More Crypto IPOs Are Coming: 3 Initial Public Offerings To Watch For
INDIA - 2024/04/07: In this photo illustration, a Bitcoin Logo seen displayed on a smartphone with ... More the Wall Street - New York Stock Exchange logo in the background. (Photo Illustration by Avishek Das/SOPA Images/LightRocket via Getty Images)
Circle, the issuing company of the USDC Stablecoin, went public last week under the ticker 'CRCL'. The company's stock surged over 168% during its first day of trading, blowing investor expectations out of the water. Their wildly successful listing will likely trigger a rush of additional crypto companies to list or accelerate their plans to go public. I've put together a list of the top 3 crypto-related public listings that will likely make headlines in the months to come.
Before we get to the list, let's quickly review the numbers of Circle's recent listing to grasp just how impressive the outcome was for its investors.
Circle first announced its plans to go public on May 27th, 2025, though the company had filed for an S-1 registration with the SEC back in January 2024, which signalled its intention to go public.
The company was initially targeting to raise $624 million by offering 24 million shares as part of its listing transaction. During the road show, the price was estimated at $24-$26 per share. Due to strong demand, the company increased the offering to 32 million shares at $27-$28 per share, upping the amount raised to $896 million. Even at the increased valuation, the company received 25 times more demand for the shares than expected, meaning the deal was 25 times oversubscribed. To put this in context, this implies that there was demand for ~850 million shares vs the 34 million that Circle was offering for sale. Part of the excitement came from the fact that ARK Invest and Blackrock had strong demand to invest.
Circle finally penned the deal by selling 34 million shares at $31 per share, raising a total of $1.05 Billion and valuing the company at $8.1 Billion on a fully-diluted basis. During the first day of trading, the company's share price rose by 168%, closing the day at $81.69. This valued the company at ~$20 billion.
While the excitement around Circle's IPO is partly rooted in the optimism surrounding U.S. dollar pegged stablecoins, the deal also implies strong investor interest to participate in the future of the digital economy that's being built around Bitcoin and digital assets. You can bet that other companies in the space are observing the deal with optimism and will likely work to accelerate their plans to list this year. Here are the top 3 companies that have announced or reported plans to list in the months ahead:
Gemini
As reported three days ago, the U.S.-based crypto exchange owned by Tyler and Cameron Winklevoss, filed for an Initial Public Offering (IPO) in the U.S.. In terms of projected valuation, the company has not yet reported a price, but its last priced round back in November 2021 valued the company at $7.1 Billion. The estimated listing date is late 2025 or early 2026.
Kraken
The San Francisco-based exchange has also been reportedly getting ready for an IPO in early 2026, although no formal registration has been filed. The company's last priced round was all the way back in 2019, when it raised $13.5 Million at a $4 Billion valuation. The company has reportedly been working with banks to complete a debt offering to boost growth ahead of the listing.
Bitgo
Back in February the U.S. based custodian was reported to be eyeing an IPO 'as early as this year', though no formal registration has been filed yet. Bitgo's last priced round was done in August 2023, valuing the company at $1.75 Billion.
These are just three companies-- after Circle's warm welcome, you can bet that there will be more announcing plans to list soon. In a market where Bitcoin Treasury company stocks and Bitcoin ETFs are performing so well, equity from companies that provide the infrastructure for the industry seems like a logical next step.
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