Gemini Debut and $15B Kraken Valuation Show Crypto IPO Rush to Wall Street

Core Insights - 2025 is anticipated to be a significant year for crypto IPOs, following Circle's successful NYSE debut in June [2][4] - Major capital raises and the increasing number of crypto firms seeking public listings indicate a pivotal moment in integrating the crypto industry with traditional finance [3][6] - The surge in crypto IPOs is seen as a sign of the industry's maturation and institutionalization [6][7] Company Developments - Circle's IPO on June 5 was priced at $31, raising approximately $1.05 billion, with shares soaring up to 180% on the first trading day [4][5] - Tether is reportedly negotiating a $20 billion funding round, which would elevate its valuation to $500 billion, comparable to major companies like Netflix [5] - Kraken's valuation reached $15 billion ahead of its anticipated IPO, positioning it among the most valuable private exchanges globally [5][6] Industry Trends - The entry of crypto firms into public markets is expected to provide legitimacy and access to institutional capital, facilitating further development and integration of digital assets [6][7] - The rise of stablecoins, with over $300 billion in circulation, is becoming essential for digital payments, especially in high-inflation countries [7]