Circle's strong IPO performance sets off a crypto IPO boom

According to reports, after the stablecoin issuer Circle was listed on the New York Stock Exchange (NYSE), its stock price has quadrupled in a short period of time, becoming one of the strongest cryptocurrency IPOs in recent years. Market analysts believe that Circle's success may become an industry benchmark, inspiring more cryptocurrency companies to speed up the IPO process and compete for recognition and financing opportunities in the traditional capital market.

Circle completed its listing this month with the stock code "CRCL" and an issue price of $31 per share, with an initial market value of approximately $6.8 billion. However, in just a few trading days, Circle's stock price once approached $200, and its market value climbed to more than $44 billion, an increase of more than 200%. This performance not only refreshed the market's perception of the attractiveness of crypto companies' IPOs, but also formed a strong demonstration effect for companies that are still waiting.

According to public information, at least six crypto companies are currently actively preparing for IPOs, and are in different stages:

FalconX: This institutional-level crypto broker is considering listing on the New York Stock Exchange as early as this year;

Gemini: Founded by the Winklevoss brothers, it has submitted a confidential S-1 document to the U.S. Securities and Exchange Commission (SEC), and the listing details have not yet been disclosed;

Bullish: It is reported that it has invited investment bank Jefferies to participate in its U.S. listing plan;

Kraken: Plans to launch an IPO in 2026 and continue to strengthen compliance and infrastructure construction;

Bithumb: A well-known Korean exchange, it is expected to complete its IPO by the end of 2025;

Bitkub: Another exchange headquartered in Thailand, plans to be listed on the Stock Exchange of Thailand this year.

Market analysts said that with the advancement of the U.S. Crypto Asset Market Structure Act (GENIUS Act), the regulatory expectations of the entire crypto industry have gradually become clear, which is attracting more and more companies to actively embrace the traditional financial market and achieve compliant financing and business expansion.

The successful listing of Circle also once again confirms that the business model and stable income capabilities of crypto companies are gaining recognition in the mainstream market. In addition to the core stablecoin USDC, Circle has actively expanded its business in payment settlement, cross-border exchange and other fields in recent years, and has the potential for sustained growth.

As the crypto industry continues to mature, it is expected that the next year will usher in a concentrated release period of crypto IPOs, injecting new growth momentum into the capital market.