Public access. Private incentives. Two paths to capital, one goal: ownership.
Circle, Gemini, and the Rise of Public Crypto Listings
Crypto companies are stepping into the public spotlight again. This June alone, we’ve seen one major IPO, one confidential S-1 filing, and two billion-dollar-scale ICOs announced, signaling that crypto fundraising is evolving, and going mainstream.
- Circle IPO: Stablecoin issuer Circle ($USDC) went public at $31, closed day one at $83.23 – a 168% gain. Market cap hit $16.7B. The IPO raised $1.1B despite being priced below its 2021 private valuation.
- Gemini Filing: Gemini Space Station, Inc. submitted a confidential S-1 to the SEC. Timing, price, and share count remain undisclosed. It will be Gemini’s first attempt at a public offering.
- Pump.fun ICO: The Solana-based memecoin platform is reportedly targeting a $1B ICO and $4B token valuation. Backed by $677M in revenue since launch, it may use revenue-based buybacks to support the token.
- Plasma ICO: A new stablecoin-focused chain is raising at a $500M FDV via Echo’s “Sonar” infrastructure. The sale is vault-based, time-weighted, and capped at $250M to reward long-term depositors.
IPO vs ICO: What’s the Difference?
An IPO (Initial Public Offering) sells equity, real shares in a company, regulated by the SEC. Investors buy into the company’s future profits. Examples: Coinbase and Circle.
An ICO (Initial Coin Offering) sells tokens, which may carry utility, governance rights, or claims on protocol revenue. It’s less regulated, higher risk, but potentially higher upside. Examples: Ethereum (ETH) and EOS.
IPOs face traditional gatekeeping. ICOs lean on code and community. Both signal a project’s ambition to go global, and both invite retail and institutional capital; just in different ways.
Why It Matters Now
Circle’s IPO success shows public markets are warming back up to crypto, especially stablecoins. Gemini’s quiet filing suggests more are coming. On the decentralized side, platforms like Plasma and Pump.fun show that ICOs are also evolving, with structured sales, compliance layers, and real revenue behind them.
Whether regulated or decentralized, the message is the same: serious capital is flowing into crypto. The methods differ. The intent does not.
Tokens launch. Stocks list. But entries and exits still decide who wins. Master the mechanics before you follow the hype.