There’s an old saying: the ones who made the most money during the gold rush were the people selling pickaxes.
In today’s crypto boom, that role has been played by platforms like Robinhood (HOOD) and Coinbase (COIN). Both struggled after their splashy 2021 IPOs, but with speculative trading roaring back, their stocks have gone vertical—Robinhood is up 475% in the past year, while Coinbase has climbed 62%.
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The excitement has only intensified with Circle and Bullish’s Wall Street debuts rocking the market. Circle Technology (CRCL), creator of the USDC stablecoin, has soared more than 400% since its IPO. Bullish (BLSH), a crypto exchange and media group that went public just last week, has nearly doubled in value.
These performances have proved that demand for crypto IPOs is alive and well—and that investors are eager to ride the wave.
Grayscale
Without Grayscale, the crypto ETF market might still be years away. The company pioneered mainstream crypto exposure with its Grayscale Bitcoin Trust and Ethereum Trust, long before traditional asset managers entered the space. Today, it manages over $33 billion in digital assets across dozens of products. In July, reports confirmed that Grayscale had confidentially filed for an IPO—a move that would allow it to turn its steady stream of management fees into a public-market success story.
Gemini
The Winklevoss twins may not have won their battle with Mark Zuckerberg, but they’ve built their own crypto empire with Gemini. The exchange has become one of the more established centralized platforms in the U.S., and with crypto markets running hot again, the timing couldn’t be better for a public listing.
The firm reportedly filed confidentially for an IPO earlier this year, and if valuations mirror its last fundraising round in November 2021, Gemini could be aiming for around $7.1 billion.
BitGo
Behind the scenes, BitGo has become one of the largest names in crypto custody, safeguarding more than $100 billion in digital assets. It caters to exchanges, asset managers, and institutions with a suite of services—everything from simple storage to staking, trading, and lending.
With assets nearly doubling over the past year, the company looks well-positioned for prime time. While BitGo’s last known valuation was $1.75 billion in August 2023, its confidential IPO filing suggests it’s preparing for a much larger stage.
Are crypto IPOs worth the gamble?
No IPO is a sure thing, especially when both U.S. stock indexes and crypto markets are sitting at record levels. Short-term traders may see opportunity in the hype-driven pops that often follow high-profile listings. Platforms like Robinhood and SoFi even give retail investors the chance to request shares at IPO prices.
For long-term holders, however, the real test will come when financial details are made public. Many of these filings remain confidential, and investors will need to scrutinize revenue, profitability, and growth before deciding if these companies are more than just momentum plays.
If you’re a crypto believer, buying into these IPOs could be a bet on the industry’s next phase. But as history has shown, the sector is volatile—and fortunes can shift quickly.
FAQs:
Q1: What makes Circle IPO successful, Bullish IPO surge?
Circle and Bullish’s IPOs soared due to strong demand for crypto market access.
Q2: Which crypto firms are filing IPOs next?
Grayscale, Gemini, and BitGo are preparing Wall Street IPOs after Circle and Bullish.
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