The crypto IPO trend continues to gain momentum amid growing regulatory clarity. Circle’s IPO has lit the spark for institutional appetite with confirmed filings for Kraken, Gemini and others. Sellers who exited via secondary markets in the months before Circle’s IPO missed out on tremendous upside during Circle’s post launch surge. This has prompted buyers to rotate into other late-stage names, hoping to catch a similar rerating on new IPOs. With Gemini, Bullish, and FalconX rumored next, the rotation from token-only deals to equity is accelerating.