Are Crypto IPOs Becoming the Next Big Trend? After Circle’s 6x Surge, 13 Firms Are Lining Up for Wall Street
#CryptoIPO #Circle #WallStreet
June has been Circle’s month — both in the crypto market and on Wall Street. Since going public on June 5, the company’s share price has skyrocketed by as much as 595%, turning it into a global financial phenomenon. But this time, the FOMO isn’t among retail users — it’s spreading across institutions.
As Circle’s stock continues its relentless climb, CEO Jeremy Allaire recently emphasized on X that stablecoins may be “the most useful form of money ever,” but the industry has yet to reach its defining “iPhone moment.” Once that happens, developers will unlock programmable digital dollars just as the smartphone unlocked apps. That moment, he suggests, is approaching fast.
And this moment isn’t just Circle’s victory — it’s a celebration for the entire crypto industry. With 13 crypto companies now queuing up for IPOs, hoping to join the party, we’re witnessing a rare and pivotal moment in the sector.
This article dives into: Why did Circle blow up like this? Which companies are heading for IPOs? How should investors assess the hype? And most importantly — how long will the crypto IPO boom last?
Circle: From Stablecoin Giant to IPO Darling in Just 10 Days
Let’s begin with the spark that lit the IPO frenzy: Circle.
As the issuer of USDC, Circle has long been a heavyweight in the stablecoin arena. But after going public on June 5, its stock has been on a tear, rocketing from $31 to a peak of $215 — an eye-popping 595% surge.
And that wasn’t the end of the story. On June 19, the U.S. Senate officially passed the GENIUS Act, a landmark piece of legislation recognizing U.S.-backed stablecoins as “digital cash.” This reclassified them from “on-chain settlement tools” to “mainstream payment instruments.” As the first publicly listed stablecoin firm, Circle jumped another 30% in a single day. Even Coinbase and Robinhood saw their shares spike on the news.
Circle CEO Jeremy Allaire proclaimed on X, “History is being written!” Meanwhile, Donald Trump called on the House to pass the bill immediately, declaring that the U.S. must become the global hub for crypto finance.
You can call it a policy-driven capital frenzy or Wall Street’s revaluation of the future of payments — but one thing is clear: this is just the beginning.
Crypto IPOs Go Viral on Wall Street: 13 Companies Are Lining Up
Circle’s breakout IPO has triggered a tidal wave of IPO interest among crypto companies. According to SuperEx, 13 crypto-related firms have now publicly confirmed their plans to go public in the U.S., including well-known names like Gemini, Kraken, Bithumb, Bullish Global, FalconX, Animoca Brands, BitGo, and TRON.
And who’s leading the pack? Exchanges. Six out of the 13 are trading platforms — nearly half the list. With strong cash flow, massive user bases, and clear business models, exchanges are prime IPO candidates once regulatory clarity is achieved. Now that the GENIUS Act has passed, the regulatory fog in the U.S. is lifting, effectively giving these firms a green light.
The remaining seven cover a wide spectrum — from custody and mining to Web3 investment funds. Interestingly, many hail from Asia and Europe, such as Bithumb, TRON, and Animoca. These firms are skipping their local markets to list in the U.S. — not just for deeper liquidity, but because the U.S. has finally delivered what crypto firms have long craved: a real regulatory framework.
Diverse IPO Paths: Who Will Be the Next Circle?
This crypto IPO wave is marked by a growing diversity in listing strategies. Gone are the days when the only route was a traditional IPO.
Traditional IPOs: Companies like Gemini, BitGo, and FalconX are taking the classic road — well-established businesses with strong compliance and stable revenues, tailor-made for SEC approval.
SPAC Mergers: Mid-sized players like TRON and Nakamoto Labs are opting for reverse mergers to speed up the process and avoid red tape.
Direct Listings: Kraken, for instance, is pursuing a direct listing — not to raise capital, but to offer exits for early investors. This method suits unicorns with deep war chests and high valuations.
In short, crypto firms now have flexible options to go public, tailoring their approach based on their size, strategy, and risk appetite. And that flexibility is very much part of crypto’s DNA.
A Word of Caution: Not Every Crypto IPO Will Be the Next Circle
Every bull run spawns its share of FOMO. But investors should stay level-headed: not every IPO will be a 6x story like Circle.
Case in point: Ark Invest has reportedly sold nearly $100 million worth of Circle shares in just two days — taking profits while sentiment runs hot. That’s not necessarily bearish, but it’s a rational move.
Crypto veterans like BitMEX co-founder Arthur Hayes have also sounded the alarm, warning that this IPO wave could mirror the ICO mania of 2017: euphoric surges followed by catastrophic collapses. Hayes even likened it to “another EOS” — suggesting that even seemingly successful IPOs could be wildly overvalued and nosedive post-listing, leaving investors high and dry.
This isn’t fear-mongering — it’s a valid risk. Especially for firms with unclear business models or revenues heavily tied to volatile token prices. These may struggle to justify lofty valuations and could implode due to liquidity issues.
Why the Crypto IPO Boom Signals Industry Maturity
Despite the risks, this IPO boom is a sign that crypto is entering a more mature phase.
On one hand, it reflects the strength of top-tier crypto firms. Whether it’s Circle, Kraken, or BitGo — these are companies that have survived multiple market cycles and proven their business models.
On the other, regulation is finally catching up. The GENIUS Act is more than just “legalizing stablecoins” — it signals that the U.S. is no longer attacking crypto, but starting to embrace it.
Even the SEC is shifting tone: recent lawsuits against Ripple, Binance, Kraken, and Coinbase have been dropped or softened. The signs are clear — the era of hostile regulation is ending. Crypto is entering its “policy dividend” phase.
Final Thoughts
When markets run hot, it’s easy to get swept away. Circle’s success wasn’t luck — it was the convergence of policy tailwinds, business fundamentals, and market timing. It opened the door to Wall Street and ignited the industry’s IPO ambitions.
But remember: not every crypto firm deserves a $20 billion valuation. When the hype is loudest, that’s when due diligence matters most. Do your homework. Understand the fundamentals. Separate substance from noise.
The age of crypto IPOs has arrived. The only question is: are you ready?
