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Circle’s $1.1B IPO success could trigger a series of major crypto firm listings.
Gemini has filed with the SEC; Kraken and Ripple may follow.
Regulatory clarity and Bitcoin’s rally are creating ideal IPO conditions.
The cryptocurrency market is once again capturing investor attention, as Bitcoin rallies and crypto firms appear poised to enter public markets. With Bitcoin hovering near $110,000, the successful IPO of stablecoin issuer Circle (CRCL), and potential filings from platforms like Gemini and Kraken, momentum is building toward a possible wave of crypto-related public listings.
Let’s explore key developments, the implications of Bitcoin’s surge, and which crypto IPO could be next.
As of June 10, 2025, Bitcoin has reclaimed the $107 - 110K range, trading roughly 4 - 5% below its all-time high. Institutional and retail sentiment is bullish, bolstered by supportive macroeconomic signals, including the U.S. pro-crypto stance under the current administration and a steady stream of ETF inflows.
This bullish backdrop sets a favorable climate for crypto firms contemplating IPOs, creating a virtuous cycle. Bitcoin rallies support investor appetite for market-facing crypto names, and these IPOs, in turn, boost the sector’s credibility.
Also Read: Crypto Market Update: Circle IPO Grows, DeFi Losses Mount, Polygon NFTs Soar
Circle Internet Group, the issuer of USDC, debuted on the NYSE on June 5, 2025, pricing its shares at $31, above the expected range, and instantly rocketed 168% higher to close at $83.23. The company raised approximately $1.1 billion, valuing the firm at nearly $6.9 billion, and signaling strong institutional demand.
Circle’s success has acted as a catalyst: experts from Mizuho and Third Bridge suggest that its blockbuster debut “paves the way” for other crypto-centric companies to enter the public markets.
Gemini, the exchange founded by the Winklevoss twins, confidentially filed an S-1 with the U.S. SEC, following Circle’s debut. Reuters, The Wall Street Journal, Financial Times, and Decrypt widely report this move.
Kraken is another potential contender. Analysts expect its eventual IPO, citing the robust environment for crypto listings.
Additionally, Ripple, Consensys, and digital-asset platforms like eToro and Bakkt are being eyed as the next candidates based on reported filings and active IPO tracking.
While crypto IPOs enhance legitimacy, they can also trigger profit-taking. After the Circle IPO, some analysts cautioned that Bitcoin might face near-term pressure as insiders monetize gains, paralleling the post-Coinbase IPO decline in April 2021.
Ignas, a noted analyst on X, commented:
“Circle IPO is a trap for retail… insiders… insiders… not for retail”.
Historical data from 10x Research also suggests major crypto milestones like IPOs and ETF launches often coincide with local market tops.
Recent regulatory shifts in the U.S. are making crypto IPOs more feasible. The SEC, under new leadership and with a dedicated crypto task force, is adopting a more structured and transparent stance.
This clearer framework enabled Circle’s smooth listing and is encouraging firms like Gemini and Kraken to move forward. As regulatory uncertainty diminishes, investor confidence is growing, setting the stage for a wave of compliant crypto firms to enter public markets.
Bitcoin Chart Behavior: Focus on support around $105K - $108K. A dip post-IPO could trigger consolidation.
IPO Filings Updates: Track any public S-1 filings from Gemini, Kraken, eToro, or Ripple. Their filings will shed light on expected size, timing, and valuation.
Institutional Capital Movement: ETF inflows and corporate treasuries (e.g., MicroStrategy) give insight into broader sentiment.
Also Read: Thailand’s Leading Crypto Exchange Bitkub Plans 2025 IPO
Bitcoin’s ascent past $110K, alongside Circle’s booming IPO, has revived interest in cryptocurrency public listings. Gemini’s filing and Kraken’s expected entry signal that a wave of crypto IPOs could be immediately forthcoming. This trend reflects both investor confidence and regulatory clarity in the U.S. However, investors should remain cautious, as IPO-related profit-taking has historically led to short-term corrections.
As the crypto ecosystem evolves, public offerings from companies like Circle, Gemini, and Kraken will become key inflection points for both individual investors and institutional participants. The next major crypto IPO may be just around the corner, but timing, execution, and market sentiment will ultimately determine its impact.
