2025 saw a surge in crypto IPOs, fueled by retail interest and reopened U.S. markets. Coinbase’s 2021 IPO paved the way, with Circle and Bullish following suit. Despite challenges, Circle’s NYSE debut was halted multiple times as concerns over interest rates impacted USDC stability.

Bullish also soared post-IPO, echoing Circle’s SPAC history. eToro’s Nasdaq debut, despite a 2024 SEC settlement, saw a $5.4 billion valuation. FalconX’s rumored IPO and Kraken’s $20 billion valuation filing signal a growing trend towards crypto IPOs in 2025.

Read more at Yahoo Finance: Crypto Wraps Up ‘Bellwether Year’ for IPOs