Crypto Stocks Circle and Bullish Face Off in 2025 IPO Market

The IPO market in 2025 has seen a significant surge in activity, particularly in the crypto sector. This trend is expected to continue, with at least three more crypto-related companies planning to go public before the end of the month. One of these companies is Gemini, which filed for an IPO yesterday, while others like Kraken and Ripple are reportedly eyeing a debut in 2026.

Two of the most notable crypto stocks that have made their debut this year are Circle Internet Group (CRCL) and Bullish (BLSH). CRCL, the issuer of the USDC stablecoin, has seen its stock rise fourfold since its IPO in June, while BLSH, a cryptocurrency exchange backed by Peter Thiel, raised $1.1 billion and reached a market cap of over $15 billion on its first trading day.

However, both stocks have experienced significant price fluctuations since their debut, with CRCL's stock losing half its value from the peak hit immediately after the IPO. BLSH, on the other hand, has pulled back 41% in less than a week due to high investor expectations and volatility in crypto markets.

Despite these challenges, both stocks offer compelling crypto exposure, but Circle's stablecoin-focused business model provides a more predictable revenue stream via transaction fees. This stability is further enhanced by the GENIUS Act, which legitimizes stablecoins like USDC and bolsters its adoption by financial institutions.