From Circle to Bullish: Crypto Wraps Up 'Bellwether Year' for IPOs
This year marked a record for crypto IPOs, fueled by rising retail interest, favorable political climate, and a reopened U.S. IPO market. Multiple crypto firms, including exchanges and stablecoin issuers, rushed to list on public exchanges, resulting in an unusually crowded IPO calendar. Historically, Coinbase’s 2021 debut stood out as the sector’s main IPO success, while many later crypto firms tried—often unsuccessfully—to go public via SPACs. Notably, USDC issuer Circle and exchange Bullish experienced failed SPAC attempts before successfully listing, with Circle’s NYSE debut drawing such demand that trading was halted multiple times. However, Circle’s momentum slowed as falling Fed rates threatened stablecoin interest income. Bullish also saw a sharp stock surge after its August IPO. Trading platform eToro’s Nasdaq debut reached a $5.4 billion valuation, buoyed by revived crypto offerings. Some firms, like FalconX, considered but have yet to go public, while major exchange Kraken is preparing for an IPO after a substantial capital raise. Other companies, like BitGo and Grayscale, are exploring their own IPOs. This surge could set up an even bigger wave of crypto IPOs in 2025.
