Crypto IPO Momentum: Will Circle’s NYSE Debut Pave the Way for Bullish, Gemini, and Others?
Circle is doing something bold and it might just change the game for the rest of the crypto world.
The company behind USDC, the second-largest stablecoin, is heading for a public listing on the New York Stock Exchange.
That alone is big news. But the fact that it's being backed by financial giants like JPMorgan and Goldman Sachs makes this move feel even more significant.
Circle isn’t just going public, it’s kicking down the door. And the real question now is: who follows?
Could this IPO open the floodgates for other major players like Gemini, Bullish, and Paxos to take the same route?
Let’s explore what Circle is doing right, what others are watching, and what this could mean for the future of crypto and capital markets.
• Circle’s Path to Public Markets: A Blueprint for Crypto
Unlike many crypto startups that sprinted ahead on hype and speculation, Circle took a different route. It invested heavily in compliance, transparency, and institutional trust. USDC is fully backed by cash and short-term U.S.
Treasuries, and Circle publishes monthly attestation reports. That kind of financial discipline isn’t flashy, but it’s exactly what regulators and public investors want to see.
Going public through a traditional IPO (not a SPAC or reverse merger) also signals confidence.
Circle is submitting itself to the full scrutiny of the SEC and public markets,quarterly earnings, disclosures, risk audits the whole package.
It’s this commitment to doing things by the book that makes Circle IPO-ready.
Gemini: Built for Trust, Struggling with Fallout
If there's another crypto firm that’s put compliance front and center, it’s Gemini.
Founded by the Winklevoss twins, Gemini has always tried to differentiate itself with strong regulatory positioning. It was one of the first exchanges to obtain a New York BitLicense, and it’s long marketed itself as a secure, regulation-friendly platform.
But recent troubles have clouded its narrative.
The Gemini Earn product which was tied to the now-bankrupt Genesis Global Capital has led to legal battles with the SEC and a hit to customer trust.
Even though Gemini still has a solid brand and platform, these legal overhangs could delay any plans for going public.
Still, if it can settle its disputes and rebuild trust, Gemini remains a strong IPO candidate especially given its deep ties to institutional crypto and regulatory infrastructure.
Bullish: Big Money, Low Profile, High Potential
Then there's Bullish, the well-funded, lesser-known contender.
Backed by Block.one and launched with a jaw-dropping $10 billion in assets (including Bitcoin and cash), Bullish blends centralized exchange features with on-chain transparency.
It’s run by a heavyweight team, including former NYSE President Tom Farley as CEO.
Bullish had plans to go public via a SPAC in 2021, but that deal was eventually scrapped. Since then, the company has kept a relatively low profile building quietly and positioning itself for the long game.
If Circle’s IPO proves that Wall Street is ready for crypto infrastructure, Bullish may be next in line to reignite its listing ambitions.
• What Circle’s IPO Signals to the Industry
Circle’s listing doesn’t just validate itself it raises the bar for everyone else.
From now on, crypto firms looking to go public will be measured against Circle’s transparency, regulatory approach, and institutional alignment. Investors will ask: Do you publish reserve attestations? Are you working with regulators? Do you have sustainable revenue, not just trading fees? This could push crypto companies to mature faster, clean up balance sheets, and think long-term. The days of vague roadmaps and endless token speculation? They won’t cut it in public markets.
Final Thoughts: A New Chapter for Crypto?
Circle’s IPO might not trigger a gold rush of crypto listings overnight. But it opens a very important door.
If it performs well and gains investor confidence it could mark a turning point. One where crypto firms stop being outsiders and start being seen as serious players in global finance.
In the coming months, eyes will be on Gemini, Bullish, and others. Will they make the leap? Will regulators welcome them? Will investors bite?
One thing is certain: Circle just raised the bar.
And the rest of the industry is now on notice.
📚 References
1. Circle Files for IPO – U.S. Securities and Exchange Commission (SEC), 2024 🔗 https://www.sec.gov
2. JPMorgan, Goldman Sachs Back Circle’s IPO Plan – Bloomberg, Jan 2024
3. Bullish Abandons SPAC Merger, Keeps IPO Option Open – The Block, Dec 2022 Bullish ended its SPAC plans but remains in the running for future public listing. 🔗 https://www.theblock.co/post/197568/bullish-ends-spac-deal-eyes-future-listing
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