What's more, as the U.S. IPO market heats back up, more of these deals could follow, said Angelo Bochanis, an analyst at Renaissance Capital, a provider of pre-IPO research and IPO-focused ETFs.

Launched in 2012, Coinbase is the largest crypto exchange in the U.S. that went public in 2021. This May, it became the first crypto stock to debut on the S&P 500 list — a reflection of crypto ...