Crypto Firms Surge on Wall Street With 4 IPOs in 7 Months

It took years of volatility, lawsuits, and “crypto winter” scars—but in just the first half of 2025, four major crypto companies have gone public. And the message is clear: Wall Street is officially embracing crypto.

Circle, Galaxy Digital, eToro, and Exodus have all joined the public markets since late 2024. These aren’t meme token startups or hype-driven DeFi plays. They’re serious infrastructure players—regulated, revenue-generating, and increasingly aligned with institutional finance.

Let’s Break Down the Big Four Crypto IPOs of 2025 (So Far)

1. Circle (NYSE: CRCL)

• IPO Date: June 2025
• Raised: $1.05 billion
• Valuation: ~$8 billion
• Ticker: CRCL
• Highlight: Largest crypto IPO since Coinbase in 2021
  Circle, the issuer of the $33B+ market cap USDC stablecoin, made headlines by going public on the NYSE. CEO Jeremy Allaire called it a move toward “greater transparency and trust,” aiming to bridge the gap between crypto and traditional finance.

2. Galaxy Digital (NASDAQ: GLXY)

• Uplist Date: May 2025
• Origin: Previously traded in Toronto
• Valuation: Estimated ~$5 billion
  Galaxy didn’t raise fresh capital on its uplisting day but followed with a secondary offering. Its shift from the Cayman Islands to Delaware helped satisfy SEC listing requirements. The move signaled the firm’s long-term commitment to U.S. investors and crypto legitimacy.

3. eToro (NASDAQ: ETRO)

• IPO Price: $52
• Valuation on Debut: ~$5.6 billion
• Highlight: Surged nearly 30% on day one
  The Israeli social trading platform made its move public after a long road to regulatory alignment, including settlements with the SEC. eToro’s blend of fintech and crypto exposure made it a compelling IPO story in a market craving diversified plays.

4. Exodus (NYSE: EXOD)

• Uplist Date: Late 2024
• Market Cap: ~$900 million
  Best known for its non-custodial crypto wallet, Exodus represents the self-custody trend. Though smaller, its NYSE listing reflects a growing appetite for crypto-native software companies with real user traction and subscription revenue models.

Why Is This Happening Now?

Several market and political tailwinds are driving this wave of crypto IPOs:

✅ Regulatory Clarity (Finally)

Under the Trump administration, regulators have softened their tone on crypto. Spot Bitcoin ETFs were greenlit, and stablecoin frameworks are moving through Congress. Lawsuits against major firms like Ripple and Coinbase are fading into history.

✅ Institutional Confidence

Firms like BlackRock, Fidelity, and Visa are either investing directly in crypto companies or integrating blockchain tech into their services. With institutional finance backing the space, crypto IPOs are no longer taboo—they’re trendy.

✅ Real Revenue, Real Models

These IPOs are no longer speculative plays. Whether it’s USDC transaction revenue (Circle), asset management (Galaxy), or consumer trading (eToro), these businesses now operate more like fintechs with crypto features than risky startups.

✅ A Shift in Public Perception

Wall Street is waking up to the fact that crypto is not just about Dogecoin and NFTs. It’s about infrastructure, compliance, capital efficiency, and programmable money.

Honorable Mentions: Earlier Crypto Listings That Set the Stage

• Coinbase (COIN) – Listed via direct listing in April 2021 at a jaw-dropping $85 billion valuation. Recently joined the S&P 500, further solidifying its institutional profile.
• Robinhood (HOOD) – Though not crypto-native, its crypto trading volumes gave it major exposure to the space. Its 2021 IPO at $32B valuation showed the potential of hybrid fintech-crypto platforms.

Legacy Players Turned Crypto Titans

Some firms went public before they leaned into crypto—then transformed entirely:

• MicroStrategy (now Strategy): Once an analytics firm, now effectively a Bitcoin ETF, holding 568,000+ BTC and boasting a $25B+ valuation.
• Riot & Marathon: These former biotech and patent companies pivoted to Bitcoin mining and rode the bull wave to multibillion-dollar caps.

Who’s Next in the Crypto IPO Pipeline?

1. ConsenSys – Developer of MetaMask, valued at $7B. Infrastructure powerhouse.
2. Ledger – Hardware wallet leader, prepping for Euronext or U.S. listing.
3. Fireblocks – Institutional custody provider, valued at $8B.
4. Chainalysis – Blockchain forensics firm working with law enforcement.
5. Kraken – U.S.-based crypto exchange building IPO readiness.
6. Revolut – Fintech giant with deep crypto integrations.

The Takeaway: Crypto Is No Longer the Outsider

Crypto firms are now playing by Wall Street’s rules—and thriving.

These IPOs are more than fundraising events. They’re milestones in the merging of decentralized finance and traditional capital markets. Public listings mean accountability, transparency, and access to deeper capital pools. They also signal that crypto’s chaotic adolescence may be maturing into a sustainable financial era.

Investor Insights: Why This Matters

For investors, this shift opens up new opportunities:

• Diversified Exposure – Now you can buy into crypto growth without owning tokens. Stocks like Circle or eToro offer structured, audited businesses.
• Risk Management – Public listings provide transparency into financials, governance, and risk protocols.
• Mainstream Legitimacy – IPOs serve as strong signals for global investors who’ve been sitting on the sidelines.

FAQs

Q: What’s the biggest crypto IPO so far in 2025?
A: Circle’s $1.05 billion NYSE debut is the largest since Coinbase in 2021.

Q: Are these companies profitable?
A: Many are not yet profitable but have strong revenue models and growing market share.

Q: Is this the beginning of a trend?
A: All signs point to yes. With regulatory clarity and institutional backing, more crypto firms are preparing IPOs for 2025–2026.

Q: How do these IPOs affect crypto adoption?
A: They build public trust, increase access for traditional investors, and help integrate crypto into broader financial systems.