Circle IPO & beyond crypto's public market turning point

With Circle’s NYSE debut leading the way, crypto is gaining mainstream legitimacy, and FOHLE is poised to lead the next shift: public companies launched on-chain.

By Adrià Roig

June 9, 2025, 3m read time

There’s a historic shift underway: crypto companies aren’t hiding in the shadows, they’re stepping onto center stage.

Just last week, Circle Internet Group, the issuer behind USDC, made a dramatic debut on the NYSE under ticker CRCL. With an IPO price of $31 and a first-day close at $83.23 (a surge of 168%), Circle is now valued at nearly $19 billion. That kind of performance sends a message: the world is watching, and the numbers don’t lie.

From pioneering exchange listings to deeper corporate confidence

Circle isn’t the first crypto company to enter public markets. Coinbase blazed that trail in 2021 with a Nasdaq direct listing, marking a watershed moment for the space. But beyond exchanges, legacy firms are taking crypto seriously too.

  • Bitcoin miners like Riot and Marathon have paved the way via Nasdaq and TSX listings.
  • Digital asset platforms like Bakkt (NYSE: BAKKT) also joined the public fold.
  • MicroStrategy transformed itself into a de facto Bitcoin treasury fund, driving its stock above $1,500, outpacing Bitcoin itself.
  • Other public firms like Tesla, Square (now Block), Metaplanet and more, are boosting credibility by holding BTC on their books.

This collective movement signals a major evolution: crypto isn’t just digital nightlife. it’s walking into the living room of traditional finance.

Why this matters now

Opening the books on Bitcoin holdings brings real accountability. For Circle, Coinbase, and MicroStrategy, public scrutiny means investor protections, transparency, and regulatory oversight. That builds trust, not just for institutions, but for everyday users.

Here’s what’s shifting:

  • Institutional legitimacy: Wall Street, highlighted by investments from ARK Invest, BlackRock, and Fidelity, isn’t blindly speculating, they’re underwriting these growing crypto institutions.
  • Regulatory maturation: These IPOs force compliant frameworks, audited reserves, and detailed disclosures.
  • Confidence in infrastructure: Every listing reassures users that stablecoins and crypto tools are not ephemeral buzz, they’re foundational pillars.

The next horizon: fully tokenized public companies

All of this momentum prepares us for the next breakthrough: true tokenized public offerings, on the blockchain, for the blockchain.

While Security Token Offerings (STOs) have faced liquidity and regulatory roadblocks, the foundations are being built. Firms like Securitize and Tokeny, alongside emerging exchanges, are shaping a future where:

  • Companies issue equity as on-chain tokens.
  • Shares are tradable, compliant, and instantly liquid.
  • Governance, dividends, and compliance happen transparently on smart contracts.

Imagine a company that doesn’t wait for legacy exchange approval, it goes live, publicly, on-chain, accessible to anyone with a digital wallet. That’s not a dream, it’s inevitable.

At FOHLE, we’re preparing for that future

Our mission goes beyond wallets. We’re building the bridge to a world where public ownership, transparency, and decentralization coexist.

That means:

  • Laying the regulatory groundwork for FOHLE to become a fully tokenized public company.
  • Partnering with compliant, global infrastructure providers.
  • Architecting systems for legal issuability, tradability, and governance entirely on-chain.

We’re aiming to be among the first crypto-native companies that go public, on-chain, not just on paper.

What it means for you

When Circle, Coinbase, MicroStrategy, and others go public, they’re making crypto safer, more transparent, and more trusted.

Yet tokenized public offerings represent a deeper shift, where founders, users, and investors are seamlessly aligned on-chain, with open access and true liquidity. And FOHLE is ready to lead.

So if you’re using crypto today, recognize: you’re part of a generational transition. The public phase is near, and FOHLE is building the roadmap.

FOHLE Finance. In your POCKET, under CONTROL.

About Adrià Roig

From industrial engineer to blockchain visionary, Adria is obsessed with revolutionizing the way the world thinks about finance. With a mission-driven mindset and product-first approach, he’s on a quest to make crypto human.

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