Crypto IPOs Ride the Wave as Circle, Bullish and Gemini Join Tech’s Soaring Debuts
The 2025 IPO market is on fire — and crypto firms are right in the middle of it.
From stablecoin giants to trading platforms, digital asset players are now seeing the same euphoric “pops” that have long defined Silicon Valley’s hottest debuts.
Tech-Led IPO Mania
Figma’s blockbuster July listing grabbed headlines when the design software firm priced at $33 a share, only to skyrocket 250% on its first trading day to close at $115.50.
Just weeks before, stablecoin operator Circle Internet Group (CRCL) had staged a crypto-infused version of that playbook. Circle priced its IPO at $31 and surged more than 165% on its first day to $83.23, proving investor appetite for digital finance companies was anything but niche.
Circle share price (Source: Yahoo Finance)
Across the board, IPOs are outperforming. According to Rainmaker Securities, deals in the first half of 2025 notched an average 27.5% first-day gain — almost double last year’s 15% and close to the record 29.2% peak of 2021.
Tech offerings in particular are driving the action, with the NYSE reporting average first-day hikes of 36.3%.
Crypto Firms in the Spotlight
Crypto has gone from outsider to center stage.
Following Circle’s success, crypto exchange Bullish (BLSH) priced at $37 in August and closed its first session at $68, an 80% pop.
Even before Bullish, market watchers had been eyeing the pipeline. Gemini, the exchange founded by Cameron and Tyler Winklevoss, had its own IPO launch yesterday. Nasdaq was tapped as its listing partner, positioning Gemini alongside tech and fintech heavyweights.
Together, Circle, Bullish, and Gemini show how crypto-native firms are being welcomed into Wall Street’s mainstream — and rewarded handsomely.
A Market Prone to Corrections
Still, IPO fireworks often fade as quickly as they ignite. Figma, which opened at $85, now trades closer to $54. While that’s still above its IPO price, it’s well below the first-day close. Economists warn that companies with outsized first-day gains historically underperform less-hyped peers over time.
But for now, the heat shows no sign of cooling. Crypto and tech together have raised more than $13.5 billion this year through IPOs, according to NYSE data. With dealmaking accelerating, the next wave — including Gemini’s much-anticipated debut — could cement 2025 as a breakout year for both Wall Street and Web3.
