What does the latest crypto IPO mean to the market? Aaron Brogan Brogan Law breaks it in today’s advisory newsletter.
Then, Jean-Marie MognettiCEO coinprovide the latest insights Investor Insights Survey About the clients that customers are looking for inquiries about encryption support among experts.
Please note that there will be no newsletter next week. We are taking a week off in lieu of the holidays – we wish those you celebrate a happy Canadian and Independence Day. We will be back on July 10th.
Cryptocurrency and public markets
Cryptocurrencies are often considered choose Go to the traditional securities market. Recently, this trend may have reversed as cryptocurrencies are increasingly a factor in the public stock market.
There have been three major crypto IPOs since January:
May 14, 2025 – Trading platform Etoro Group Ltd. raised about $619 million in initial products, and its rating for the company was about $5.6 billion. Since then, its market value has dropped slightly to $5.17 billion.
May 16, 2025 – Galaxy Digital Inc. traveled to Nasdaq from the Toronto Stock Exchange and raised about $602 million in mixed primary and secondary stocks at a price of $19 per share. The deal valued the company’s value for more than $8 billion. Since then, its market value is approximately $7.19 billion.
June 5, 2025 – USDC issuer Circle Internet Group Inc. raised about $1.05 billion in an IPO, selling 34 million shares at $31 per share. The product initially valued the company at about $8 billion, but the sharp rally pushed its market value toward $43.9 billion.
These IPOs are excellent given the extremely punitive regulatory environment just a year ago, but Circle falls into its own category. Circle raised the most money, and soon, its stock popped up many multiples, indicating overwhelming demand. In fact, pop music is so extreme that some people feel that the company “puts money on the table”, and Questioning the motivation The banker involved.
After Circle’s success, many other cryptocurrency companies are considering public offerings. On June 6, Gemini Announce It has filed a confidential S-1 to the SEC and reportedly bullish on June 10 Following immediately. Many other companies, including Kraken, Bitgo and Consensy, have reportedly considered the public shift.
But for these aspiring people, the $20 billion question remains: Why does the circle exceed expectations? Here are my three theories:
1. Public market
Circle is not the first cryptocurrency company to outperform the market. Most famous is Michael Saylor’s microscope (D/B/A strategy) In recent years, it has become a Bitcoin holding company with Rump software business. Currently, the strategy holds 592,100 bitcoins, worth about $62 billion, compared to $460 million Annual revenue from its traditional business lines.
Strategy is a publicly traded company that allows retail customers with brokerage accounts to buy their shares and gain risks to Bitcoin. Theoretically, its market value should be (1) The value of Bitcoin, plus (2) Some of the remaining de minimis are premium. Generously, that could be $66 billion. But in fact, its market value is $100.1 billion,hint commentator Recommended “US stock market will pay $2 (or more) cryptocurrency worth $1. ”
Circle’s business model involves buying traditional vanilla financial assets (Mainly short-term U.S. fiscal bill) Then issue cryptocurrency (roughly the opposite of the strategy), but it may benefit from the same premium.
2. Genius Law
Over the past few months, Congress has advanced Genius Lawa legislation aimed at managing regulatory treatment for stabilizers. The bill passes the Senate last week And it is expected to become law in the near future.
In this theory, genius will bring regulatory clarity and allow stable ecosystems to flourish. In particular, the bill includes an injunction that prohibits yields, which would not allow Stablecoin issuers to obtain a rate of return by holding collateral to token holders. Perhaps this adds value to the issuer.
Compounding this, however, is that the bill may increase competition for banks, such as Morgan Announce Symbolized sediment. Every Stablecon Founder Nik Milanović: “If I were in the circle, I would be worried about the bank issuer of Stablecoins.”
3. The instability of the Ministry of Finance
Finally, there are macros. Market factors have risen Ministry of Finance’s revenue If this trend continues in recent months, it could be very profitable for Stablecoin issuers. Most issuers’ income comes from the proceeds of collateral they hold, so when the issuer rises, the issuer benefits.
Importantly, the biggest risk these issuers face is returning zero, in which case they will lose most of their revenue and may not pay back for a long time. Maybe it is Raising The quality of U.S. sovereign debt increases the long-term value of such businesses.
expect
Of course, the rise of Circle could also be a bubble. Circle’s market value is now more than half Common cases. For 10-K fans, this is a bit confusing because Coinbase has a Contractual Rights to Circle’s reserve revenue and half of other business scope.
To read further, please check Circle IPO.
– Aaron Brogan, Founder and Managing Partner of Brogan Law
Ask an expert
Q: What do you say about survey data?
one. The survey reflects a clear shift in investor behavior: digital assets are no longer collateral dialogue. They get into the heart of how investors view wealth – they are not waiting for permission. Cryptocurrency holders plan to have nearly nine distributions this year. That’s not hype, that’s promise. But the most striking thing is the tension: investors are obviously seeking guidance, but they don’t always believe in the advice they provide. We see a generation as self-guided, wise and fully engaged investors. They are not rejecting the role of consultant, but they are raising the bar. They want smart, transparent conversations about cryptocurrencies and want their advisors to stay in sync with them. This is a reality that the industry must face to face.
Q: What does this mean for consultants?
one. This is an opportunity for consultants to enhance customer trust by expanding their expertise. Clients not only ask for access to cryptocurrencies—they are asking their consultants if they really understand it. And if 29% of them say that lack of experience or poor communication involving risks will get them away, that is not a marginal problem. Advisors still play an important role, but the model has evolved. What customers want is strategic insight and transparency. They want someone who takes the time to understand the ecosystem and be able to speak fluently about risk, custody and product structure. If consultants can do this, they can not only protect client capital, but also gain long-term trust. This is the difference between providing a product and earning relationship.
Q: What specific type of support are customers looking for?
one. Clients are seeking guidance to strike a balance between opportunity and caution. The most valuable support is not to pick tokens, but to manage risks, navigation regulation, and access to secure vehicles like ETFs or Trusts. More than half of the investors we talk to say that risk supervision is one of the most important roles advisers play in the cryptocurrency space. That was a huge opening. Especially for younger or secondary investors, cryptocurrencies are where they build – requiring wise guidance. A well-thought-out consultant can help shape the next stage of wealth creation.
– Jean-Marie Mognetti, CEO of Coinshares
Continue reading
- Federal housing financial institutions are reviewing whether Cryptocurrency Like Bitcoin, it can be used to qualify for a mortgage.
- Texas has become the first state in the United States to establish an independent state that is publicly funded Bitcoin Reserves.
- The Federal Reserve Commission announced on June 23 that it will no longer include Reputation risk In its bank examination program, the barriers to banks supporting crypto companies have been removed.
