Key Takeaways
- Circle’s $1.05B IPO turned stablecoins into a Wall Street event, with shares jumping 168% on the first day of trading.
- Bullish raised $1.1B and tripled its share price, landing a $13B valuation and proving investor demand for large-scale crypto exchanges.
- eToro, Galaxy Digital, Exodus, and Fold also hit public markets, showing both trading platforms and consumer apps can draw serious investor interest.
- Together, these IPOs marked 2025 as the year crypto firms fully joined public markets, putting digital assets under the spotlight of global investors.
2025 has been the year of the blockbuster crypto IPO. Companies ranging from stablecoin issuers to centralized exchanges and consumer apps stepped onto major exchanges, attracting billions in capital and global investor attention.
Big names like Circle and the Peter Thiel-backed Bullish have taken traditional stock markets by storm, further raising crypto’s profile in the public consciousness, and leaving many legacy investors shocked by their momentum. These debuts showed how far crypto has come, moving from a niche idea to companies standing shoulder-to-shoulder with global giants.
As the cryptocurrency industry finally takes its place on global stock markets, let’s take a closer look at the IPOs that shaped 2025.
7 Biggest Crypto IPOs 2025
| Name | Company | Ticker | Estimated valuation* |
|---|---|---|---|
| Circle | Circle Internet Financial | CRCL | $9B |
| Bullish | Bullish Global | BULL | $13B |
| eToro | eToro Group Ltd | ETOR | $3.5B |
| Galaxy Digital | Galaxy Digital Holdings | GLXY | $2.8B |
| Exodus | Exodus Movement Inc | EXOD | $500M |
| Fold | Fold Inc | FLD | $365M |
| Gemini | Gemini Trust Company | GEMI | $4.5B (filed, pending listing) |
*Value subject to change based on market behavior.
Circle
Circle, the company behind the stablecoin USDC, delivered one of the most talked-about IPOs of 2025. The firm raised more than a billion dollars and saw its shares rise 168% on opening day. On its first day of trading, demand surged, and the stock closed up 168%.
For the first time, a large stablecoin issuer entered public markets with the same visibility as long-established financial firms. Investors treated it as proof that cryptocurrencies like USDC can sit alongside traditional assets. Regulators also took notice, viewing Circle as a reference point for how companies tied to stablecoins may operate under the scrutiny of public markets.
Bullish
Bullish, the Peter Thiel-backed exchange, launched one of 2025’s largest IPOs. The company priced shares at $37 and raised about $1.1 billion. On debut, strong demand drove the stock up more than 200 percent, closing near $118. That surge pushed Bullish’s market value to about $13 billion, placing it among the most valuable listed exchange operators.
The company positioned itself as a platform for institutional crypto trading, benefiting from both deep-pocketed investors and its acquisition of CoinDesk. Its listing showed public markets remain open to digital asset firms with scale and credibility, even after years of industry volatility. Bullish quickly became a headline name in global finance following its first day’s performance.
eToro
eToro is a social trading platform that allows users to copy the trades of others and has expanded significantly into cryptocurrency.
The company planned to go public through a SPAC merger announced in 2021, but that deal was canceled in 2022 due to unfavorable market conditions. eToro ultimately went public via a traditional IPO in 2025, listing on the Nasdaq under the ticker symbol ETOR.
Galaxy Digital
Galaxy Digital, the diversified financial services and investment management firm, is indeed run by former hedge fund manager Mike Novogratz. The company uplisted to the Nasdaq Global Select Market in May 2025, a move that significantly increased its visibility and access to institutional investors. This was a direct listing, meaning the company’s existing shares began trading on the new exchange without raising new capital.
Galaxy Digital’s business model is also accurately described as having its hands in trading, asset management, and venture investments. The company operates in several key areas, including global markets, asset management, and digital infrastructure.
Exodus
Exodus is a popular self-custody crypto wallet that started trading as a smaller, over-the-counter (OTC) company. It successfully uplisted to the NYSE American exchange. The company announced the approval for listing in December 2024, and its stock, under the ticker EXOD, began trading in the same month. This was a significant milestone, as Exodus became the first crypto wallet company to list on a major US stock exchange.
The move validated the consumer-facing crypto sector, showing that investors are interested in companies that enable financial self-sovereignty.
Fold
Fold, the Bitcoin rewards app, went public by merging with the special purpose acquisition company FTAC Emerald Acquisition Corp. The companies announced the deal in July 2024 and completed it in February 2025. Fold’s shares began trading on the Nasdaq Capital Market under the ticker “FLD” on February 19.
The deal valued Fold at $365 million before the listing. While smaller than other crypto IPOs, the move marked an essential step for consumer-focused firms. Fold has shown that there is demand for apps that integrate Bitcoin (and altcoins) into everyday spending. Its model, rewarding users with Bitcoin for purchases through its debit card and app, put it at the center of this trend.
Gemini
Founded by the Winklevoss twins, Gemini has long positioned itself as a “compliance-first” crypto exchange. While the company endured a rough period following the Gemini Earn lending program fallout, its journey toward a public listing marks a strategic reset.
Gemini made a significant move by filing a registration statement on Form S-1 with the SEC, a key step toward its initial public offering. On August 15, 2025, the company announced its intent to list on the Nasdaq Global Select Market under the ticker symbol GEMI.
The IPO is subject to market conditions, and while not yet trading, the filing reassures long-time users and signals a new chapter for the company, offering investors a more regulated entry point into the crypto market.
Why Do Crypto Companies Go Public?
Coinbase’s direct listing in 2021, under the ticker COIN, illustrates why companies choose to enter public markets. The crypto exchange debuted on Nasdaq with a valuation that peaked at $85.8 billion, signaling strong investor interest and setting a benchmark for other digital asset firms.
Aside from the capital companies receive after an IPO, they also secure their legitimacy in the market. A stock exchange listing signals compliance with stricter standards, which can attract institutional investors, improve regulatory trust, and strengthen business partnerships. It also creates liquidity, allowing early investors and employees to sell shares, while enabling the company to use stock as a currency for acquisitions.
Public status can serve as a buffer during market downturns, giving companies additional resilience. However, it comes with trade-offs: greater scrutiny, heavier compliance obligations, and reduced flexibility. Coinbase’s experience highlights that for some firms, especially in emerging industries, the benefits of going public can outweigh the challenges.
Closing Thoughts
Crypto companies stepped firmly into public markets in 2025. Circle and Bullish drew the most attention with billion-dollar listings, but other names such as Galaxy Digital, eToro, and Fold also marked their arrival. Each debut carried a different weight: Circle showed that stablecoins can fit into traditional finance, Bullish demonstrated appetite for exchanges, and consumer-facing firms like Fold proved that smaller ideas can still attract public interest.
2025 made one thing clear: investors now treat crypto companies as part of the broader financial system. Their future performance will depend on regulation, adoption, and how they manage the volatility that defines digital assets. 2025 will be remembered as the year crypto listings became a regular part of Wall Street.
