- Major crypto firms completed U.S. IPOs in 2025 amid stronger retail demand and improved market conditions.
- Circle and Bullish both went public after prior failed SPAC attempts, drawing heavy initial investor interest.
- EToro and Kraken also moved toward public listings, with notable valuations and fundraising.
Circle, a USDC stablecoin issuer, and Bullish, a crypto exchange, completed public listings in 2025 as retail interest and political factors reopened U.S. IPO markets. A wave of crypto firms entered public markets this year, driven by renewed investor demand and a friendlier IPO environment, a report described as a “rush to Wall Street IPOs”.
Many firms had tried earlier routes via SPACs (SPAC: a special purpose acquisition company that merges with a private firm to take it public without a traditional IPO). Circle first attempted a 2021 SPAC merger that would have valued it at up to $9 billion but terminated the deal in 2022.
When Circle finally listed on the New York Stock Exchange, trading halted three times in the first hour because of heavy demand. The company’s momentum later eased as the Federal Reserve cut rates and investors weighed effects on interest earned by cash reserves backing USDC.
“I see the Circle IPO as a bellwether for the IPO markets this year,” New York Stock Exchange President Lynn Martin said at the time, “not just for crypto listings.”
Bullish also saw a surge in share price after its August listing; the company had similarly canceled a 2021 SPAC deal citing “time constraints and market conditions.”
eToro debuted on Nasdaq in May with a valuation of about $5.4 billion and now lists 82 different crypto assets. Kraken filed for an IPO after an $800 million fundraising that set a $20 billion valuation.
Several other firms, including BitGo, Grayscale, and Blockchain.com, explored public listings as conditions improved. The activity may signal a broader return of crypto companies to public markets.
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