The Breakdown Checking In On Last Week’s Crypto IPOs
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Sep 15, 2025 Recent IPOs from Gemini and Figure Markets reflected a cooler crypto climate, contrasting sharply with Circle's earlier surge. Bitcoin struggles in September add to the intrigue as economic factors loom. Tether’s launch of a new U.S. stablecoin sparks discussions on stablecoin competition. There's also an exploration of the shifting landscape for corporate crypto treasury strategies, revealing both challenges and opportunities in this evolving market.
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IPOs Show Cooler Crypto Speculation
- Gemini and Figure raised large sums in IPOs but trading cooled after initial pops, showing restrained speculative appetite.
- Their subdued follow-through contrasts with Circle's explosive June debut and signals calmer markets.
Fundraising Success, Not Frenzy
- Gemini and Figure were successful at raising capital but did not ignite a frenzied rally like Circle's IPO.
- This suggests speculation is not running as hot across recent crypto public listings.
Bitcoin Stalls Into September And Fed
- Bitcoin stalled after a midweek run from $110k to $116k, then reversed over the weekend without collapsing.
- September's historical weakness and the upcoming Fed decision likely dampen traders' conviction.