The wave of cryptocurrency IPOs in 2025 is gaining momentum.
Author: Launchy
Translation by: Deep Tide TechFlow
The IPOs in the crypto industry are heating up. Circle's significant listing has reopened the door to the public markets and triggered a series of potential listings that could span the entire cycle. Venture capital firms predict that between three to fifteen companies may go public this quarter, including some that primarily hold assets.
It's not just a matter of timing. The settlement volume of stablecoins has reached parity with Visa, many companies have annual revenues exceeding $100 million, and Washington's attitude towards the industry has become more open. IPOs are finally being viewed as an important exit strategy alongside token offerings. Although token offerings still dominate due to speed and liquidity, equity listings are forcing investors to start thinking from a different perspective.
This article will explore the leading companies in the first wave of IPOs in 2025 and the future direction of the crypto market.
From Bitcoin Cycles to ETFs: Why is the Timing for IPOs Just Right?
This wave is not coincidental. Interest rates are stabilizing, the stock market is performing strongly, and investors are eager for growth. With crypto companies now having audited revenues, they appear fit for the public markets.
Bitcoin's halving in 2024 is expected to push prices above $115,000 by September 2025, which not only improves balance sheets but also boosts market sentiment. Bull markets have historically coincided with corporate expansions, and this time is no exception.
The regulatory environment has also changed. The approval of ETFs and the softening stance of the U.S. Securities and Exchange Commission (SEC) have made equity investors more comfortable with the crypto industry. Combined with the trend of tokenization, all of this makes the timing for IPOs seem almost tailor-made.
Overview of Listed Companies
Gemini ($GEMI) — Nasdaq
Listed on September 12, 2025, with an issue price of $28 per share, raising $425 million. The stock price soared to over $40 but quickly fell below the issue price, declining more than 30%. The Winklevoss brothers still control the vast majority of the company’s shares.
Bullish ($BLSH) — New York Stock Exchange
Listed on August 13, 2025, with an issue price of $37 per share, raising $1.15 billion. The stock price climbed to $118 on the first day but then retreated to the $50 range. However, the second-quarter net income reached $108 million, a significant turnaround from last year's losses.
Figure ($FIGR) — Nasdaq
Listed on September 11, 2025, with an issue price of $25 per share, raising $787 million. The opening price was $36, and it is currently stabilizing in the $40 range.
Circle ($CRCL) — New York Stock Exchange
Listed on June 5, 2025, with an issue price of $31 per share, raising $1 billion. The stock price surged 235% on the first day and is currently trading at over $140, more than double the issue price. Circle remains the most dazzling listed company.
eToro ($ETOR) — Nasdaq
Listed on May 14, 2025, with an issue price of $52 per share. The closing price on the first day was $67, but it subsequently fell to the $40 range.
Report Card: Winners and Losers
Circle is undoubtedly the biggest winner, with its trading price still over 100% higher than the issue price. Bullish had a strong debut but subsequently gave back most of its gains. Figure has shown stable performance, with the stock price gradually climbing. Gemini faced setbacks immediately after its listing, while eToro's stock price has continued to decline.
The Next Wave: Upcoming Listings and Potential IPOs
BitGo has submitted confidential documents.
Grayscale has also filed an application but has not disclosed specific data.
Uphold is weighing IPO or sale options.
OKX is restarting operations in the U.S. and considering going public.
Kraken plans to go public in 2026 after resolving SEC issues.
Genesis Digital Assets hopes to go public after expanding its mining business.
FalconX is testing the market after achieving an $8 billion valuation.
Bithumb is restructuring and preparing to list on Korea's Kosdaq.
Blockchain.com is preparing for related activities under new management.
Risks and Warning Signs
Valuations may be too high, earnings are still closely tied to trading cycles, and legal risks continue to plague parts of the industry. Insider selling could further pressure the market. The real test will be whether these companies can achieve sustained quarterly growth.
Lessons from Past IPO Waves
The internet bubble and the SPAC wave show that market overheating can happen very quickly. Today's cryptocurrency companies are different; they have actual revenues and mature user bases, giving them more reason 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. A hybrid equity-token offering may emerge in the future, but it may not materialize in the U.S. in the short term.
The real question lies in performance. If these companies can prove their sustainability, IPOs may become as common as token offerings. But if they cannot, this window may close quickly.
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