Circle (CRCL, Financials), the issuer of USDC, saw its shares jump 245% in its debut weekan explosive public market entrance that could set off a wave of crypto IPOs, according to a new report from Bybit.
The Dubai-based exchange, which ranks second globally by volume, said Circle’s oversubscribed offering and first-week surge underscore rising institutional appetite for crypto equities. Analysts at Bybit believe Wall Street significantly underpriced the deal, underestimating demand and the sector’s valuation dynamics.
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The Circle IPO isn’t just about one companyit’s a signal that crypto is being taken seriously in traditional markets, the report noted.
The Bybit Crypto Insights report names six other crypto-native companies preparing for public listings, including blockchain security firm Fireblocks and data analytics provider Chainalysis. Each is expected to draw multi-billion-dollar valuations amid a friendlier regulatory environment under the new U.S. administration.
Bybit says this is a “reset moment” for how investment bankers approach crypto businesses, with conventional valuation models proving insufficient for companies native to decentralized finance.
This article first appeared on GuruFocus.
