Circle, Bullish, eToro: The Crypto IPOs That Defined 2025 and Changed Finance Forever

The floodgates are open. 2025 wasn't just another year for crypto—it was the year Wall Street finally wrote the invitation.

From Stablecoin Giant to Public Behemoth

Circle's debut didn't just list a company; it listed the plumbing of the modern digital economy. Its USDC stablecoin, already a titan in daily settlement volume, became the bedrock asset investors could finally touch through traditional markets. The move didn't just validate a business model—it forced every major bank to recalculate their own relevance.

The Exchange That Bypassed the Middlemen

Bullish's offering cut out the usual IPO song and dance. Leveraging a direct listing through a special purpose acquisition company (SPAC), it showcased a crypto-native agility that left traditional underwriters shuffling papers. Here was an exchange, built for institutional-grade digital asset trading, using its own playbook to enter the public arena—a fittingly disruptive entrance.

Retail's Gateway Gets Its Stamp of Approval

eToro's long-anticipated public listing turned the 'social trading' pioneer into a mainstream fixture. By bringing millions of retail investors along for the ride, it underscored a seismic shift: crypto access is no longer a niche offering but a baseline expectation for any serious trading platform. Their success was a stark memo to legacy brokers still treating digital assets as a side hobby.

The collective message was deafening. Regulatory hurdles? Navigated. Market skepticism? Answered with record-breaking order books. These weren't speculative bets pleading for legitimacy; they were mature, revenue-generating infrastructures demanding a seat at the table. The cynical finance jab? Watching traditional funds, who spent years dismissing the space, now scrambling to explain their new 'digital asset allocation' to shareholders. The future arrived, and it printed its prospectus.

In Brief

• 2025 was the record year for crypto IPOs, with 11 stock market launches raising 14.6 billion dollars, led by Circle (+168%), Bullish (+143%), and eToro (+32%).
• Behind the blazing performances, post-IPO volatility and regulatory challenges remind us of the sector’s ongoing risks.
• Circle redefined the IPO sector by validating stablecoins as mainstream financial assets, paving the way for a new era for crypto in 2026.

2025, the Record Year for Crypto IPOs

The year 2025 will remain engraved as the great return of crypto IPOs. With 11 stock market launches raising a total of 14.6 billion dollars, the sector shattered the 2024 records, where only 310 million had been raised. Three players dominated the news: Circle, Bullish, and eToro, each with performances worthy of the greatest Wall Street success stories.

• Circle, listed on the NYSE on June 5, saw its stock jump by 168% on the first day! Thus boosting its valuation from 6.9 to 16.7 billion dollars;
• Bullish, launched on August 13, recorded a 143% increase at opening, reaching a valuation exceeding 10 billion;
• As for eToro, its Nasdaq debut on May 14 ended with a gain of 32%, for a valuation of 5.4 billion.

These performances were supported by a favorable political context, marked by the adoption of the GENIUS Act and a relaxation of regulatory tensions under the TRUMP administration. Moreover, the Fed’s interest rate cuts rekindled the appetite for risk.

Behind the Records, the Pitfalls: Volatility, Regulation, and Lessons to Learn

While the 2025 figures impress, they mask a more nuanced reality. The post-IPO performances of these crypto giants reveal persistent challenges, starting with volatility that recalls the speculative nature of the sector. Circle, despite its blazing start, saw its stock retreat facing interest rate cuts. This is a major risk for stablecoins like USDC. Bullish, meanwhile, has lost 52% of its value since its launch, illustrating dependence on crypto market cycles.

Regulation remains another hurdle. Despite progress, such as SEC dropping lawsuits against several players, uncertainty remains. Kraken, for example, is still awaiting the green light for its IPO planned in 2026. Finally, competition is intensifying, with crypto platforms like Gemini or BitGo preparing to go public, risking to saturate an already volatile market.

Circle, or How a Crypto IPO Can Redefine an Entire Sector

Circle not only succeeded in its IPO. It transformed the USDC stablecoin into a mainstream financial asset. This has paved the way for a new era for crypto. With a 168% increase on the first day, Circle validated the stablecoins model with institutional investors, USDC now being used for cross-border payments and tokenized markets.

Circle’s impact goes far beyond its own performance. Its IPO triggered a domino effect, prompting Bullish and eToro to launch! Followed by Kraken and Grayscale announcements for 2026. The data speak for themselves: USDC currently represents 27% of the stablecoin market, behind Tether (67%), and Circle registered 156 million dollars in net profits in 2024.

Crypto undeniably marked Wall Street in 2025. But behind the records lie major challenges, from volatility to regulation. With Kraken and others lurking for 2026… is this IPO wave sustainable or just a flash in the pan? And you, WOULD you be ready to invest in a crypto IPO next year?

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