Crypto IPO season is here: Circles stock price hits new highs, 13 institutions line up to go to Wall Street

原作者：Nancy，PANews

Circle successfully landed on the U.S. stock market, and its stock price soared, driving the markets attention to 加密貨幣 stocks to increase significantly. At the same time, thanks to the continuous optimization of the U.S. regulatory environment and favorable policies, the crypto industry is ushering in a wave of rushing to Wall Street, and more and more crypto institutions are actively planning to enter the U.S. capital market.

Circles stock price rose by nearly 600% at its highest point, and investment institutions began to cash out at high levels

Recently, Circles capital market performance has become the focus of the global financial market. Fortune magazine reported that Circle is one of the seventh most undervalued IPOs in the past 40 years, and the stablecoin giant has skyrocketed since its listing, which not only ignited market sentiment, but also demonstrated the markets strong expectations for the prospects of the stablecoin industry.

As of the close of June 18, Circle (CRCL) stock price closed at $199.59, with a total market value of $44.417 billion, approaching more than 70% of the circulating market value of its stablecoin USDC (about $61.53 billion). The single-day trading volume on that day reached an astonishing 63 million shares, exceeding the record of 60.7 million shares set on the second day of listing, setting a new record. From the intraday high of $215.7, the cumulative increase from its IPO issue price of $31 was as high as 595%, which is enough to show the markets enthusiasm for participation.

In fact, since the first week of its IPO, Circle has led the trading volume and growth list of the US stock crypto concept sector for many consecutive days, and the reason behind it is the stablecoin narrative premium.

As Circles stock price continues to rise, its CEO Jeremy Allaire recently emphasized at X that stablecoins may be the most practical form of currency in history, but the entire industry has not yet reached a critical node similar to the iPhone moment. Once the stablecoin industry enters this stage, developers will be able to unlock programmable digital dollars like unlocking programmable phones. At that time, digital dollars will unleash huge potential and bring extensive opportunities on the Internet. This era may not be far away.

Circle鈥檚 capital boom is not an accidental market carnival, but the result of the resonance between policy turning points and ecological trends.

First of all, the regulation of stablecoins in the United States is reaching a critical turning point. Circle, the first stablecoin stock, will become the most direct beneficiary and the best target for investors to bet on at this stage. On June 17, the U.S. Senate officially passed the GENIUS Act, marking the first time that the United States has established a regulatory framework for dollar-backed stablecoins in the form of legislation. This bill not only requires stablecoin issuers to have clear proof of reserves and audit mechanisms, but will also pave the way for the legal existence of the U.S. dollar on the chain. The next step is to wait for the House of Representatives to pass it and the president to sign it, and the bill will soon take effect.

Trump also posted on his social media platform that the Senate has passed the GENIUS Act, which will promote large-scale investment and innovation in the field of digital assets in the United States, and called on the House of Representatives to quickly pass the clean version and submit it to the President for signature as soon as possible. At the same time, according to former Fox Financial reporter Eleanor Terrett, the U.S. House of Representatives is considering advancing the market structure legislation CLARITY Act and the stablecoin bill GENIUS Act in parallel to meet the August legislative deadline set by Trump.

At the same time, there are endless positive news about Circle and USDC, further expanding the markets imagination of its valuation. For example, Coinbase derivatives platform recently plans to include USDC in futures trading collateral by 2026; financial infrastructure provider OpenPayd has reached a cooperation with Circle, and OpenPayd will use the infrastructure of Circle Wallets to provide a unified legal currency and stablecoin infrastructure layer for global companies; e-commerce platform Shopify cooperates with Coinbase and Stripe to promote USDC stablecoin payments; ProShares and Bitwise submit ETF applications based on Circle stocks; World Chain launches native USDC, etc.

However, amid the heated market sentiment, calm profit-taking has also begun to emerge. According to public disclosures, early partners announced that they had sold all of their CRCL shares after criticizing Circles IPO allotment as too low. Ark Invest also bought $373 million worth of CRCL shares on the first day of listing, and recently reduced its holdings by a total of approximately $96.46 million and sold 300,000 shares in two consecutive days. Although some of the reductions are normal liquidity management, in the context of consecutive days of high gains, these actions may be interpreted by the market as high-level cashing out, and investors need to treat FOMO emotions rationally.

13 institutions line up to go to Wall Street, and exchanges become the main force of the crypto IPO wave

Since the beginning of this year, the trend of crypto companies going public in the United States has accelerated. PANews has compiled 13 crypto-related institutions that have clear plans to list on the U.S. stock market.

In terms of institutional types, exchanges are the absolute main force in listing in the United States, with a total of 6 companies, including Gemini, Kraken, Bullish Global, FalconX and Bithumb. Such institutions generally have strong cash flow, a broad customer base and a stable business structure, and may become top students in the capital market under the background of clear supervision. At the same time, the remaining 7 companies cover investment institutions, custody and mining fields, and these institutions are also seeking valuation revaluation and capital support from the US stock market.

It is worth noting that among these 13 institutions, a large proportion of them are from Asia or Europe, with representative projects including TRON, Bithumb and Animoca. Such institutions choose the United States as their main listing location, not only because of considerations of liquidity and valuation system, but also because the United States is still the most attractive capital base for global crypto companies in terms of regulatory framework, capital depth and institutional participation.

From a time point of view, 2025 has become the target window for most crypto companies to go public, including FalconX, Bithumb, BitGo, Animoca Brands, American Bitcoin, etc. Many of these projects have attempted IPOs in the past, but were forced to postpone due to market conditions or regulatory barriers. Now, they are speeding up again with the favorable environment of clearer regulation and market recovery.

In terms of progress, some institutions have entered the substantive preparation stage for listing, including submitting prospectuses to the SEC, hiring underwriting teams, restructuring equity structures, etc. They are in the critical period of the final touch and will officially enter the market as soon as the capital window opens.

In terms of the choice of listing path, traditional IPO is still the mainstream, especially favored by institutions with strong compliance capabilities and mature customer structures, such as Gemini, Bullish Global, BitGo, FalconX, etc. However, the traditional IPO process is complicated and the review cycle is long, which is more suitable for medium and large platforms with clear business models and stable profit models.

In contrast, reverse mergers have become a shortcut for many small and medium-sized crypto institutions due to their simplified process and faster speed. For example, TRON and Nakamoto quickly entered the U.S. stock capital market through backdoor listings, effectively avoiding the complicated IPO process while also enhancing flexibility.

Another path worth paying attention to is direct listing. Kraken, as a leading platform with a valuation of up to $16.2 billion, chose direct listing, giving up new financing and focusing on liquidity and the establishment of shareholder exit channels. This model is suitable for unicorn companies with strong profitability, high brand awareness, and low dependence on financing.

The US regulatory environment helps crypto listings, and Hayes predicts a similar ending to EOS

From this point of view, crypto capitalization is entering the fast lane. Behind this wave of listings is the significant improvement in the US regulatory environment. In fact, as early as last year, The Information quoted industry insiders as saying that after Trump won the election, investment bankers from Wall Streets top institutions such as JPMorgan Chase, Goldman Sachs and Morgan Stanley have been meeting with executives of cryptocurrency companies, hoping to get the opportunity for cryptocurrency companies to go public after the election.

David Bailey, CEO of Bitcoin Magazine, said that now is a golden time for crypto companies to go public. There are two key reasons for this: first, crypto stocks have performed strongly on Wall Street, and second, the regulatory environment is improving as policy stances shift.

JPMorgan Chase also pointed out in a recent report that the continued improvement in the US crypto regulatory environment is expected to be driven by the advancement of the GENIUS Act, which is prompting more crypto companies to seek IPOs. So far this year, the number of crypto company IPOs has matched the bull market level in 2021. This wave comes at a time when the US SEC has withdrawn lawsuits against some of the industrys largest companies, including Kraken, Binance, Ripple and Coinbase.

Andrei Grachev, partner at DWF Labs, believes that crypto projects should help the development of the crypto market by setting up trading tools on Nasdaq, attracting traditional investors and converting them into long-term token holders by selling shares.

BitMEX co-founder Arthur Hayes revealed in a recent interview that his family office Maelstrom plans to raise investor funds to acquire certain crypto companies, especially those with very stable cash flow and strong profitability. The management structure of these companies may be reorganized, while focusing on increasing new sources of revenue. In the future, Maelstrom also plans to go public in the United States through a SPAC (special purpose acquisition company).

However, he also warned that the crypto industry is shifting from the ICO boom of 2017 to the IPO frenzy of 2025-2027. This wave of enthusiasm will end with a large IPO similar to EOS, that is, the IPO will attract a lot of fiat capital but perform poorly after the opening. For new stablecoin issuers that lack channel support, he believes that even if they are successfully listed, it will be difficult to maintain a high valuation and may eventually return to zero.

This article is sourced from the internet: Crypto IPO season is here: Circles stock price hits new highs, 13 institutions line up to go to Wall Street

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