Securities Regulation Daily Wrap Up, IPO TRACKER—Stablecoin network operator completes fourth $1 billion+ IPO of 2025, (Jun 11, 2025)

By John Filar Atwood

A snapshot of the week’s IPO activity, including completed deals, new preliminary filings and IPO withdrawals.

IPO investors are betting on a bright future for Circle Internet Group, one of a few established stablecoin network operators, as they were willing to pay $31 for the company’s shares, $5 above the top of the published range. The IPO comes as the GENIUS Act, which would create a regulatory framework for stablecoins, is under debate in the U.S. Senate. One potential compromise for the legislation, according to the New York Times, is a ban on major tech players being able to create their own stablecoins, which would leave Circle in a strong position. The company generated $1.05 billion through its offering, becoming the fourth IPO company to top $1 billion in proceeds this year. The week’s only other deal was completed by Omada Health, a provider of virtual health care services between doctor visits. It was the first SIC 8000 (Health Services) new issuer since last May and only the second since mid-2021.

New registrants. The week’s activity included seven new registrations. Preliminary filers Beta FinTech Holdings and Gifts International Holdings operate out of Hong Kong. Through subsidiaries, Beta FinTech offers securities brokerage, IPO financing, municipal bond underwriting, and other financial services. Gifts International provides gift-giving services to corporate and individual customers. Florida-headquartered gold and copper mining and production company Aura Minerals publicly registered on Form F-1. Aura’s operating mines are in Mexico, Brazil, and Honduras. The company’s common shares trade on the Toronto Stock Exchange, and its Brazilian Depositary Receipts are listed on the Brazilian Stock Exchange. Japan, which has produced three U.S. IPO companies in 2025, saw a new registration by TryHard Holdings. The lifestyle entertainment company engages in event curation, management services, sub-leasing of entertainment venues, and the operation of restaurants. Following the offering, TryHard’s CEO will control 70 percent of the voting power of the company’s shares. Cantor was hired as lead manager by new SPAC filers Oxley Bridge Acquisition, Cantor Equity Partners III, and HCM III Acquisition. Oxley will target global consumer and technology businesses outside of China, Hong Kong, and Macau. Cantor III’s management has expertise in financial services, digital assets, healthcare, and software. HCM III will look to acquire technology and software infrastructure companies serving the financial, real estate, and asset management industries.

Withdrawals. Unifoil Holdings was the lone company to withdraw its pending IPO registration statement last week. The maker of paperboard products for packaging last amended its filing in August 2024.

The information reported in IPO Tracker is gathered using IPO Vital Signs, a Wolters Kluwer Regulatory U.S. database that includes all SEC registered IPOs, including REITs and those non-U.S. IPO filers seeking to list in the U.S. markets. IPO Vital Signs does not track closed-end funds, best efforts or non-underwritten deals, or IPO offerings for amounts less than $5 million.

Companies: Circle Internet Group, Inc.; Omada Health, Inc.; Beta FinTech Holdings Ltd.; TryHard Holdings Ltd.; Oxley Bridge Acquisition Ltd.; Aura Minerals Inc.; Cantor Equity Partners II, Inc.; Gifts International Holdings Ltd.; HCM III Acquisition Corp.; Unifoil Holdings, Inc.

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