📈 On June 5, crypto firm Circle made a dramatic debut on the NASDAQ, reigniting interest in initial public offerings (IPOs) after a multi-year freeze. Backed by Accel, Breyer Capital, and General Catalyst, Circle’s stock soared over 500%, propelling its market cap to $42 billion. This explosive rally brought long-dormant IPO ambitions back to life.
✅ The catalyst behind the surge was the passing of the GENIUS Act, a new federal law that provided clear regulatory guidelines for dollar-pegged stablecoins. This clarity boosted investor confidence, and the value of the stakes held by Accel, Breyer, and General Catalyst now exceeds $8 billion.
💰 VC Investors Finally See the Light – IPO Drought Eases
Since early 2022, tech IPOs had essentially vanished. Skyrocketing inflation, interest rate hikes, and regulatory uncertainty froze the market. But Circle’s IPO appears to be a turning point. In June 2025 alone, five tech firms went public – more than double the monthly pace since January.
Another standout was AI infrastructure company CoreWeave, which saw its stock jump 170% in May and another 47% in June after a slow debut in March.
📊 IPO Momentum Builds as Big Names Stay Private
While some smaller players like Hinge Health, Omada Health, Etoro, and Chime Financial have gone public, none have matched Circle’s scale or speed. Omada’s shares even dropped below their IPO price.
Meanwhile, tech giants like SpaceX, Stripe, Databricks, OpenAI, and Anthropic remain private. Still, venture capital firms report that many more companies are quietly preparing to go public.
🔍 Secondary Sales, Strategic Deals, and Hope for Change
Some VCs are cashing out via secondary sales—offloading shares to new investors ahead of IPOs. Others are pursuing strategic deals. One example: In June, Meta spent $14 billion for a 49% stake in Scale AI, securing key talent including founder Alexander Wang.
Accel, which led Scale’s Series A in 2017, may earn over $2.5 billion. Index Ventures and Founders Fund also invested early and stand to profit significantly.
VCs like Rick Heitzmann from FirstMark Capital remain cautiously optimistic. “The IPO window is opening, and we’re preparing companies for the next wave,” he said.
📉 Some IPOs Still Delayed
Companies like Klarna and StubHub postponed their IPOs in April amid concerns over tariffs and global risks. The Fed has yet to commit to rate cuts, and while the SEC is reportedly discussing easing IPO rules with U.S. exchanges, no official changes have been announced.
💡 Summary
Circle’s IPO reignited the market, signaling a potential revival for tech public offerings. After years of stagnation, a light is emerging at the end of the tunnel—and that light is the blazing ascent of a crypto company. Circle may be just the beginning of a fresh IPO boom.
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