Circle’s explosive IPO has set a new benchmark for crypto equity listings, but the real story may lie in what comes next. 

According to the latest Bybit Crypto Insights Report shared with Coin Insider Daily, Wall Street not only misjudged Circle’s value, but may now be playing catch-up as more crypto firms prepare to go public.

The report dissects the details behind Circle’s debut on the NYSE under ticker CRCL, which saw its stock surge from $31 to $107 in the first week. Bybit analysts argue that this breakout was more than investor enthusiasm—it was a sign that traditional valuation models are failing to capture crypto’s growth dynamics.

Bybit highlights how investment bankers underestimated Circle’s (USDC) fundamentals, despite oversubscription and strong demand led by institutional players.

The report points to a structural gap in how crypto businesses are priced, suggesting the need for updated metrics suited to decentralized and blockchain-based business models.

More crypto IPOs are coming

Crucially, the report identifies six companies leading the next wave of crypto IPOs. These include Fireblocks and Chainalysis, both poised for multibillion-dollar listings. 

Other unnamed candidates span DeFi, security infrastructure, and stablecoin services. Bybit emphasizes that each has a distinct strategic positioning in the evolving digital asset landscape.

The favorable U.S. regulatory climate under the new administration is accelerating timelines, according to the report. With Circle’s success as a reference point, the IPO pipeline is expected to expand, signaling broader market acceptance and capital access for crypto firms.

Bybit concluded that Circle’s IPO was not just a one-off success—it’s the front edge of a trend likely to reshape how public markets evaluate digital finance.