2025 Marks a Pivotal Year for Crypto IPOs Amid Renewed Market Optimism
In 2025, the cryptocurrency sector experienced its biggest year for initial public offerings (IPOs), signaling renewed retail interest, supportive political factors, and an improving U.S. IPO market environment.
Circle and Bullish successfully went public this year, following previous attempts to enter the public markets via special purpose acquisition companies (SPACs). Circle, after a terminated SPAC deal with Concord Acquisition Corp. in late 2022 due to delays and shifting market conditions, made its New York Stock Exchange debut in 2025. The debut attracted strong initial investor interest and was halted three times within the first hour. However, Circle’s momentum slowed as Federal Reserve rate cuts raised concerns among investors about the reduced interest generated on cash reserves backing the USDC stablecoin.
Alongside these developments, eToro debuted on Nasdaq in May with a valuation of $5.4 billion. The firm had settled with the SEC in 2024 and currently offers 82 crypto assets on its platform.
Kraken filed for an IPO in November, following an $800 million fundraising round that valued the company at $20 billion. Its public debut remains subject to SEC review and prevailing market conditions.
Other industry participants like FalconX were rumored to be pursuing IPOs, while BitGo, Grayscale, Blockchain.com, and others have explored or discussed potential public listings as market conditions improve.
The successful IPO activities in 2025 position the cryptocurrency sector for a potentially larger class of public offerings in 2026, reflecting strengthened investor appetite and more favorable regulatory and market dynamics.
