If you have been sitting on a desert island in the last week or so, you may have missed the mania for crypto IPOs currently driving Wall Street buying.
The IPO of Circle [NYSE:CRCL] in the US is being hailed by many brokers as a return to the good old days of the mega IPO, but it also demonstrates investor enthusiasm for crypto infrastructure. At the time of writing, Circle has gained over 300% since it listed Friday.
Circle Internet Group is an important piece in the global cryptocurrency jigsaw because it is an issuer of the USDC stablecoin. The stock tripled within minutes of being listed and demand forced the NYSE to halt trading multiple times due to the high levels of volatility.
Circle is currently one of only a handful of crypto-focused businesses to hit the public markets and I suspect this appetite is being driven by many bigger investors who cannot allocate to crypto yet, due to regulatory and policy restrictions, but which can buy into legitimate listed crypto businesses.
Also buying in are the likes of BlackRock and ARK Investment. BlackRock looks set to be a 10% owner of the stock. In the wake of the IPO, Japanese bank SBI Holdings said it would be investing $50m into Circle. This represents one of the largest single allocations of Circle shares.
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Chime Financial
Fintech company Chime Financial is due to come to the US market on 12 June. The timing could be excellent for this one, as demand for the available shares is about 10x. The IPO is expected to price after the US market closes on Wednesday.
Chime has previously said it was looking to issue 32m shares of class A common stock at around $24-$26 apiece. Some 6m shares are coming from existing shareholders.
Chime is a mobile banking provider that works alongside US retail banks like Stride Bank and Bancorp. It provides checking and savings accounts, a debt card and other features through a mobile app. Importantly, it doesn’t charge fees to its clients.
Chime posted $1.3 billion in revenue in 2023, which jumped to $1.7 billion in 2024. Early momentum in 2025 has continued, with Chime already booking over $518m in revenue in Q1. More notably, Chime has dramatically reduced its losses, from $203m in 2023 to just $25 last year. This highlights a shift toward stronger unit economics ahead of its IPO.
Chime’s IPO is being cited as being one of the largest for 2025 second only to Coreweave (which has seen its share price go from $40 on debut in March 2025 to $139 as of Friday 6th June, a huge 249% increase). Chime’s biggest competitor Dave has seen a 50% increase in share price in the last month alone – showing a healthy investor appetite for fintech stocks.
Gemini Space Station
In the wake of the enthusiasm around Circle’s IPO, cryptocurrency exchange Gemini announced they had filed with the SEC for an IPO. At this point there are no pricing details, but given how fast these latest issues are being oversubscribed, investors may want to inquire with brokers early.
Gemini is a cryptocurrency exchange run by the twins Tyler and Cameron Winkelvoss. It originally went live back in 2015 to provide a platform for the purchase and storage of Bitcoin. New York State authorised Gemini as the first licensed Ethereum exchange in 2016.
Gemini Space Station LLC is the parent company of the Gemini exchange. In November 2021 it raised $400m at a then valuation of $7.1bn. Since then the company has been through a number of wrangles with the CFTC, the SEC and New York’s attorney general over its Gemini Earn program, but has settled with regulators as of March 2024.
