Circle's IPO on June 5, 2025, was a major success, with CRCL soaring nearly 290%, signaling a strong investor appetite for crypto. This event has sparked interest in the public markets for other crypto firms, as evidenced by recent IPO filings from Gemini and Bullish. Ethereum-based exchange Bullish and the Winklevoss-led Gemini are among the companies preparing to go public amid increasing regulatory clarity and normalized institutional capital investment in crypto. Kraken, a large US exchange, is also reportedly considering an IPO possibly in early 2026. Other notable candidates include BitGo, Consensys, Ledger, Fireblocks, and Chainalysis, all of which are exploring potential public offerings. While Circle's performance sets a high bar, future crypto IPOs could serve as pivotal moments for bridging traditional finance and the crypto world, even if they do not match Circle's explosive returns.

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