Encryption companies are keen on going public in the US stock market, with Circle leading the new wave.

Recently, the cryptocurrency industry has ushered in a wave of listings on the U.S. capital markets. With the continuous optimization of the U.S. regulatory environment and favorable policies, more and more cryptocurrency institutions are actively planning to go public in the U.S. Among them, the successful listing of stablecoin giant Circle is particularly noteworthy, as it not only has driven market attention towards cryptocurrency concept stocks but also demonstrates investors' strong optimism about the prospects of the stablecoin industry.

Circle stock price soars, investment institutions begin to take profits.

The performance of Circle after its IPO has become the focus of the global financial market. According to reports, Circle is one of the seven largest underpricing cases for IPOs in the past 40 years. As of the close on June 18, Circle (CRCL) had a stock price of $199.59, with a total market capitalization reaching $44.417 billion, which is more than 70% of the circulating market value of its stablecoin USDC. On that day, the single-day trading volume set a historical high, reaching 63 million shares. From the intraday high of $215.7, the cumulative increase compared to its IPO issue price of $31 was as high as 595%, fully reflecting the enthusiasm of the market.

Behind the strong performance of Circle is the premium effect of the stablecoin narrative. Its CEO recently emphasized that stablecoins may be the most practical form of currency in history, but the entire industry has yet to achieve a breakthrough. Once the stablecoin industry enters a new phase, developers will be able to unlock the potential of programmable digital dollars, bringing broad opportunities to the internet.

The capital boom of Circle is not a coincidence, but a result of the resonance between policy turning points and ecological trends. The regulation of stablecoins in the United States is迎来 a turning point, and the passage of the "GENIUS Act" marks the first time the U.S. has established a regulatory framework for dollar-backed stablecoins in legislative form. This not only requires stablecoin issuers to have clear reserve proof and audit mechanisms but also paves the way for the legitimate existence of the dollar on the chain.

However, under the fervent market sentiment, there has also begun to be rational profit-taking. Some early partners have announced that they have sold all their CRCL shares, and a certain investment institution has continuously reduced its holdings after buying on the first day of listing. Although some of the reductions are part of normal liquidity management, against the backdrop of consecutive days of high gains, these actions may be interpreted as cashing out at high levels, and investors need to remain rational.

Multiple encryption institutions queue up for IPOs, exchanges become the main force.

Since the beginning of this year, the trend of cryptocurrency companies going public in the U.S. has accelerated. According to statistics, 13 cryptocurrency-related institutions have clearly planned to list on the U.S. stock market. Among them, exchanges are the absolute main force in going public, with a total of 6, including several well-known trading platforms. These institutions generally have strong cash flow, a wide customer base, and a stable business structure, and may become the top performers in the capital market in the context of clearer regulation.

It is worth noting that among these 13 institutions, companies from Asian or European backgrounds account for a significant proportion. This reflects that the United States is still the most attractive capital hub for global encryption enterprises in terms of regulatory framework, capital depth, and institutional participation.

From a timing perspective, 2025 has become the target window for the majority of encryption companies to go public. Some institutions have entered a substantial preparation phase for listing, including submitting prospectuses to regulatory bodies, hiring underwriting teams, and restructuring equity structures, and are at a critical juncture.

In terms of listing path selection, traditional IPOs remain mainstream, especially favored by institutions with strong compliance capabilities and mature client structures. Reverse mergers have become a shortcut for many small and medium-sized encryption institutions due to simplified processes and faster speed. Direct listings are suitable for unicorn companies that have strong profitability, high brand recognition, and lower reliance on financing.

Improved regulatory environment boosts encryption listings, but some remain cautious.

Encryption capitalization is entering the fast lane, driven by a significant improvement in the regulatory environment in the United States. Industry insiders indicate that now is a golden opportunity for encryption companies to go public, primarily for two key reasons: first, encryption stocks are performing strongly on Wall Street, and second, the regulatory environment is improving with the shift in policy stance.

A large financial institution pointed out in a recent report that the expected improvement in the U.S. encryption regulatory environment, influenced by the advancement of related legislation, is prompting more encryption companies to seek IPOs. So far this year, the number of encryption company IPOs has matched the levels seen during the bull market of 2021.

However, there are also industry insiders who take a cautious attitude. Some believe that the encryption industry is transitioning from the ICO boom of 2017 to the IPO frenzy of 2025-2027. This wave of enthusiasm may end with a large IPO similar to that of a well-known project, which will attract a large amount of fiat capital but perform poorly after opening. Especially for new stablecoin issuers lacking channel support, even if they succeed in going public, they may find it difficult to maintain a high valuation and may even face severe challenges.