Circle’s stunning debut on the New York Stock Exchange has shaken up expectations for crypto equity and according to Bybit’s latest Crypto Insights Report, it’s just the beginning. As the issuer of the USDC stablecoin, Circle’s IPO has not only outperformed traditional benchmarks but may have set a precedent for how crypto companies are valued and embraced on Wall Street.
From $31 to $107: A Breakout That Caught Wall Street Off Guard
Trading under the ticker CRCL, Circle’s stock surged from its opening price of $31 to a peak of $107 within its first week. While many viewed the performance as a signal of strong investor appetite, Bybit analysts argue it highlights a deeper issue: Wall Street’s current valuation models don’t fit crypto’s unique growth trajectory.
The report reveals that institutional demand for Circle’s IPO was “substantially oversubscribed,” and yet, the company’s fundamentals especially its dominance with USDC, one of the most widely used stablecoins were undervalued in traditional frameworks.
A Structural Gap in Valuation Models
According to Bybit, the Circle IPO showcases a structural mismatch in how crypto firms are priced compared to legacy companies. Metrics like user adoption velocity, token economies, on-chain activity, and decentralized architecture are still poorly integrated into traditional IPO pricing models.
This gap, the report argues, led to Circle’s explosive post-IPO performance and signals the need for new frameworks to evaluate blockchain-native companies going public.
Next Wave of Crypto IPOs: Who’s on Deck?
The report goes further, identifying at least six crypto firms gearing up for IPOs. Among the most notable are:
- Fireblocks – A leader in institutional crypto custody and infrastructure, with valuation already in the multibillion-dollar range.
- Chainalysis – A blockchain intelligence firm widely used by governments and financial institutions, well-positioned for public markets.
While other candidates remain unnamed, Bybit confirms that they span across DeFi, blockchain security, and stablecoin services, each occupying a unique niche in the digital asset economy.
Why the Timing Is Right
Bybit’s report also credits the pro-innovation regulatory approach under the current U.S. administration for creating the perfect conditions for more crypto IPOs. Clarity around digital asset classification, tax treatment, and compliance has helped institutional capital flow more freely into crypto ventures.
With Circle now serving as the benchmark, more crypto-native firms are accelerating their timelines to go public, seeing the current window as optimal for both valuation and investor interest.
Final Thoughts: A New Financial Epoch Begins
Bybit concludes that Circle’s IPO was not an isolated win it was a watershed moment for the crypto industry. The success of CRCL signals that traditional financial markets are not just warming to blockchain companies they may soon rely on them as a new pillar of public investment.
As more companies line up for their public debuts, expect a fundamental shift in how equity markets assess, price, and support the next generation of financial infrastructure.
