Circle’s Explosive Debut Ignites Investor Confidence
The crypto industry is staging a strong comeback after years of volatility. From early 2024 to mid-2025, the market has rebounded dramatically, shaking off the shadows of the “crypto winter.” Institutional capital, growing regulatory clarity, and tech maturity have set the stage for a surge in IPOs from blockchain-focused firms.
Circle Stock Surges Over 160% in First-Day Trading
Circle, the issuer behind the USDC stablecoin, became the first major crypto firm of the year to go public. The market responded with unbridled enthusiasm—Circle’s shares skyrocketed from $31 to $107 in their first week, with a day-one jump of 168%. This IPO not only validated the company’s strong fundamentals, but also signaled to Wall Street that crypto infrastructure firms are now legitimate contenders in the public markets.
Crypto Firms Rush to File for IPOs
Following Circle’s headline-grabbing debut, several crypto firms have quietly filed confidential IPO documents. Among them is Bullish, a trading platform backed by Peter Thiel, and Gemini, the exchange founded by Cameron and Tyler Winklevoss. Both companies previously attempted public listings in past years but were stalled by regulatory roadblocks. With renewed investor interest and a friendlier U.S. stance under the Trump administration, the IPO path now looks much clearer.
Bitcoin Hits New Highs as Public Listings Accelerate
The strong performance of Bitcoin—now trading above $111,000—has added fuel to the fire. The total global crypto market cap sits at approximately $3.22 trillion. U.S. approval of a spot Bitcoin ETF and inclusion of Coinbase in the S&P 500 are helping to legitimize the sector in the eyes of traditional investors.
Kraken, Bitgo, and Others Signal Public Market Intentions
More crypto companies are lining up behind the scenes. Kraken, a San Francisco-based exchange, is reportedly preparing an IPO for early 2026. Bitgo, a digital asset custody provider, may also go public later this year. These potential listings reflect rising confidence among crypto firms and a belief that public markets are finally ready to embrace them.
U.S. and Europe See Surge in Crypto Trading Activity
Trading activity in both the U.S. and Europe has picked up sharply. In 2024 alone, U.S. crypto trading value hit $3.2 billion, almost five times the amount in 2023. Across the Atlantic, the EU’s new Markets in Crypto-Assets (MiCA) directive has brought clarity, helping to boost trade volume and attract institutional players.
M&A Activity Points to Growing Sector Maturity
Mergers and acquisitions are also on the rise. In 2024, 93 crypto-related deals were announced globally, with a total value of $4.1 billion—up 2.5x from the previous year. The biggest was Stripe’s $1 billion acquisition of stablecoin provider Bridge Ventures. These moves suggest that crypto firms are consolidating and scaling ahead of IPO or acquisition exits.
2025 Could Be the Breakout Year for Crypto on Wall Street
With favorable political support, improved regulation, and explosive growth in trading volume, 2025 is shaping up to be a transformative year for crypto in the public markets. As Circle sets the benchmark, many more crypto firms are expected to go public, helping the industry take another step toward full integration with traditional finance.
