From Circle to Bullish: Crypto Wraps Up 'Bellwether Year' for IPOs

Core Insights - This year has seen a significant increase in crypto IPOs, driven by retail interest, political support, and a reopened U.S. IPO market [1] - Companies from various sectors, including exchanges and stablecoin issuers, are actively pursuing public listings, leading to a crowded IPO calendar [1] Group 1: Notable IPOs and Market Activity - Coinbase's Nasdaq debut in 2021 was the only major IPO success for the crypto industry until this year [2] - Circle, the issuer of USDC, and crypto exchange Bullish are notable companies that attempted to go public via SPACs before successfully listing [2] - Circle's initial SPAC merger attempt in 2021 valued the company at up to $9 billion but was terminated in late 2022 due to market conditions [3] Group 2: Market Reception and Performance - Circle's NYSE debut was highly popular, leading to trading halts within the first hour, although its momentum has since slowed due to Federal Reserve interest rate changes [4] - Bullish also experienced a significant increase in share price upon its public listing in August, following a similar SPAC background as Circle [5] - eToro, while not exclusively a crypto company, saw its valuation rise to $5.4 billion after its Nasdaq debut in May, despite scaling back its crypto offerings [5] Group 3: IPO Aspirations and Challenges - Not all companies have successfully completed their IPOs this year; FalconX is reportedly considering an IPO but has not filed any paperwork with the SEC [6]