Circle's stock, CRCL, surged nearly 290% following its debut on the NYSE, marking a significant milestone in the crypto IPO season. This success has ignited interest from other crypto firms, including Gemini and Bullish, which have filed for their own IPOs. The trend reflects a growing appetite for crypto-native companies in public markets, with firms like eToro and Galaxy Digital also pursuing public listings since early 2025. The U.S. regulatory environment is becoming more favorable, encouraging companies such as Kraken and BitGo to consider going public. Circle's IPO success underscores the potential for crypto companies to integrate into traditional finance, despite diverse business models. This ongoing wave of IPOs highlights the strengthening connection between the crypto sector and traditional financial markets.