Circle’s blockbuster IPO has sent ripples through the cryptocurrency world, igniting a flurry of speculation about which digital finance giants might be next in line for a public debut. As of today, June 22, 2025, industry insiders are buzzing with anticipation as heavyweights in the crypto sphere gear up for potential listings amid soaring investor demand.
The Domino Effect: Who’s Next?
The success of Circle’s market entry has seemingly set the stage for others to follow suit. Coinbase, which went public back in April 2021, might soon have company on the Nasdaq or NYSE from the likes of Kraken and Blockchain.com. According to sources close to the matter, these companies are quietly laying the groundwork for their own IPOs, driven by a burgeoning interest from retail and institutional investors alike.
“Circle’s IPO was a watershed moment,” says Jennifer Lee, a fintech analyst at MarketWatch. “It’s not just about the capital raised. It’s a validation of the entire sector. Companies that were on the fence about going public are now seriously considering it.”
The timing couldn’t be more opportune. With Bitcoin maintaining its position above the $30,000 mark and Ethereum 2.0 promising to enhance scalability, the market environment is enticing. Yet, the question looms: Can these firms replicate Circle’s triumph? As explored in our recent coverage of Circle’s continued surge and its impact on the market, the company’s success story is setting a precedent for others.
Market Sentiments and Strategic Moves
Kraken, a major player in the exchange landscape, has been particularly vocal about its public listing aspirations. The company’s CEO, Jesse Powell, hinted in a recent podcast about the inevitability of an IPO, though he stressed the importance of market conditions aligning with their strategic vision. This follows Kraken’s strategic expansion into DeFi, as detailed in our report on Kraken’s Bitcoin staking via Babylon.
Meanwhile, Blockchain.com is reportedly in talks with several investment banks to spearhead its listing process. The firm, which boasts a user base of over 80 million wallets, stands as a formidable contender in the crypto market. Its focus on expanding its DeFi (Decentralized Finance) offerings could further sweeten the deal for potential investors.
“The interest in DeFi platforms has never been higher,” notes Lucas Wright, a blockchain strategist. “Investors are keen on companies that offer more than just trading services. They’re looking for firms that can innovate and adapt to the fast-evolving crypto landscape.”
A Historical Perspective
This isn’t the first time the crypto market has been at the brink of a public offering frenzy. The buzz around initial coin offerings (ICOs) in 2017 was reminiscent of the dot-com boom, albeit with its own set of challenges. However, today’s IPOs are seen as more mature, regulated, and investor-friendly.
The regulatory landscape, while still evolving, has come a long way. The SEC’s recent clarity on crypto-related securities has provided a much-needed framework for companies eyeing the public markets. However, with regulation comes scrutiny—a factor that firms must navigate carefully.
The Road Ahead
As we look toward the latter half of 2025, the crypto industry seems poised for a transformative period. The potential IPOs of Kraken, Blockchain.com, and others could usher in a new era of transparency and mainstream acceptance for digital assets. Yet, it’s not without its uncertainties.
Can these companies sustain the momentum? Will regulatory hurdles stifle their progress, or will they navigate these waters with the agility for which the crypto world is known? Only time will tell.
In the end, Circle’s successful IPO is more than just a financial milestone. It’s a clarion call for the industry, signaling that the world is ready for crypto to step out of the shadows and onto the main stage. But as the saying goes, with great power comes great responsibility—a mantra that these potential IPO candidates would do well to heed.
Source
This article is based on: Which Crypto IPOs Could Be Next Following Circle?
Further Reading
Deepen your understanding with these related articles:
- Crypto Exchange Bullish to Host $10M Trading Competition
- Why Are So Many Public Companies Pivoting to Crypto, And What Happens If Bitcoin Crashes?
- Crypto Exchange Token a Surprise Winner as Bitcoin, ETH and XRP Stay Flat: Analysis
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
