Crypto IPOs Surge as Market Sees Major Public Listings
The recent surge in cryptocurrency IPOs is reshaping market dynamics, with three major offerings since January:
- eToro Group Ltd. raised $619 million on May 14, 2025, valuing the company at around $5.6 billion, now down to $5.17 billion.
- Galaxy Digital Inc. uplisted to Nasdaq on May 16, 2025, raising $602 million and achieving an initial valuation of over $8 billion, currently at approximately $7.19 billion.
- Circle Internet Group Inc. raised $1.05 billion on June 5, 2025, with a post-offering market cap skyrocketing to $43.9 billion from an initial $8 billion valuation.
Circle's success prompts other firms like Gemini and Bullish to consider public offerings. Analysts suggest several factors contributing to Circle’s performance:
- Public market comparisons show firms like MicroStrategy have achieved high valuations based on crypto assets.
- The GENIUS Act aims to provide regulatory clarity for stablecoins, potentially increasing their value.
- Recent increases in Treasury yields could enhance revenue for stablecoin issuers.
Investor sentiment is shifting; nearly 90% of crypto holders plan to increase allocations, yet many seek more informed guidance from advisors who must adapt to these evolving expectations.
Additional news includes:
- The U.S. Federal Housing Finance Agency is evaluating if crypto can qualify for mortgages.
- Texas has initiated a publicly funded bitcoin reserve.
- The U.S. Federal Reserve will eliminate reputational risk from its bank examination process, easing support for crypto companies.