"Crypto Summer" in IPOs

The so-called 'Crypto Summer' is consolidating in public markets, where crypto firms are taking advantage of a favorable climate to go public. This not only expands retail investor access to digital assets but also reinforces the legitimacy of the sector as it is backed by regulated markets and more reliable financial frameworks.

(An IPO (Initial Public Offering) is when a company decides to sell its shares to the public for the first time on the stock exchange)

Bullish, backed by Peter Thiel, plans to go public on the NYSE, seeking to raise up to $629 million at a valuation of up to $4.2 billion. The offering is highly demanded, and big names like BlackRock and ARK have already expressed considerable interest.

Companies like Galaxy Digital, eToro, Circle, and Exodus are already trading or have recently debuted. Others like BitGo, Grayscale, Kraken, OKX, and Gemini are in the process of listing in the U.S.

The IPO of Circle (USDC) $USDC was explosive: after debuting in June on the NYSE, its shares jumped more than 124% in the initial moments of trading.

Transition to Wall Street: Why is this happening now?

There is evidence of a wave of institutional interest: with Bitcoin $BTC surpassing $120K, investors are seeking more stable and regulated exposure to the crypto ecosystem.

The regulatory environment in the U.S. has become more favorable under the Trump administration, especially with laws like the GENIUS Act and signs of greater clarity from the SEC.

Crypto companies are no longer seen only as speculative projects: they now present solid models, financial transparency, and growth potential, making them attractive to the public market.

Upcoming IPOs to watch closely

Gemini: Backed by Goldman Sachs and Citigroup. Estimated time: this year.

BitGo: Confidential IPO in preparation, A custody firm with a strong institutional presence.

Grayscale: Confidential registration with the SEC, managing ~$50 billion in assets; possible IPO by late 2025 or early 2026.

Kraken: Evaluating an IPO for 2026, Target valuation: $15 billion.

Circle: IPO successfully completed in June, Established as a pioneer of this wave.