Crypto Companies Poised for Major Wall Street Surge as Regulation Eases
In a landmark move, stablecoin issuer Circle debuted on the New York Stock Exchange (NYSE), raising over $1.1 billion as its stock price quadrupled from its $31 IPO price within 24 hours, making it the largest crypto Initial Public Offering (IPO) in recent history.
This stunning success, followed by several prominent crypto firms filing for or preparing potentially high-profile IPOs, signals a significant shift. The improved regulatory climate under the current administration—characterized by the SEC’s reduced enforcement against sector legacy cases—appears to be providing crypto companies with a clearer pathway to mainstream finance.
The Pioneering Public Debut
Circle’s debut marked a pivotal moment. The stock quadrupled from its IPO price, far exceeding expectations, and raised over $1.1 billion. While not surprisingly largest overall SEC filing volume for 2024, the performance has ignited interest.
Regulatory Winds Shift
The apparent pivot by regulators, including the recent signals of cooperation and the SEC’s reduction of enforcement actions stemming from the prior administration, is encouraging companies planning listings. President Trump’s administration has advocated for an environment more receptive to the crypto industry.
Queue: Multiple Crypto IPO Aspirants
Several leading crypto firms are now vying to leverage this window of opportunity, testing whether crypto companies can achieve lasting traction in U.S. equity markets:
FalconX
Valued at $8 billion following its last funding round, FalconX has begun exploratory discussions about potentially listing on the NYSE as early as this year, according to reports from Decrypt. The crypto-focused prime brokerage is actively considering the IPO process and enhancing its public profile to prepare for a potential market debut.
Gemini
The digital-asset trading platform founded by the Winkleviss brothers wasted little time following Circle’s lead. Gemini confirmed it filed a confidential S-1 registration statement with the SEC on the very same day Circle held its ceremonial first block trade. While neither valuation nor timing has been specified, insiders expect a listing before year-end.
Bullish
Facing renewed growth potential, Bullish (formerly DoneEX, backed by Peter Thiel) has filed for a U.S. IPO with Jefferies potentially involved in the underwriting. After shelving a $9 billion SPAC deal in 2021, the exchange, led by former NYSE executive Tom Farley, is now pursuing a new path to an initial public offering.
TRON
TRON, facing regulatory headwinds including a 2023 SEC lawsuit, is pursuing a listing via a reverse acquisition merger with entertainment company SRM Entertainment—a Nasdaq-listed firm. Although co-president Eric Trump later clarified he had limited involvement, the transaction brokered by a Trump-connected firm underscores the industry’s pivot toward embracing U.S. listing norms.
Kraken
The dominant U.S. crypto exchange, Kraken, hasn’t moved as quickly as peers. While parent Payward Inc. has reportedly considered a 2026 IPO, Kraken leadership has emphasized they will proceed “if it is in service to our clients… building that trust.” Kraken remains open to the eventual pursuit of a listing as market and client conditions align.
Bithumb (South Korea)
Against a backdrop of recovering market share after a significant hack years ago, South Korea’s Bithumb is preparing for late 2025 listing on its domestic exchange (Kosdaq) and possibly Nasdaq. The company will restructure into two entities before embarking on its global equity offering, potentially using Samsung Securities as lead underwriter.
Bitkub (Thailand)
Thailand’s leading cryptocurrency exchange, Bitkub, confirmed earlier reports discussing an impending stock market debut, reportedly for a listing on the Thailand Stock Exchange this year. The company hired financial advisors in 2023 to undertake preparations for its planned initial public offering (IPO).
The Crypto Mainstream Imperative
If the current surge of planned listings gains momentum, 2025 could mark a definitive, sustained entrance for cryptocurrency into the established financial markets of Wall Street.
Circle Sets a Benchmark
Circle’s breakout performance—long-duration strength unusual in IPOs—stands in stark contrast to Coinbase’s early listing. Coinbase’s April 2021 direct listing initially soared but then experienced sharp post-IPO volatility before resuming upward momentum.
Crypto pioneer companies appearing before the market (Coinbase) or first breaking through in IPO form (Circle) are now being joined by firms offering specialized services and infrastructure—prime brokerages like FalconX striving for scale; regional exchanges expanding their reach locally and globally.
“In today’s market, the strongest IPO candidates combine explosive growth, real business models, and category-defining positioning,” noted crypto investment firm CoinFund’s chief investment officer. “Two of the most successful IPOs this year—CoreWeave and Circle—highlight how public investors are eager for exposure to crypto and AI. More companies will follow.”
The apparent market readiness for dependable crypto-finance entities illustrates a continued profound shift—as Wall Street finally begins to embrace what crypto startups built during several years of economic turbulence.
