Circle or Bullish: Which Crypto Stock Is Best After Their Blockbuster IPOs?

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. 

The crypto sector has seen a renaissance, fueled by pro-crypto policies like the Trump Administration’s stablecoin regulatory framework, driving valuations skyward. Circle Internet Group (NYSE:CRCL), issuer of the USDC stablecoin, debuted on the NYSE in June, soaring 300% since listing. Bullish (NYSE:BLSH), a Peter Thiel-backed crypto exchange, followed in August, raising $1.1 billion and spiking 176% on its first trading day to a $15 billion market cap.

More IPOs are on the way. According to data from Renaissance Capital, where August typically sees nine IPO’s, this month has already seen a dozen and we’re only halfway through the month. There are at least three more planned for the rest of the month but there will be a number in the months ahead, especially for crypto. 

The Winklevoss twins crypto exchange Gemini filed for an IPO yesterday, Kraken is looking to debut in the first quarter of 2026, and Ripple is constantly discussed as a potential IPO in 2026. Fireblocks, Consensys, and Binance are also reportedly eying going public. Essentially, firms are rushing to market while interest is high. 

Both Circle and Bullish have delivered blockbuster debuts, but as their initial hype settles, investors face a critical question: which crypto stock is the better buy today?

Circle Internet Group (CRCL)

Circle Internet Group is the issuer of USDC, a leading dollar-pegged stablecoin with a circulating supply exceeding $45 billion. Its business centers on facilitating fast, low-cost transactions for payments, DeFi, and cross-border commerce. 

Since its IPO, CRCL stock has risen fourfold to $149 per share, even as shares have lost half their value from the peak hit immediately after the IPO. A recent 10 million share offering caused the stock to tumble 9% as insiders — who will account for 80% of the share being offered — race to cash in. The price action, though, reflects investor concerns over dilution. 

Circle expects to raise $309.4 million from the offering, earmarked for acquisitions and global expansion, particularly in Asia’s growing crypto markets. The July 2025 GENIUS Act, legitimizing stablecoins, bolsters USDC’s adoption by financial institutions, with partnerships like Visa (NYSE:V) and Mastercard (NYSE:MA) enhancing its utility. 

However, regulatory risks and competition from Tether’s USDT, which holds a larger market share, pose challenges. Despite a high forward P/E of 82, Circle’s stable revenue from transaction fees and its pivot toward tokenized real-world assets signal strong growth potential for long-term investors.

Bullish (BLSH)

Bullish is a cryptocurrency exchange offering spot trading, margin trading, and derivatives, targeting institutional investors. Backed by Thiel, BLSH stock surged as high as $118 per share on debut, valuing the firm at more than $15 billion. 

Bullish also owns CoinDesk, a leading crypto news outlet, diversifying its revenue. Its focus on institutional-grade infrastructure, including high-frequency trading and custody solutions, positions it to capture the growing institutional crypto market, projected to reach $10 trillion by 2030. 

However, BLSH faces intense competition from Binance and Coinbase Global (NASDAQ:COIN), and despite having already pulled back 41% in less than a week, it reflects high investor expectations. Volatility in crypto markets and regulatory shifts could also pressure margins. 

Sustaining the momentum behind the stock’s debut depends on Bullish’s ability to scale trading volumes and leverage CoinDesk’s influence. Its growth outlook is robust but seems somewhat riskier than Circle’s.

The Verdict

While both CRCL and BLSH offer compelling crypto exposure, Circle is the better buy today. Its stablecoin-focused business model provides a more predictable revenue stream via transaction fees, shielded from the crypto market’s wild swings that could hit Bullish’s trading volumes. 

USDC’s integration into mainstream finance, backed by the GENIUS Act, ensures regulatory tailwinds and growing adoption, unlike Bullish’s reliance on volatile institutional trading. Circle’s valuation also suggests better value, and its $309.4 million raise fuels strategic acquisitions, enhancing scalability, even if the quick sale by insiders hints at doubts about its current valuation. 

Bullish’s institutional focus and CoinDesk ownership are promising, but competitive pressures make it riskier. For investors seeking a balance of growth and stability in the crypto space, CRCL’s established market position and regulatory alignment make it the safer, more sustainable choice for long-term gains in a frothy IPO market.

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