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2025 Crypto IPO Surge: Circle, Bullish, eToro Go Public; Kraken Files for $20B Listing

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A bullish trend emerged in the crypto market in 2025 as Circle, Bullish, and eToro all went public on major exchanges. Kraken filed for a $20 billion IPO after raising $800 million. Circle’s NYSE listing hit three trading halts due to demand, while Bullish’s Nasdaq debut followed a failed SPAC. eToro’s valuation reached $5.4 billion. The crypto market is seeing renewed Wall Street interest amid strong retail demand and a recovering IPO environment.
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