just about price action. It was a powerful signal: public markets are now open and eager for crypto-native companies that demonstrate real revenue, regulatory compliance, and scalable infrastructure. Circle’s success has not only validated its business model but also paved the way for other major players in the space to follow suit.
New Crypto IPO Filings: Gemini and Bullish Enter the Arena
Hardly a week after Circle rang the opening bell, two more prominent crypto firms stepped forward with their own public market ambitions.
On June 6, Gemini, the cryptocurrency exchange co-founded by Cameron and Tyler Winklevoss, announced it had filed a confidential draft registration statement—commonly known as an S-1 form—with the U.S. Securities and Exchange Commission (SEC). This marks a critical step toward a potential IPO of its Class A common stock. While details such as the number of shares and pricing remain under wraps, the move underscores Gemini’s strategic push for greater transparency and access to institutional capital.
Just days later, on June 11, Bullish, the crypto exchange backed by billionaire investor Peter Thiel, confirmed it too had submitted confidential IPO paperwork to the SEC. Bullish had previously attempted to go public via a SPAC merger in 2021—a path that ultimately fell apart in 2022 amid broader market volatility and regulatory uncertainty. Now, with sentiment shifting and macroeconomic conditions evolving, Bullish appears poised for a second attempt.
The timing couldn’t be better. The U.S. is moving closer to regulatory clarity on digital assets, institutional investors are increasingly comfortable allocating to crypto, and global economic uncertainty is driving demand for diversified asset exposure. These factors collectively create fertile ground for more crypto IPOs in the months ahead.
Who’s Next in Line for a Crypto IPO?
With Circle leading the charge and Gemini and Bullish close behind, speculation is mounting over which other crypto-native firms might be preparing for public listings. Several names stand out based on valuation, growth trajectory, and strategic positioning.
Kraken: A Major Exchange Poised for Public Markets
Kraken, one of the largest U.S.-based crypto exchanges, is widely rumored to be preparing for an IPO—possibly as early as 2026. According to Bloomberg, the company has been laying internal groundwork for a public debut. Its last private funding round in 2019 raised $13.5 million at a $4 billion valuation, but its current worth is believed to be significantly higher given its sustained market presence and product expansion.
BitGo: Custody Leader Eyeing Public Listing
BitGo, a regulated digital asset custodian based in California, has also been mentioned as a likely IPO candidate. Reports from February 2025 suggest the firm is targeting a public listing “as early as this year.” With a valuation of $1.75 billion as of August 2023, BitGo’s strong compliance framework and deep institutional relationships make it an attractive prospect for public investors.
Consensys: Ethereum’s Backbone Goes Public?
Consensys, the developer behind MetaMask and a suite of Ethereum-focused tools, represents another high-potential candidate. Valued at approximately $7 billion, Consensys plays a foundational role in the Web3 ecosystem. An IPO would allow it to scale its infrastructure development while bringing blockchain innovation directly to retail investors.
Ledger: Hardware Wallet Giant with Global Reach
French-based Ledger, known for its secure hardware wallets, boasts a $1.4 billion valuation and massive brand recognition worldwide. It could choose to list on Euronext or pursue a U.S. exchange debut, offering European exposure to crypto’s growing mainstream adoption.
Fireblocks and Chainalysis: Infrastructure Powerhouses
Two other notable contenders are Fireblocks, valued at $8 billion after its 2022 funding round, and **Chainalysis**, which hit an $8.6 billion valuation in 2022. Both provide critical backend infrastructure—Fireblocks in secure digital asset transfers, Chainalysis in blockchain analytics for compliance and security. Their enterprise-grade services position them well for long-term investor appeal.
Will Future Crypto IPOs Match Circle’s Success?
Circle’s IPO performance set an extraordinarily high bar. Gaining over 240% in value within days, CRCL became a symbol of crypto’s maturation. However, Circle occupies a unique position in the ecosystem: USDC is effectively a digital dollar with blockchain functionality, and its revenue model—earning interest on reserve assets—is familiar to traditional finance professionals.
In contrast, companies like Kraken, Gemini, or Consensys rely more directly on the health and growth of Bitcoin, Ethereum, and broader Web3 adoption. Their success hinges on sustained user engagement, technological innovation, and regulatory support—factors that introduce greater complexity and risk.
Recent precedents offer some perspective. In May 2025, both eToro (ETOR) and Galaxy Digital (GLXY) went public on Nasdaq but saw more modest first-day gains of 43% and 46%, respectively—strong by traditional standards but far from Circle’s stratospheric lift-off.
Still, even if future crypto IPOs don’t replicate Circle’s returns, their symbolic importance remains immense. Each listing strengthens the bridge between decentralized finance and traditional capital markets, demonstrating that blockchain-based businesses can meet rigorous disclosure, governance, and operational standards required by public regulators.
Frequently Asked Questions (FAQ)
Q: Why is Circle’s IPO considered a milestone for the crypto industry?
A: Circle’s successful NYSE debut proves that a crypto-native company can achieve massive investor interest while operating under strict regulatory oversight. Its USDC stablecoin ties digital assets to traditional finance, making it more palatable to institutional investors.
Q: What does “confidential filing” mean for Gemini and Bullish?
A: Under U.S. rules, companies with less than $1 billion in annual revenue can file IPO documents confidentially with the SEC. This allows them to refine disclosures privately before going public, reducing market speculation during preparation.
Q: Can all crypto companies expect high returns after going public?
A: No. While Circle saw extraordinary gains, performance depends on business model maturity, market conditions, and investor perception. Exchanges and infrastructure firms face different risks than stablecoin issuers.
Q: How do crypto IPOs impact retail investors?
A: Public listings increase accessibility, allowing everyday investors to gain exposure to major crypto firms without directly holding volatile cryptocurrencies.
Q: Is regulatory approval guaranteed for these IPOs?
A: Not guaranteed. The SEC reviews each filing for completeness and compliance. Delays or rejections are possible, especially if concerns arise over custody practices, anti-money laundering protocols, or financial transparency.
Q: Could more crypto firms join major stock indexes?
A: Yes. Following MicroStrategy’s inclusion in the Nasdaq 100 (December 2024) and Coinbase joining the S&P 500 (May 2025), other large crypto firms could qualify based on market cap and liquidity.
The momentum is undeniable. From stablecoins to exchanges and infrastructure providers, crypto-native companies are entering public markets with confidence. While not every IPO will deliver explosive returns, each listing represents a step toward mainstream legitimacy.
As regulatory frameworks evolve and investor understanding deepens, the line between traditional finance and digital assets continues to blur. The crypto IPO season of 2025 may just be the beginning of a lasting transformation.