PANews reported on June 10 that the cryptocurrency exchange Bybit released the latest "Bybit Crypto Insight Report", focusing on the analysis of Circle Internet's successful initial public offering (IPO), and in-depth discussions on why Wall Street severely underestimated Circle's valuation, Coinbase's previous experience for investors, and which crypto giants are expected to profit from the emerging IPO wave.

The report pointed out that Circle (NYSE: CRCL), as the issuer of USDC stablecoin, saw its share price soar from the IPO price of $31 to the closing price of $107 in the first week of trading, fully demonstrating the strong market demand for crypto stocks. Its share price performance far exceeded Wall Street expectations, which also indirectly reflected that investment banks seriously underestimated Circle's valuation potential, highlighting the disruptive nature of cryptocurrencies. As more blockchain and crypto-asset-related companies enter the capital market, traditional valuation methods are being rewritten.

"Circle is just the beginning." In addition, the Bybit report also lists six candidate companies preparing for IPOs, including Fireblocks and Chainalysis, whose valuations are expected to reach billions of dollars. Industry experts pointed out that the favorable regulatory environment under the new US government has created the best conditions for crypto companies to enter the public capital market, and the expected wave of crypto IPOs will further establish the legal status of the cryptocurrency industry in global finance.