Chainfeeds Introduction:
The 2025 cryptocurrency IPO wave is poised to take off.
Article Source:
https://www.techflowpost.com/article/detail_28320.html
Article author:
Launchy
Viewpoint:
Launchy: This surge in crypto IPOs isn't accidental, but rather the result of a confluence of factors. Stable interest rates, a strong stock market, and investor appetite for growth assets have fueled buoyant market sentiment. Simultaneously, crypto companies are gradually meeting the hard metrics required by public markets: audited revenue, improving balance sheets, and regulatory compliance. Bitcoin's halving in 2024 has been a significant catalyst, pushing its price above $115,000 in September 2025. This has not only directly boosted the profitability of related companies but also indirectly fueled overall market optimism. Historically, bull markets have often coincided with business expansion and IPOs, and this one is no exception. Furthermore, shifts in the regulatory landscape have played a key role. The approval of ETFs and the softening of the US Securities and Exchange Commission's (SEC) stance on the crypto industry have significantly boosted equity investor confidence in the sector. Coupled with the maturing trend of asset tokenization, the timing of the IPO seems almost perfect. Therefore, in mid-to-late 2025, exchanges, custody platforms, and fintech companies seized the window of opportunity and pushed IPO plans into high gear, signaling the rapid deepening of the integration of the crypto industry with traditional capital markets. In 2025, several well-known crypto companies successfully went public, becoming representative examples of this wave of IPO activity. Gemini (ticker: GEMI) listed on the Nasdaq on September 12th with an IPO price of $28, raising $425 million. However, after a brief surge, its stock price quickly fell below the IPO price, dropping over 30%, signaling a lack of market confidence. Bullish (ticker: BLSH) listed on the New York Stock Exchange on August 13th with an IPO price of $37, raising $1.15 billion. Its stock price soared to $118 on its first day, but ultimately retreated to the $50 range. However, Bullish's financial performance improved significantly, with net income of $108 million in the second quarter, reversing losses from the previous year. Figure (ticker FIGR) went public on the Nasdaq on September 11th at an IPO price of $25, raising $787 million. Its stock price is currently trading around $40, demonstrating a steady upward trend. Circle (ticker CRCL) is the most prominent example, listing on the New York Stock Exchange on June 5th at an IPO price of $31, raising $1.1 billion. Its stock price soared 235% on its first day and remains above $140, doubling its IPO price. eToro (ticker ETOR) went public in May at an IPO price of $52, closing at $67 on its first day but subsequently falling into the $40 range. Overall, Circle is undoubtedly the biggest winner, followed by Bullish. Figure has steadily climbed, while Gemini and eToro have experienced post-IPO declines. This performance demonstrates that investors are highly sensitive to profitability and growth. Star projects attract capital market attention, while companies lacking clear earnings guidance are quickly sold off. Looking ahead, the pipeline of crypto IPOs continues to expand. BitGo and Grayscale have already filed applications, Uphold is weighing an IPO or sale, OKX plans to go public after reopening its US operations, and Kraken plans to enter the market in 2026 after resolving SEC issues. Genesis Digital Assets, FalconX, Bithumb, and Blockchain.com are also preparing for IPOs to varying degrees. At the same time, potential risks cannot be ignored: valuations may be high, corporate profits remain highly dependent on trading cycles, legal and compliance risks have not yet fully dissipated, and insider selling may pose additional pressure. The true test will be whether these companies can demonstrate sustained growth in their quarterly financial reports. Looking back at the dot-com bubble and the SPAC boom, the risk of market overheating is always present. However, the difference is that most crypto companies today have actual revenue and a large user base, making them more convincing. The 2025 window may just be the beginning, with custodians, brokerages, and exchanges already lining up, and giants like Consensys, Ledger, and Ripple may follow suit. Hybrid issuance models combining equity and tokens may even emerge in the future, although this remains difficult to achieve in the US in the short term. Ultimately, whether the IPO boom can continue and become the norm depends on whether companies can demonstrate long-term sustainability. If successful, crypto IPOs could become as common as token offerings; if unsuccessful, the market window could close quickly.
Content Source 
