In 2025, crypto IPOs have finally conquered Wall Street. After years of mistrust, IPOs from industry giants like Circle, Bullish and eToro have exploded, marking a historic turning point. Between spectacular records and brutal lessons, here is what this pivotal year teaches us about the future of digital finance.
In brief
- 2025 was the record year for crypto IPOs, with 11 IPOs raising $14.6 billion, driven by Circle (+168%), Bullish (+143%), and eToro (+32%).
- Behind the stellar performance, post-IPO volatility and regulatory challenges are reminders of the sector's ongoing risks.
- Circle redefined the IPO industry by validating stablecoins as mainstream financial assets, paving the way for a new era for crypto in 2026.
2025, the record year for crypto IPOs
The year 2025 will be remembered as the year of the great return of crypto IPOs. With 11 IPOs raising a total of $14.6 billion, the sector shattered 2024 records, when just $310 million was raised. Three players dominated the news: Circle, Bullish and eToro, each with performances worthy of the greatest Wall Street success stories.
- Circle, introduced to the NYSE on June 5, saw its price jump 168% on the first day! Thus propelling its valuation from 6.9 to 16.7 billion dollars;
- Bullish, launched on August 13, recorded an increase of 143% at the opening, reaching a valuation exceeding 10 billion;
- As for eToro, its entry on the Nasdaq on May 14 resulted in a gain of 32%, for a valuation of 5.4 billion.
These performances were driven by a favorable political context, marked by the adoption of the GENIUS Act and an easing of regulatory tensions under the Trump administration. Additionally, the Fed's cut in interest rates has boosted risk appetite.
Behind the records, the pitfalls: volatility, regulation and lessons to be learned
If the 2025 figures are impressive, they mask a more nuanced reality. The Post-IPO Performance of These Crypto Giants reveal persistent challenges, starting with volatility that recalls the speculative nature of the sector. Circle, despite its meteoric start, saw its share price decline in the face of falling interest rates. Which is a major risk for stablecoins like USDC. Bullish, for its part, has lost 52% of its value since its introduction, illustrating the dependence on crypto market cycles.
Regulation remains another pitfall. Despite progress, such as the SEC dropping charges against several players, uncertainty persists. Kraken, for example, is still waiting for the green light for its IPO planned for 2026. Finally, competition is intensifying, with crypto platforms like Gemini or BitGo preparing to go public. Risking then saturating an already volatile market.
Circle, or how a crypto IPO can redefine an entire sector
Circle didn't just succeed in its IPO. It transformed the USDC stablecoin into a mainstream financial asset. Which paved the way for a new era for crypto. With an increase of 168% from the first day, Circle validated the stablecoin model with institutions, with USDC now being used for cross-border payments and tokenized markets.
Circle's impact goes far beyond its own performance. Its IPO triggered a domino effect, prompting Bullish and eToro to get involved! Followed by announcements from Kraken and Grayscale for 2026. The data speaks for itself: USDC now represents 27% of the stablecoin market, behind Tether (67%), and Circle recorded $156 million in net profits in 2024.
Crypto has undeniably left its mark on Wall Street in 2025. But behind the records lie major challenges, from volatility to regulation. With Kraken and others in ambush for 2026… is this wave of IPOs sustainable or just a flash in the pan? And you, would you be ready to invest in a crypto IPO next year?
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