Crypto IPOs Are Making Wall Street Go Wild. There Are More in the Pipeline.

The Bullish initial public offering on the floor of the New York Stock Exchange on Wednesday (Michael Nagle/Bloomberg)

It’s been a hot year for initial public offerings and other riskier assets. Look no further than crypto: Bitcoin has surged more than 25% this year to a record high. So it should come as no surprise that crypto-related firms, looking to capitalize on the bull run for digital currencies, have also been going public. More crypto IPOs, and new listings in general, are likely on the way soon.

Stablecoin company Circle Internet Group had its IPO in June, and its stock price has nearly quintupled since then. Circle just reported solid results for the second quarter as well. And just this week, two other companies with ties to crypto made their way to Wall Street: CoinDesk owner Bullish soared 84% on its first trading day and rallied again a day later, while exchange operator Miami International Holdings, which also lets investors buy and sell Bitcoin options, rose about 30% in its debut.

It’s not just crypto companies making waves on Wall Street. Design software firm Figma, medical imaging company Heartflow, fintech Chime, and drone maker AIRO Group Holdings have all gone public this summer and performed well.

Investors who want to participate in the trend could buy the Renaissance IPO exchange-traded fund, which is up 15% this year, beating the S&P 500’s 10.8% gain.

“The IPO market has been fairly open for the past three months, and crypto companies in particular have benefited from that,” says Harrison Tucker, a partner in the capital markets and securities group of Gibson Dunn & Crutcher, a law firm whose clients include crypto clients looking to go public. “Investors want access to this nascent industry.”

The pro-crypto stance of President Donald Trump and Congress hasn’t hurt.

So what’s coming next on the crypto front? Gemini, the crypto trading firm run by Cameron and Tyler Winklevoss of Facebook fame, crypto asset management platform Grayscale, and BitGo, a digital asset security company, have all filed confidentially with the Securities and Exchange Commission to go public. They don’t have to share financial information until they are closer to their IPO dates.

There has also been chatter about other so-called unicorns—private companies worth at least $1 billion in their last round of financing—in the crypto sector that could go public soon. Fireblocks, Consensys, and Kraken have been mentioned frequently as IPO candidates.

“Digital finance will drive the next wave of innovation,” says Najam Kidwai, co-founder and CEO of C1 Fund, a closed-end investment firm that just listed its shares on Wall Street and is looking to buy stakes in crypto businesses. “It’s nice to see more crypto companies in the U.S. that are pre-IPO getting more exposure.”

But it all comes down to performance. While the IPO market is probably about to undergo its typical late-summer slowdown, the favorable receptions for Circle and Bullish should mean that more crypto firms will want to test the waters on Wall Street later this year and into 2026.

Write to Paul R. La Monica at paul.lamonica@barrons.com