Author: Launchy
Compiled by White55, Mars Finance
Crypto IPOs are heating up. Circle's blockbuster listing reopened the public markets and set off a wave of listings that could continue throughout the cycle. Venture capital firms predict that three to 15 companies could go public this quarter, including some focused on holding assets.
It's not just a matter of timing. Stablecoin settlement volumes are already comparable to Visa's, many companies are generating over $100 million in annual revenue, and Washington is becoming more open to the industry. IPOs are finally being recognized as a significant exit method alongside token offerings. While token offerings still dominate due to their speed and liquidity, equity listings are forcing investors to think differently.
This article will explore the companies that will lead the first wave of IPOs in 2025 and the future development direction of the crypto market.
From Bitcoin Cycles to ETFs: Why the IPO Timing is Right
This surge is no accident. Interest rates are stabilizing, the stock market is strong, and investors are hungry for growth. With crypto companies now armed with audited revenue, they look ripe for public markets.
Bitcoin’s 2024 halving, which will push prices above $115,000 in September 2025, not only improves balance sheets but also boosts market sentiment. Bull runs have historically coincided with corporate expansion, and this one is no exception.
The regulatory landscape has also shifted. The approval of ETFs and a softening of the US Securities and Exchange Commission (SEC) have made equity investors more comfortable with the crypto industry. Combined with the trend toward tokenization, this makes the timing of IPOs seem almost perfect.
Overview of listed companies
Gemini ($GEMI) — Nasdaq
On September 12, 2025, the company went public at $28 per share, raising $425 million. The stock price soared to over $40, but quickly fell below the IPO price, dropping over 30%. The Winklevoss twins still control a majority stake in the company.
Bullish ($BLSH) — New York Stock Exchange
The company went public on August 13, 2025, with an IPO price of $37 per share, raising $1.15 billion. The stock price climbed to $118 on its first day before falling back to the $50 range. However, net income in the second quarter reached $108 million, a significant turnaround from losses the previous year.
Figure ($FIGR) — Nasdaq
It went public on September 11, 2025, with an issue price of $25 per share, raising $787 million. The opening price was $36 and is currently stable in the $40 range.
Circle ($CRCL) — New York Stock Exchange
Circle went public on June 5, 2025, with an IPO price of $31 per share, raising $1.1 billion. Its stock price soared 235% on its first day and is currently trading at over $140, more than double its IPO price. Circle remains the most dazzling public company.
eToro ($ETOR) — Nasdaq
It went public on May 14, 2025, with an IPO price of $52 per share. It closed at $67 on the first day but subsequently fell into the $40 range.
Report Card: Winners and Losers
Circle was undoubtedly the biggest winner, currently trading over 100% above its IPO price. Bullish, despite a strong debut, subsequently gave back most of its gains. Figure performed steadily, with its share price gradually climbing. Gemini encountered setbacks immediately after its IPO, while eToro's share price continued to decline.
The next wave: Upcoming listings and potential IPOs
BitGo has submitted confidential documents.
Grayscale has also submitted an application but has not disclosed specific figures.
Uphold is weighing an IPO or a sale.
OKX restarted its operations in the United States and is considering a listing.
Kraken plans to go public in 2026 after resolving its SEC issues.
Genesis Digital Assets hopes to go public after expanding its mining equipment business.
FalconX is testing the market after receiving an $8 billion valuation.
Bithumb is restructuring and preparing to list on South Korea’s Kosdaq.
Blockchain.com is carrying out relevant preparations under the leadership of new management.
Risks and Red Flags
Valuations may be stretched, earnings remain closely tied to trading cycles, and legal risks continue to plague some sectors. Insider selling could add further pressure. The true test will be whether these companies can achieve consistent quarterly growth.
Lessons from past IPO waves
Unlike the dot-com bubble and the wave of special purpose acquisition companies (SPACs), which showed how quickly markets can overheat, today’s cryptocurrency companies have real revenue and an established user base, giving them a stronger case to demonstrate their value to public investors.
Future Outlook
This year's window may just be the beginning. Custodians, brokers, and exchanges are already lining up, and giants like ConsenSys, Ledger, and Ripple may follow suit. Hybrid equity-token offerings may emerge in the future, but they likely won't happen in the US in the short term.
The real question is performance. If these companies can prove their sustainability, IPOs might become as common as token offerings. But if they can't, the window could close quickly.
