CoinDesk-Bullish IPO, Stablecoin-Circle successes pave way for crypto firms like Gemini, Grayscale to go public
has hit the jackpot and so was
Stablecoin
giant Circle's initial public offering. With these successes, several crypto firms, including exchange Gemini and asset manager Grayscale, are now aiming to go public during an IPO window revived by robust tech earnings, along with expectations of easing tariffs and interest rates.
Gemini IPO
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Gemini, the Winklevoss‑founded cryptocurrency exchange, has confidentially filed for a U.S. IPO with the SEC, though share count and pricing remain undecided. The move follows Circle's blockbuster listing and reflects a broader surge of crypto firms seeking public-market entry amid improving regulatory sentiment and renewed investor demand.
Gemini operates a trading platform enabling investors to buy, sell and store more than 70 crypto tokens.
The surge in cryptocurrency IPOs signals a turning point for the industry, reflecting growing confidence among digital asset firms to attract mainstream investors and bringing increased transparency, regulatory scrutiny and capital that could help solidify crypto's place in traditional financial markets. As the crypto sector matures financially and gains regulatory footing, firms are becoming more integrated into traditional markets.
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This marks a sharp turnaround for an industry that spent more than a decade under intense regulatory scrutiny worldwide.
After the collapse of crypto exchange FTX in 2022, many institutional investors retreated from the digital asset market. Prices later recovered, and the sector gained fresh momentum when U.S. President Donald Trump voiced support during his campaign, pledging to be a "crypto president."
Grayscale IPO
Grayscale Investments, a leading crypto asset manager overseeing over $33 billion across more than 35 products, has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The filing, submitted via a draft Form S‑1, keeps critical details—such as share count and pricing—undisclosed for now.
Coming amid Bitcoin's rally above six‑figure levels and a pro-crypto regulatory climate under the current U.S. administration, the move follows in the footsteps of crypto firms like Circle, Gemini, and Kraken also eyeing public listings.
Bullish IPO
Shares of cryptocurrency exchange operator Bullish were indicated to open nearly 62 per cent above their IPO on Wednesday, signaling growing investor confidence in the sector and boosting prospects for future U.S. listings by other digital asset firms. If the stock starts to trade at the last indicated range of $55 to $60 on the NYSE, it could potentially value the billionaire venture capitalist Peter Thiel-backed company at nearly $8.77 billion.
Bullish raised $1.11 billion in the largest U.S. listing by a digital assets company this year, marking another sign of mainstream adoption in a sector that recently topped $4 trillion in market value. Bullish, which acquired cryptocurrency website
CoinDesk
in 2023, had priced the IPO at $37 per share — above an already upsized range, and was valued at $5.41 billion.
Circle IPO
Stablecoin giant Circle had raised $1.05 billion in its initial public offering in June, before a blowout debut. As of last close, Circle shares were trading more than five times above their IPO price.
A string of regulatory wins under a pro-crypto White House, corporate treasury adoption, and ETF inflows have prompted investors to embrace the once-scorned digital asset class, driving bellwether bitcoin to record highs.
FAQs
Q1. Who is 'Crypto President'?
A1. Donald Trump is Crypto President.
Q2. What do we know about Bullish IPO?
A2. Shares of cryptocurrency exchange operator Bullish were indicated to open nearly 62 per cent above their IPO on Wednesday, signaling growing investor confidence in the sector and boosting prospects for future U.S. listings by other digital asset firms. If the stock starts to trade at the last indicated range of $55 to $60 on the NYSE, it could potentially value the billionaire venture capitalist Peter Thiel-backed company at nearly $8.77 billion.
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