Crypto IPO Mania Circle's Debut Sparks a Wave of Exchange Listings

Circle's successful debut on the New York Stock Exchange has ignited a surge of interest in crypto companies going public. On the heels of Circle’s successful debut, the largest crypto exchanges – Binance, Kraken, and others – are all reportedly and actively pursuing their own IPOs. These are just a few examples, standing alongside FalconX, TRON, Bitkub, Kraken, Gemini, Bullish and Bithumb, each making moves to get themselves into public markets. This wave of possible IPOs continues to mark a maturing crypto industry, climbing the ladder of legitimacy and looking for capital through traditional financial markets.

FalconX Leads the Charge

FalconX, another prominent crypto trading platform, is reportedly pursuing a direct listing on the NYSE. There is speculation that they will take this step as early as this year. FalconX’s last funding round in 2022 valued the firm at $8 billion. A coming IPO for the company would be an industry milestone of historic proportions. The firm is just in preliminary discussions on a possible IPO. A successful listing would inject Corsair with significant capital to aid its expansion and help cement its position in an increasingly competitive crypto ecosystem.

The decision to IPO is emblematic of FalconX’s desire to position themselves at the forefront of this rapidly growing institutional demand for digital assets. By listing its shares on a public stock exchange, FalconX hopes it can lure a broader base of investors to its platform. This step will provide it much greater credibility with the financial establishment. Such a strategic move highlights the company’s belief in its business model and overall confidence in its future growth potential.

Haider Rafique, the Chief Marketing Officer at OKX, a competing crypto exchange, had said that OKX would "absolutely consider an IPO in the future"

Asian Exchanges Eye Public Markets

TRON, the Justin Sun-founded blockchain platform, is plowing ahead with great strides. It’s still moving ahead with its plan for a public listing through a reverse merger with SRM Entertainment, a Nasdaq-listed shell company. Though unusual, this route gives TRON an opportunity to speed up their IPO process by avoiding some of the regular regulatory hoops. The move is intended to further TRON’s ambition of reaching wider pools of investment and a broader user base.

Bitkub, Thailand’s largest and most popular crypto exchange, welcomes these developments with more than a little optimism. It aims to list on the Thailand Stock Exchange within the year. The company hopes to use the IPO to raise needed growth capital and increase its competitive position in the market. Relatedly, Bitkub’s CEO and founder, Jirayut Srupsrisopa, recently announced the hiring of financial advisors. This move confirms the strength of the company’s desire to get an IPO-ready.

These developments in Asia underscore the global appetite for crypto investments and the increasing maturity of crypto exchanges in the region. TRON and Bitkub are using public markets to shore up their financial wherewithal. Whether growing their alleged operations or solidifying their positions as central actors of the digital asset ecosystem, they seek to grow.

Kraken, Gemini, Bullish, and Bithumb Prepare for Future Listings

Kraken’s parent company, Payward Inc., is cutting costs and focusing on core operations ahead of a possible IPO in 2026. Kraken has not yet set a firm date. The company is in full-on readiness mode as far as going public at the right moment. This must be achieved by optimizing its financial structure, as well as improving its regulatory compliance and oversight protocols.

"We'll pursue public markets as it makes sense for our clients, our partners, and shareholders," - Kraken spokesperson

Kraken’s co-CEO, Arjun Sethi, responded that their company is perpetually prepared for an IPO. He acknowledged they lack a firm date to strive toward.

"If it's in service to our clients to going public, building that trust as a currency, then we'll think about doing it. So we'll always be ready for it, but it may not be that we'll have it on a specific date," - Arjun Sethi

Gemini, another major crypto exchange, confirmed it had filed a confidential S-1 with the U.S. Securities and Exchange Commission less than 24 hours after Circle’s debut.

"The number of shares of Class A common stock to be offered and the price range... have not yet been determined," - Gemini

Exciting developments from Bullish, the new crypto exchange backed by crypto billionaire Peter Thiel. They have submitted documents for a U.S. IPO together with investment bank Jefferies. Additionally, Bithumb plans to restructure into two entities on July 31, 2025: Bithumb Korea and Bithumb A, preparing for an IPO by late 2025. Together, these moves are part of a larger movement with crypto exchanges trying to gain access to public markets for capital and credibility.

Lessons from Coinbase and Circle

Coinbase's direct listing in April 2021 served as the first major test for a crypto exchange entering the public market. Coinbase’s direct listing priced its opening at $381, touching a $100 billion valuation before settling at $328.28 on its first day. Real world lessons from a crypto investor appetite perspective, this event helped to further inform the market’s understanding regarding the challenges that lie ahead in navigating potential regulatory scrutiny.

Circle’s historic debut on the New York Stock Exchange was nothing short of spectacular. Within a day, its stock rocketed to four times the $31 IPO price, making it worth more than $1.1 billion. This positive listing has only added to the optimism in the market around crypto IPOs and spurred other exchanges to list themselves like a chain reaction. Just as a sign of how conventional acceptance of crypto companies by mainstream investors is becoming, Circle’s performance has been stellar.