Circle's IPO Surge Signals Rising Interest in Crypto Asset Listings

Stablecoin issuer Circle's strong debut on the public market has reignited attention on the crypto industry and may signal a broader wave of listings within the sector.

On June 5, Circle Internet Group Inc. (CRCL), recognized as the first publicly traded stablecoin company, closed its first trading day with a gain of nearly 170%, ending at $83.23—well above its IPO price of $31. During intraday trading, the stock surged as much as 235% to a high of $103.75. Circle’s IPO price had already exceeded expectations, set at $31, higher than the anticipated $27–$28 range earlier in the week and the initially proposed $24–$26 range. The offering was oversubscribed more than 20 times, raising nearly $1.1 billion.

This marked the most notable crypto-related IPO since Coinbase Global Inc.'s 2021 direct listing, and Circle’s market performance has fueled optimism across the industry. According to Renaissance Capital's senior strategist Matt Kennedy, the successful debut has likely prompted other crypto companies to begin discussions with investment banks, potentially paving the way for more IPO applications in the space.

Several crypto firms are reportedly preparing to go public. BitGo Inc. is considering an IPO later this year. Kraken, one of the longest-standing crypto exchanges, is said to be planning a listing in early 2026. Gemini, owned by the Winklevoss twins, has reportedly submitted a confidential filing and may list by the end of this year. Blockchain.com has also made strategic hires in support of its IPO plans.

Analysts suggest Circle’s successful listing serves as a strong signal to companies waiting on the sidelines that the IPO market is beginning to open again.

Circle’s timing aligns with ongoing legislative discussions in Congress regarding stablecoin regulation. The company positions itself as the issuer of “the largest regulated payment stablecoin.” In an interview with Bloomberg, Circle co-founder and CEO Jeremy Allaire stated that becoming a public company would enhance cooperation with mainstream global institutions. He added that the IPO would bring more trust, compliance, and transparency to Circle’s regulated stablecoin network and help build relationships with other financial institutions.

Circle distinguishes itself from other crypto firms. Unlike Strategy, Coinbase, and Galaxy Digital Inc., which rely on Bitcoin price fluctuations for revenue, Circle’s income is primarily derived from U.S. Treasuries and other yield-generating assets backing its token.

Rohit Kulkarni, a senior analyst at Roth Capital Partners, noted that investors appear less concerned with short-term risks due to Circle’s scarcity value. The company’s unique position as the first stablecoin issuer to go public has allowed early investors to look beyond potential long-term competition or the impact of interest rate changes on returns.