Kraken Announces IPO Plans!

Crypto giant Kraken announced its IPO plans in 2021 but postponed them due to the crypto winter in 2022. According to Bloomberg, the company plans to conduct an IPO in 2026. In addition, it is gaining strength in the futures market by acquiring NinjaTrader. These strategic moves support the company’s IPO process while creating a more attractive platform for both retail and institutional investors.

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Co-CEO Arjun Sethi runs the company from his home in Menlo Park and stands out with his strategy of combining crypto with traditional finance. The platform’s xStocks tokenized US stocks are particularly attracting the interest of retail investors. Crypto giant Kraken wants to enhance the user experience. Therefore, it is constantly developing innovative products for new investors.

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The board has approved up to $250 million in crypto purchases. The portfolio includes altcoins like Bitcoin, Ether, Solana, Ripple, Litecoin, and Dogecoin. Thumzup is actively collaborating with technology providers in the sector to accelerate its mining operations. 

The company plans to use net proceeds to explore crypto accumulation and mining equipment acquisitions, as well as for working capital and general corporate purposes. With a current ratio of 3.36, Thumzup maintains strong liquidity but continues to report a negative EBITDA of $5.36 million over the last twelve months. The completion of the IPO will enable Thumzup to implement its digital asset strategies. 

IPO and the Role of the Trump Family 

Thumzup sold its shares at $10, generating gross proceeds from investors. SEC filings reveal that Donald Trump Jr. held approximately 350,000 TZUP shares before the IPO. In July, 3,250,000 TZUP shares were sold along with 11 other sellers, with Trump Jr. as the largest individual seller. Net proceeds from the IPO are expected to reach $46.5 million. 

Other sellers included Valkyrie fund managers, American Ventures real estate group, and select private investors. Thumzup’s IPO took place under the shelf registration submitted on May 2, which the SEC approved on May 30. 

CEO Robert Steele stated, “This step is transformative for Thumzup’s evolution. With an enhanced capital base, we are entering high-growth areas of the digital economy. Our goal is to build revenue-generating, enduring assets while positioning the company as a leader in crypto mining and treasury management.” 

The Trump family has played an active role in the crypto sector, managing American Bitcoin investments through the DeFi and stablecoin project World Liberty Financial. Bloomberg reports the family earned $620 million from crypto ventures in recent months. Eric Trump serves as CSO of American Bitcoin, while Donald Jr. was a major shareholder. The family attributes their interest in crypto to banking barriers and censorship concerns. 

The stock trades at a price-to-book ratio of 39.95 and is considered overvalued according to InvestingPro. The IPO allows Thumzup to expand its crypto and altcoins investments and strengthen its presence in the sector. 

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Now the Third-Largest Corporate Bitcoin Holder

With over 43,500 BTC in its treasury, Twenty One Capital now ranks as the world’s third-largest corporate Bitcoin holder. The company’s average acquisition price hovers around $87,280 per BTC, signaling both long-term conviction and robust capital backing. Far from being a speculative play, this positioning is part of a broader strategy supported by high-level partnerships and serious liquidity.

IPO on NASDAQ and the Birth of “Bitcoin Per Share”

Once the firm goes public, its shares will be listed on NASDAQ under the ticker symbol “XXI“. However, Twenty One Capital plans to go beyond traditional financial metrics. The company aims to introduce a novel performance indicator: Bitcoin Per Share (BPS). This metric will enable investors to track the BTC amount represented by each share, reframing portfolio evaluations through a Bitcoin-native lens rather than USD-based earnings.

Transparency Through On-Chain Verification

One of the most innovative aspects of Twenty One Capital’s approach is its full commitment to on-chain transparency. Every unit of BTC held is verifiable via blockchain, providing real-time validation through a “Proof of Reserves” mechanism. Investors can explore wallet data and holdings at xxi.mempool.space, offering a level of accountability rarely seen in traditional finance or even many altcoin projects.

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Strategic Dump: ARK Offloads Circle Shares Worth $146 Million

Cathie Wood’s ARK Invest has significantly reduced its position in Circle (CRCL) after its impressive market debut. On Friday, ARK sold 609,175 shares, generating $146.2 million, just as CRCL stock jumped 20.4% to close at $240.3, up 248% from its $69 IPO price on the New York Stock Exchange.

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In total, ARK sold 1.25 million shares throughout the week, collecting around $243 million. These included $52 million in sales on Monday and $45 million on Tuesday, signaling a deliberate reduction of exposure.

ARK Still One of Circle’s Largest Shareholders

Despite the sales, ARK Invest retains a significant stake, having only sold 29% of its initial 4.49 million shareholding from the IPO. As of June 20, the firm remains the eighth-largest holder of Circle shares, according to Bloomberg Terminal.

The largest holders are currently IDG-Accel China Capital Fund II, General Catalyst, and James Breyer. Meanwhile, CRCL has become the top holding within ARK’s ARKW fund, representing a 7.8% allocation.

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Jeremy Allaire: “We’re Not There Yet, But Very Close”

Circle CEO Jeremy Allaire, following his company’s recent debut on the New York Stock Exchange, believes the era of explosive growth for stablecoins is right around the corner. “We’re not quite at the iPhone moment — when developers everywhere see the true power of programmable digital dollars — but we’re very close,” he said.

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Allaire described stablecoins as “the highest utility form of money ever created,” suggesting a broader technological and economic shift is underway.

Retail Giants Enter the Stablecoin Arena

While developer interest rises, major retailers are joining the game. Reports say Amazon and Walmart are exploring their own USD-backed stablecoins for customers. Meanwhile, Shopify plans to integrate Circle’s USDC by the end of 2025.

a16z Crypto’s Sam Broner added that stablecoins enable more competition in fintech by reducing costs and barriers. “Now anyone can program money,” he wrote.

Transaction Volumes Surpass Legacy Systems

Over the past year, stablecoins facilitated $33 trillion in transactions — nearly 20 times the volume of PayPal and nearly three times that of Visa, according to a16z data scientist Daren Matsuoka.

Matsuoka argues this could be the first real path to bring one billion people into crypto. Meanwhile, Circle’s public debut was a major success, with shares jumping 167% on their first day. Rival Tether, however, has no plans to go public, according to its CEO Paolo Ardoino.

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“Going Public Isn’t Necessary for Us”

On June 7, Ardoino stated that Tether has no need to pursue an IPO, emphasizing the company’s self-sustaining growth model. His statement followed Circle’s listing on June 5, where its stock soared by 167% on the first day of trading.

Is a $515 Billion Valuation Too Modest?

Speculation recently emerged about Tether’s hypothetical valuation if it ever went public, with one industry executive suggesting it could reach $515 billion, surpassing major global brands like Coca-Cola and Costco.

While Ardoino described that figure as “a beautiful number,” he added that it might actually underestimate Tether’s worth, given the firm’s growing Bitcoin and gold holdings:

“It’s a nice number, but perhaps a bit conservative. With our expanding Bitcoin and gold treasury, that estimate might be on the low side.”

$1 Trillion Could Be in Sight

Well-known crypto advocates Anthony Pompliano and Jack Mallers believe that Tether could eventually be worth as much as $1 trillion. Ardoino echoed their optimism, expressing his excitement about the company’s next phase of growth.

At the time of writing, Tether’s stablecoin USDT stands as the third-largest crypto asset, with a market cap of approximately $154 billion.

A Rising Power in Bitcoin Holdings

Tether’s momentum isn’t just driven by stablecoins. The company recently acquired majority ownership of Twenty One Capital, a new Bitcoin treasury venture launched by Jack Mallers.

Despite its recent formation, Twenty One Capital has already become the third-largest institutional holder of Bitcoin, trailing only Strategy (formerly MicroStrategy) and MARA Holdings.

In early June, Tether also transferred 37,229 Bitcoin — valued around $3.9 billion — to addresses linked to a newly launched Bitcoin-native financial infrastructure, reinforcing its commitment to deeper Bitcoin integration and decentralization.

A Different Path Forward

By rejecting traditional routes like IPOs and strengthening its position through strategic Bitcoin investments, Tether is carving its own path in the financial world. Ardoino’s confident stance signals that the company’s ambitions go far beyond simply being a stablecoin issuer.

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CRCL Shares Surge On First Trading Day

Listed under the CRCL ticker on the New York Stock Exchange, Circle’s stock opened at $31 and soared to close at $82 — marking a 167% gain by end of day. At one point during trading, it was up 235%, a clear signal of strong appetite for stablecoin-related investments.

To meet the overwhelming interest, Circle increased its IPO offering to a total of $1.05 billion, with 34 million shares hitting the market.

BlackRock, ARK Drive Institutional Demand

Much of the demand was driven by the involvement of institutional giants. On May 28, BlackRock revealed interest in taking a 10% stake in the IPO. At the same time, Cathie Wood’s ARK Investment was reportedly looking to buy $150 million worth of shares.

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Circle is best known as the issuer of USDC, the dollar-backed stablecoin. Though the IPO was in preparation for months, the company had previously postponed plans due to macroeconomic concerns such as trade wars.

Backlash From Arca Sparks Controversy

Despite the fanfare, not everyone was satisfied. In a now-deleted post on X, Arca CIO Jeff Dorman criticized Circle for only allocating $135,000 worth of shares to Arca — despite the firm being an early supporter.

“I cannot believe our years of support led to this throwaway allocation,” Dorman wrote. “We left Wall Street to support crypto-native projects, and now you’ve come full Circle.”

His comments highlighted deeper tensions between crypto-native firms and traditional finance mindsets returning to dominate the space.

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CRCL Shares Debut on Wall Street

On June 5, Circle CEO Jeremy Allaire announced the company’s stock listing on X, marking a major milestone in a journey that began 12 years ago. Founded with the goal of reimagining global finance for the internet age, Circle’s public debut is seen as a bridge between decentralized assets and traditional capital markets.

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Circle upsized its initial public offering multiple times to meet high investor demand, finally selling 34 million shares at $31 each. The IPO raised $1.05 billion, surpassing the original plan of 24 million shares priced between $24 and $26.

A Milestone Moment for Crypto Industry

The IPO is not just a financial achievement for Circle but a symbol of how stablecoins and blockchain companies are becoming part of mainstream finance. Notable industry figures like Michael Saylor and Paul Grewal publicly congratulated the team.

“This isn’t just a personal milestone,” Allaire said. “It’s a meaningful step toward fusing the global economic system with the internet.”

As more crypto-native firms move toward public markets, the industry gains credibility and regulatory clarity. Circle‘s NYSE listing could drive greater trust in USDC and open new pathways for stablecoin innovation.

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Target Raised As Demand Surges

Circle, the issuer behind the popular stablecoin USDC, has officially increased its initial public offering (IPO) target to $896 million, according to a June 2 filing with the U.S. Securities and Exchange Commission (SEC). The company now plans to offer 32 million shares, up from 24 million, at a price range of $27 to $28 per share — higher than its previous $24 to $26 range.

The company has not issued public comments due to the mandatory “quiet period” before an IPO, which restricts statements that could influence investor behavior.

Stablecoin Adoption Fuels Optimism

Circle’s IPO adjustment comes at a time when stablecoin usage is expanding rapidly. Between January 2023 and February 2025, a staggering $94.2 billion in stablecoin transactions have been settled. This points to the growing role of digital dollars in global payment infrastructure.

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Notably, asset management giant BlackRock is reportedly planning to purchase a 10% stake in the offering — a strong vote of confidence in Circle’s long-term value.

Crypto Regulations Gaining Ground In The U.S.

Regulatory momentum in the United States is also contributing to growing investor confidence. In May, a bipartisan bill known as the CLARITY Act was introduced in Congress. It proposes a regulatory framework splitting oversight between the SEC and CFTC, while also creating a registration process for digital asset firms.

New SEC Chair Paul Atkins has also signaled a shift toward clearer crypto policies, and recent guidance on staking and futures products hints at a more structured future for the entire sector — including major tokens like Bitcoin and Ethereum.

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Known as the force behind the USDC stablecoin, the US-based Circle has finally taken a long-anticipated step. The IPO application is seen not only as a milestone for Circle itself but also as part of the broader movement to integrate the crypto industry into traditional finance.

Circle to Offer 24 Million Shares in Upcoming IPO

As part of its IPO strategy, Circle plans to offer a total of 24 million Class A shares. Of these, 9.6 million shares will be offered by the company, while 14.4 million will come from existing stakeholders.

The expected share price is set to fall within the $24 to $26 range, making this offering a significant benchmark in terms of the company’s market valuation.

A Crucial Step Toward Institutional Maturity

Circle’s IPO marks a major example of the long-discussed trend of crypto firms entering traditional public markets. This move is not just about raising fresh capital—it’s also a key moment in enhancing transparency and regulatory compliance for the firm.

Already known for maintaining close cooperation with U.S. regulatory bodies, Circle stands out as one of the few crypto companies prioritizing transparency and compliance.

This content does not constitute investment advice. Markets carry high risk, and you should conduct your own research before making any investment decisions.

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