Arthur Hayes, co-founder of BitMEX, has weighed in on Circle’s recent stock market debut, calling it a sign of a new speculative frenzy in the cryptocurrency space.
In a post on X, Hayes quipped, “We’ve gone full Circle — what a glorious day,” cleverly playing on the company’s name and the phrase "to go full circle" to suggest the market has returned to a familiar hype cycle.
Hayes believes the current market mirrors the 2017 Initial Coin Offering (ICO) boom, but with a modern twist: a wave of crypto-related Initial Public Offerings (IPOs) expected to dominate 2025-2027.
He predicts this cycle will culminate in a “blockbuster IPO à la EOS,” where a company could extract record-breaking funds from the market, only for its stock to crash post-listing.
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The 2017 ICO boom saw thousands of crypto projects raise funds without regulatory oversight, often lacking viable products, fueling a rapid market surge followed by a sharp decline. Among them, EOS (now Vaulta) conducted the largest ICO in history, raising $4 billion and launching its blockchain in 2018.
However, its token plummeted after listing, and the platform failed to meet its ambitious goals.
Bloomberg noted that demand for CRCL shares exceeded supply by 25 times, highlighting the intense investor interest driving this new crypto IPO trend.
