3 Crypto IPOs to Watch After Circle (CRLC) and Bullish (BLSH) Smash Their Market Debuts

Crypto's IPO pipeline heats up as fresh contenders line up to ride Circle and Bullish's momentum. Here's what's brewing behind the scenes.

The New Kids on the Blockchain

Following CRLC and BLSH's explosive entries, three crypto firms are polishing their S-1s—and Wall Street's already salivating. No roadmaps yet, but insiders whisper these could drop before Q4.

Why This Wave Feels Different

Regulators still hate crypto, but money talks louder. After seeing those debut pops, even traditional VCs are dusting off their 'blockchain strategy' decks (better late than never).

The Bottom Line

Whether these IPOs soar or flop, one thing's guaranteed: bankers will take their cut—while tweeting '#DeFiRevolution.'

Crypto IPO Boom

In the past few months, Circle (CRCL), the issuer of the USDC stablecoin, and Bullish (BLSH), a crypto exchange backed by Peter Thiel, have both experienced significant demand, resulting in substantial increases in their stock prices. 

This resurgence follows the earlier successes of Coinbase (COIN) and Robinhood (HOOD), which have seen their shares spike nearly 500% and 60%, respectively, over the past year. 

In addition, the recent market rally which saw Bitcoin (BTC) reached a new record price beyond $124,000, has created a sense of urgency among crypto and fintech operators, as highlighted by a report from The Street, which noted a growing fear of missing out (FOMO) in the sector.

This renewed interest is further buoyed by favorable pro-crypto policies emerging from the US and President Donald Trump’s vision of making the country the “crypto capital of the world,” alongside rising prices. As a result, numerous firms are now vying for a spot on Wall Street.

Grayscale, Gemini, And BitGo 

One of the frontrunners in this wave is asset manager and crypto exchange-traded fund (ETF) issuer Grayscale. Known for its role in bringing crypto investments to mainstream finance through its Grayscale Bitcoin Trust and Grayscale ethereum Trust, the firm manages over $33 billion in assets. 

With plans to capitalize on its robust management fee revenue, Grayscale has confidentially filed for an initial public offering, marking an important step in its ongoing journey in the digital asset space.

Next in line is Gemini, the cryptocurrency exchange founded by the Winklevoss twins. After a decade of attempting to launch a Bitcoin fund, the twins pivoted to establishing their own exchange, which has since become one of the largest in the market. 

With crypto demand on the rise, Gemini aims to leverage its strong market position by filing for an IPO, seeking to reflect the valuation it achieved during a funding round in November 2021, which was around $7.1 billion.

BitGo, a major player in crypto custody, is also preparing to join the ranks of firms seeking to go public. Custodying over $100 billion in assets, BitGo has positioned itself as a key service provider for exchanges, asset managers, and other businesses, offering a range of services including staking and trading. 

The firm’s substantial growth in assets suggests it is ready for a larger presence in the market, although further details will emerge once its confidential IPO filing becomes public.

The recent success of Circle and Bullish underscores the potential for crypto IPOs. Both companies saw their stock prices soar upon debut, with Bullish’s shares opening at $90—a 143% increase from its IPO price—and Circle’s stock launching at $69, reflecting a 168% rise from its initial offering of $31. 

However, it’s worth noting that Circle’s stock has since seen a significant decline, dropping more than 50% toward its current valuation of $147, from its peak of $298 reached in June. BLSH on the other hand trades at $64, representing a 45% drop from its $117 record. 

Featured image from DALL-E, chart from TradingView.com