The momentum behind initial public offerings (IPOs) on Wall Street is gaining traction, driven by a wave of high-profile listings from companies rooted in the digital asset ecosystem. The recent market debut of Circle, the issuer of the widely used USDC stablecoin, has sparked renewed investor enthusiasm and signaled a potential turning point for IPO activity in 2025. As regulatory clarity improves and market sentiment strengthens, both crypto-native firms and deep-tech innovators are positioning themselves for public market entries.
The Rise of Crypto-Backed IPOs
On June 5, 2025, Circle completed its long-anticipated IPO on the New York Stock Exchange, marking a milestone for the cryptocurrency industry. Trading under the ticker “CRCL,” the company surged nearly 170% on its first day, closing at $83.23—far exceeding its $31 IPO price. At its intraday peak, shares climbed as much as 235%, reflecting strong institutional and retail demand. The stock continued its upward trajectory, gaining another 24% the following day.
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This performance marks the most significant crypto-related market debut since Coinbase’s direct listing in 2021. Circle’s success has not only validated the commercial viability of regulated crypto infrastructure but also reinvigorated confidence in public fundraising for blockchain-based businesses.
Following closely behind, Gemini—a prominent cryptocurrency exchange co-founded by the Winklevoss twins—has confidentially filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC). While details such as share count and pricing range remain undisclosed, Gemini has indicated that it plans to move forward with its IPO once regulatory review is complete and market conditions are favorable.
Industry analysts suggest that Circle’s robust market reception could catalyze a broader wave of listings from crypto-native firms. With increasing regulatory clarity—particularly around stablecoin legislation currently under consideration in Congress—companies that were previously hesitant due to compliance risks are now preparing for public market entry.
Other notable players eyeing IPOs include BitGo, a leading digital asset custodian, which is reportedly evaluating a potential listing in late 2025. Meanwhile, Kraken, one of the longest-standing crypto exchanges, is said to be laying the groundwork for a 2026 public offering.
Broader Market Momentum Beyond Crypto
While crypto-linked IPOs are capturing headlines, they are not alone in driving market sentiment. Deep-tech and AI-infrastructure companies are also contributing to the resurgence in public listings.
CoreWeave, a cloud computing provider backed by NVIDIA and focused on AI workloads, has seen its stock climb nearly 240% since its IPO just three months ago. The company hit a new all-time high this week, underscoring strong demand for scalable AI infrastructure. CoreWeave counts Microsoft and OpenAI among its key partners, giving it strategic credibility in the fast-growing generative AI space.
Despite initial skepticism—driven by concerns over high debt levels, customer concentration, and executive stock sales—CoreWeave’s post-IPO performance has silenced many critics. Its success demonstrates that even companies facing complex narratives can thrive if they deliver on technological differentiation and market need.
Upcoming Listings Signal Strong Pipeline
The IPO calendar for mid-2025 reflects growing confidence among private companies. Two notable firms are set to enter the public markets in early June:
- Chime, a fintech leader in neobanking services, plans to issue 32 million shares priced between $24 and $26. Based on the midpoint of that range, Chime would raise approximately $800 million, achieving a valuation exceeding $10 billion.
- Voyager Technologies, a space and defense innovation firm, intends to offer 11 million shares at $26–$29 per share. With a projected mid-range raise of over $300 million, the company is expected to reach a market capitalization of $1.6 billion.
These upcoming debuts highlight investor appetite across diverse high-growth sectors—from financial technology to advanced aerospace systems.
What’s Fueling the IPO Revival?
Several macroeconomic and regulatory factors are converging to support a rebound in IPO activity:
- Improved Regulatory Environment: Proposed federal legislation on stablecoins has reduced uncertainty for crypto firms, enabling clearer compliance pathways.
- Anticipated Monetary Policy Shifts: Market expectations of Federal Reserve rate cuts later in 2025 could lower capital costs and boost risk appetite among investors.
- Strong Institutional Demand: Assets tied to AI, blockchain, and next-generation finance continue to attract significant institutional capital.
However, challenges remain. Geopolitical tensions and potential shifts in trade policy could reintroduce volatility and delay some listings. Historically, summer months have been slower for IPOs, with many companies preferring autumn timelines. Yet, the strong performance of recent entrants like Circle and CoreWeave may encourage more firms to accelerate their plans.
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Frequently Asked Questions (FAQ)
Q: Why is Circle’s IPO considered a milestone for the crypto industry?
A: Circle’s successful listing represents one of the first major U.S. IPOs by a regulated crypto infrastructure company. Its strong market performance validates the long-term potential of blockchain-based financial services and opens doors for other crypto firms to go public.
Q: Is the current IPO surge limited to cryptocurrency companies?
A: No. While crypto firms like Circle and Gemini are drawing attention, non-crypto tech companies—especially those in AI, cloud computing, and fintech—are also entering the market. CoreWeave and Chime exemplify broader momentum across innovation-driven sectors.
Q: What role does regulation play in the IPO revival?
A: Clearer rules—especially around digital assets and stablecoins—are reducing legal risks for companies considering public listings. This regulatory progress increases investor confidence and makes it easier for firms to prepare compliant filings.
Q: How might Federal Reserve policy affect IPO activity?
A: Expected interest rate cuts in 2025 could stimulate economic growth and make equity financing more attractive. Lower borrowing costs generally encourage investor risk-taking, benefiting IPO pricing and demand.
Q: Are there risks to this IPO boom?
A: Yes. If inflation rebounds or geopolitical instability increases, markets may turn cautious. Additionally, overly aggressive valuations or weak post-listing performance could dampen sentiment and slow future offerings.
Q: What should investors watch for in upcoming IPOs?
A: Focus on fundamentals—revenue growth, customer diversification, profitability trajectory, and competitive positioning. Companies with clear paths to scalability and strong governance structures are more likely to succeed long-term.
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Conclusion
Wall Street appears to be entering a new phase of IPO dynamism, fueled by breakthrough performances from crypto-native and deep-tech companies alike. With Circle’s landmark listing and CoreWeave’s rapid ascent setting a positive tone, investor confidence is rebounding after years of hesitation. As regulatory frameworks mature and macroeconomic conditions improve, more high-potential unicorns are expected to join the public markets—potentially ushering in one of the most active IPO cycles in recent memory.
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