Arthur Hayes sees Circle’s case as start of crypto IPO wave mirroring 2017 ICO boom

In response to Circle’s debut on the New York Stock Exchange (NYSE), BitMEX co-founder Arthur Hayes suggested on X that the event signals a revival of the 2017 initial coin offering (ICO) era, now transforming into a wave of crypto initial public offering (IPOs) over the next few years. He noted that this trend could spiral into a speculative frenzy, potentially ending with a major IPO that attracts significant fiat investment but quickly collapses after listing. Circle’s stock rose 168% on its first day, closing at $83.23 after launching at an IPO price of $31.