Executive Summary

The year 2025 marks a significant turning point for digital assets, with a pronounced surge in Initial Public Offerings (IPOs) from crypto-native companies. This acceleration is largely attributed to favorable market conditions, including stabilizing interest rates, a robust stock market, and Bitcoin's halving-driven bull run, alongside an increasingly accommodating regulatory landscape. The successful NYSE debut of Circle, the issuer of USDC, in June, where its shares gained over 250% within two days, has emboldened other major crypto entities to pursue public listings. Companies such as Gemini, Bullish, and Figure Technology Solutions have since filed confidential S-1 statements, signaling a new era of integration between the cryptocurrency sector and traditional financial markets.

The Event in Detail

Since early 2025, a growing number of crypto companies have entered public markets. Israeli exchange eToro and financial services firm Galaxy Digital made their Nasdaq debuts in May. However, Circle's IPO on June 5 notably ignited the full-blown crypto IPO season. Trading under the ticker CRCL, the company's shares saw gains of nearly 290% above its IPO price. Following Circle's lead, Gemini, the crypto exchange founded by the Winklevoss twins, confidentially filed a draft registration statement (Form S-1) with the SEC on June 6 for a proposed IPO of its Class A common stock. Similarly, Bullish, a crypto exchange backed by Peter Thiel, submitted confidential IPO paperwork to the SEC on June 11, after a prior SPAC attempt failed in 2022.

Further signaling this trend, Figure Technology Solutions, a blockchain lender, filed for a U.S. IPO, revealing a 22.4% revenue increase to $191 million in the first half of 2025 and swinging to a $29 million profit. The company plans to list on Nasdaq under the ticker "FIGR," with Goldman Sachs, Jefferies, and BofA Securities as lead underwriters. Other major players anticipated to go public include Kraken, reportedly preparing for a listing as early as Q1 2026, and BitGo, targeting an IPO as early as this year. Companies like Consensys, Ledger, Fireblocks, Chainalysis, OKX, Bithumb, and Blockchain.com are also identified as potential IPO candidates, collectively forming a significant pipeline for future public offerings.

Financial Mechanics and Performance

The recent wave of crypto IPOs showcases substantial financial performance and investor interest. Circle's $1.1 billion IPO was upsized before launch and demonstrated robust investor demand, with shares closing 168% higher on its first day and over 250% by the second day. Figure Technology Solutions reported a significant financial turnaround, moving from a $13 million loss in the first half of 2024 to a $29 million profit in the first half of 2025, alongside a 22.4% rise in total net revenue to $190.587 million. The company's total expenses also decreased by 10.1% year-over-year. Kraken is reportedly seeking to raise $500 million at a $15 billion valuation, a notable increase from its $11 billion valuation in 2022, with Q1 2025 revenue reaching $472 million, marking a 19% year-over-year growth. Gemini's filing indicates a potential raise of up to $400 million, with 523,000 monthly active users and $24.8 million processed by mid-2025. These figures collectively highlight a renewed investor confidence in crypto-native companies capable of demonstrating real revenue, compliance, and scalable infrastructure.

Business Strategy and Market Positioning

The strategic moves of these crypto firms reflect a maturing industry aligning with institutional standards. Companies like Figure are bringing traditional financial products onto blockchain infrastructure, managing lending, trading, and investing across consumer credit and digital assets. This approach mirrors the broader trend seen in firms such as MicroStrategy (MSTR), Riot Platforms (RIOT), and Marathon (MARA), which have integrated cryptocurrency into their corporate strategies. MicroStrategy's inclusion in the Nasdaq 100 in December 2024 and Coinbase's (COIN) entry into the S&P 500 in May 2025 further illustrate the increasing integration of the crypto industry into top equity indexes. The emphasis on regulatory alignment and compliance is a cornerstone of current IPO strategies, as highlighted by Circle's success, which confirmed that companies with clear regulatory frameworks can access public markets on competitive terms. This shift indicates a departure from speculative ventures towards disciplined investment in infrastructure, compliance, custody, and real-world blockchain applications.

Market Implications and Broader Context

The accelerating wave of crypto IPOs has significant implications for the broader Web3 ecosystem, corporate adoption trends, and investor sentiment. This trend is bolstered by substantial inflows into Exchange Traded Funds (ETFs), with over $700 billion flowing into ETFs overall in 2025, including $30 billion into spot Bitcoin ETFs and $7 billion into spot Ether ETFs. Regulatory clarity, such as the SEC's approval of in-kind creations and redemptions for spot Bitcoin and Ether ETFs, the signing of the Genius Act for stablecoin legislation, and the House's passing of the Clarity Act, has provided institutional investors with increased comfort in allocating capital to the crypto space. The "risk on" sentiment is evident, with the Renaissance IPO ETF up over 50% since April 8th. This influx of public listings is expected to bring greater regulatory scrutiny and enhanced transparency to the industry, attracting traditional finance capital and providing new exit opportunities for early investors. While introducing market volatility risks, the overall impact is seen as legitimizing the crypto sector and further integrating it into global capital markets.

Expert Commentary

Industry observers underscore the transformative nature of this IPO surge. According to Josef Schuster, CEO of IPOX, "Crypto is becoming one of the big pillars of the IPO market, with more deals expected not only via IPO but also through deSPAC transactions." This sentiment reflects a growing recognition of the crypto sector's maturity and its increasing appeal to public markets. The successful IPOs, particularly Circle's, have sent a clear message that public markets are seeking crypto-native companies with demonstrable revenue, robust compliance frameworks, and scalable infrastructure. This marks a shift from solely speculative interest to a more measured investment approach, focusing on firms that can meet traditional financial market expectations.