Encryption companies are flocking to list on the US stock market, with Circle's stock price leading the rise.

Recently, the cryptocurrency industry has seen a wave of IPOs, with several well-known companies planning to list on the US capital markets. Among them, the successful listing of stablecoin giant Circle stands out, drawing significant market attention to encryption concept stocks.

After Circle went public, its stock price soared, reaching $199.59 at the recent close, with a total market capitalization climbing to $44.417 billion, about 70% of the circulating market value of its USDC stablecoin. From the intraday high of $215.7, the cumulative rise from the IPO issue price of $31 is as high as 595%, demonstrating strong market interest.

Behind the impressive performance of Circle is the positive change in the regulatory environment for stablecoins in the United States. The recent passage of the GENIUS Act by the U.S. Senate establishes a regulatory framework for dollar-backed stablecoins, requiring stablecoin issuers to provide clear reserve proof and auditing mechanisms, paving the way for the legal existence of the dollar on the blockchain.

As Circle's stock price continues to rise, some early investors have begun to gradually cash out. A certain investment institution has cumulatively reduced its holdings of CRCL stock by approximately $96.46 million over the past two days. Although part of the reduction is considered normal liquidity management, in the context of the stock price's ongoing rise, these actions may be interpreted as a signal of cashing out at high levels.

Apart from Circle, there are currently 13 encryption-related institutions that have clearly planned to go public in the US stock market. Among them, exchanges dominate, with a total of 6, including a well-known exchange and several international trading platforms. These institutions generally possess strong cash flow, a wide customer base, and a stable business structure, and may become high-quality targets in the capital market as regulations gradually clarify.

From the perspective of listing time, 2025 has become the target window for most encryption companies. Some institutions have entered the substantive preparation stage for listing, including submitting prospectuses to regulatory authorities and hiring underwriting teams. In terms of listing path selection, traditional IPOs remain the mainstream, but reverse mergers and direct listings have also become options for some companies.

Behind this wave of listings is a significant improvement in the regulatory environment in the United States. With the advancement of relevant legislation, the U.S. encryption regulatory environment is expected to continue to improve, prompting more encryption companies to seek IPOs. So far this year, the number of IPOs by encryption companies has reached the level of the bull market in 2021.

However, industry insiders also warn that the current IPO boom may evolve into a situation similar to the ICO boom of 2017. They anticipate that this wave could end with a large IPO that, while attracting significant capital, may perform poorly after its opening. For new stablecoin issuers lacking channel support, even if they successfully go public, it may be difficult to maintain a high valuation.

Overall, the encryption industry is迎来 a wave of capitalization, but investors still need to be cautious, rationally view market sentiment, and carefully assess the long-term development prospects of various companies.