Circle's Blockbuster IPO Signals Major Crypto Public Offering Wave, Bybit Analysis Shows

Rhea-AI Summary

Circle (NYSE: CRCL), the USDC stablecoin issuer, completed a remarkable IPO debut with shares surging from $31 to $107 in the first week of trading. According to Bybit's Crypto Insights Report, investment bankers significantly undervalued Circle's IPO, demonstrating strong market appetite for crypto equities. The successful listing signals growing mainstream acceptance of digital assets and sets a new benchmark for the crypto industry. The report identifies six potential crypto companies, including Fireblocks and Chainalysis, preparing for IPOs with billion-dollar valuations. The favorable regulatory environment under the new U.S. administration has created optimal conditions for crypto companies to access public markets, potentially leading to a wave of crypto IPOs that could further legitimize the cryptocurrency industry in global finance.

Positive

• Circle's stock price surged 245% from $31 to $107 in first week of trading
• Strong market demand demonstrated by IPO oversubscription
• Favorable regulatory environment supporting crypto companies' public market access
• Six major crypto companies including Fireblocks and Chainalysis preparing for IPOs

Negative

• Investment bankers significantly underestimated Circle's valuation, indicating potential market pricing challenges
• Historical precedent of Coinbase's post-IPO correction in 2022 suggests potential volatility risks
• Traditional valuation methods may need revision for crypto companies, creating uncertainty

DUBAI, UAE, June 10, 2025 /PRNewswire/ -- Bybit, the world's second-largest cryptocurrency exchange by trading volume, features Circle's successful initial public offering (IPO) in the latest Bybit Crypto Insights Report, analyzing where Wall Street missed—massive pre-IPO undervaluation, and which crypto juggernauts are positioned to capitalize on the emerging IPO wave.

Circle (NYSE: CRCL), the issuer of the USDC stablecoin, demonstrated the market's appetite for crypto equities when its stock surged from an IPO price of $31 to close at $107 in its first week of trading. The new Bybit report looks beyond the ticker to highlight the broader impact on the crypto industry, as Circle made history in crafting compelling narratives under the current crypto-positive climate in the U.S.. The Circle IPO has established a new benchmark for the industry and signaled growing mainstream acceptance of digital assets.

Crypto Valuations Humbled Investment Bankers

Investment bankers significantly underestimated Circle's evaluation. Its blowout debut far exceeded Wall Street expectations, with oversubscription at the IPO stage and an extraordinarily streak of high demands after the company went public. The phenomenon speaks to crypto's game-changing nature as more blockchain and crypto firms are expected to enter capital markets, rewriting the rulebooks of conventional valuation methods, models, and metrics.

The report also examines Circle's fundamentals and competitor landscape for further gains, while drawing parallels to Coinbase's post-IPO experience during the 2022 market correction on potential risks.

Six Companies Leading the 2025 Crypto IPO Pipeline

Circle is just the beginning. The report identified six candidates gearing up for IPO, each with unique edges in crypto and blockchain. From DeFi to the security layer, key players including Fireblocks and Chainalysis, among others, are looking at billions in valuation.

The timing could not have been better. Industry experts note that the favorable regulatory environment under the new U.S. administration has created optimal conditions for crypto companies to access public capital markets. The anticipated wave of crypto IPOs is expected to further legitimize the cryptocurrency industry's role in global finance.

Read more about the Circle IPO's impact on broader market sentiment and learn more about which companies will join the race: Bybit Crypto Insights Report: Investment bankers underestimate Circle's valuation; what are the next potential crypto IPOs?

#Bybit / #TheCryptoArk /#BybitResearch

About Bybit

Bybit is the world's second-largest cryptocurrency exchange by trading volume, serving a global community of over 70 million users. Founded in 2018, Bybit is redefining openness in the decentralized world by creating a simpler, open and equal ecosystem for everyone. With a strong focus on Web3, Bybit partners strategically with leading blockchain protocols to provide robust infrastructure and drive on-chain innovation. Renowned for its secure custody, diverse marketplaces, intuitive user experience, and advanced blockchain tools, Bybit bridges the gap between TradFi and DeFi, empowering builders, creators, and enthusiasts to unlock the full potential of Web3. Discover the future of decentralized finance at Bybit.com.

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SOURCE Bybit

FAQ

What was Circle's (CRCL) IPO price and first week performance?

Circle's IPO was priced at $31 per share and the stock surged to $107 by the end of its first week of trading, representing a 245% increase.

Which crypto companies are expected to go public after Circle's IPO?

According to Bybit's report, Fireblocks and Chainalysis are among six candidates preparing for IPOs, each potentially valued at billions of dollars.

How did investment bankers evaluate Circle's IPO valuation?

Investment bankers significantly underestimated Circle's valuation, as evidenced by the IPO's oversubscription and strong post-listing performance.

What impact does Circle's successful IPO have on the crypto industry?

Circle's successful IPO sets a new benchmark for the industry, signals growing mainstream acceptance of digital assets, and could trigger a wave of crypto company public offerings.

What risks are associated with Circle's IPO based on historical precedent?

The report draws parallels to Coinbase's post-IPO experience during the 2022 market correction, suggesting potential volatility risks for crypto-related stocks.