A Renaissance in IPO Mania The IPO market in 2025 has been a hotbed of opportunity, particularly for crypto-related companies capitalizing on a favorable regulatory environment and surging investor enthusiasm.

Circle Internet Group, the issuer of the world’s second-largest stablecoin, posted a quarter loss after one-time charges related to the crypto company’s June IPO offset revenue gains from a year earlier. Second-quarter revenue exceeded Wall Street expectations, lifting Circle’s shares by 7% in premarket trading.

Two of the stock market’s hottest themes put the initial public offerings of CoreWeave Inc. and Circle Internet Group Inc. in the spotlight. They’ll soon be under the microscope when they report quarterly earnings.