Key Takeaways

• Circle’s (CRCL) NYSE debut on June 5 was a spectacular success, with its stock price surging nearly 290%, signaling renewed investor interest in the crypto sector.
• This momentum is expected to continue as Gemini and Bullish announce subsequent IPO preparations, potentially followed by further listings from Kraken, BitGo, Consensys, among others.
• While replicating Circle’s explosive debut may prove challenging, these listings mark a significant milestone for crypto, increasing its representation in traditional public markets.

Circle IPO Sets the Stage

Circle’s highly successful initial public offering (IPO), launched on June 5, stands as a landmark event. Trading CRCL almost 290% above its offer price, the listing demonstrated robust investor demand for established crypto firms with demonstrated compliance and revenue streams familiar to the institutional world.

The strong performance signals a clear shift: public markets are actively seeking exposure to crypto-native companies equipped with real earnings, stringent regulatory infrastructure, and proven scalability.

Follow-Up Filings Emerge: Gemini, Bullish Join Queue

The success of Circle hasn’t deterred other New York crypto players. Gemini, the exchange co-founded by the Winklevoss twins, announced its intent to IPO shortly after Circle’s debut. Regulatory clarity under discussion in Washington, stable institutional investment returns, and macroeconomic diversification needs are pointed to as catalysts.

Furthermore, crypto exchange Bullish confirmed its filing on June 11. This echoes an earlier failed attempt via SPAC in 2021-2022.

Potential Next In-Line: Kraken and BitGo Speculated

Eyeballs are increasingly focused on Kraken, a major US exchange, with Bloomberg suggesting a possible 2026 public debut. BitGo, the custodian service, was rumored for an “as early as this year” IPO in February.

Several other prominent crypto firms are seen as potentially drawing market attention in the coming period:

• Consensys: Developer of MetaMask and key Ethereum infrastructure.
• Ledger: Manufacturer of popular hardware wallets.
• Fireblocks: Institutional custody infrastructure provider.
• Chainalysis: Blockchain analytics firm serving law enforcement and finance.

Risks and Different Bets: Success Beyond Circle

Circle’s core business model, centered on earning interest on its stablecoin reserves backing USDC, mirrors traditional finance practices in a relatively settled way.

This contrasts sharply with newer crypto players like exchanges, infrastructure firms, or data platforms. Their success is more fundamentally tied to the long-term evolution and adoption of Bitcoin, Ethereum, and broader Web3 concepts, presenting investors with a risk profile distinct from Circle’s.

Circle’s spectacular first-day pop likely won’t be matched broadly, though its performance has been instrumental in encouraging other crypto companies to pursue public listings within an increasingly receptive market.

A New Normal? Crypto Entrenched in Traditional Finance

The increased listings are evidence of crypto moving from a marginal, volatile sector into the mainstream financial landscape. This is underscored by the inclusion of both MicroStrategy (MSTR) and Coinbase (COIN) in major US indices like the Nasdaq 100 and S&P 500.

Less project-dependent on volatile transaction processing fees, established players like Circle have achieved operational maturity, providing investors with greater comfort and fueling increasingly successful listings.