On August 14, 2025, U.S. cryptocurrency companies ramped up plans to go public, capitalizing on a resurgence in market valuations and favorable regulatory shifts under the Trump administration. The global crypto market cap recently reached $4.2 trillion, reigniting investor appetite for equity stakes in digital-asset ventures. Bullish (BLSH.N), a Peter Thiel-backed exchange operator, led the wave by raising $1.11 billion in its initial public offering on the New York Stock Exchange, valuing the company at roughly $13.16 billion. This blockbuster debut underscores a broader trend as both legacy institutions and venture capital backers seek liquidity through public markets.
Circle (CRCL.N), known for its USDC stablecoin, set a benchmark in June when its shares more than doubled at the open to value the issuer at around $18 billion. That milestone coincided with the U.S. Senate’s passage of the GENIUS Act, which established a comprehensive federal framework for stablecoins. Industry analysts cite Circle’s success as a ‘‘green light’’ that has emboldened other crypto entities to pursue public listings.
Market observers note that traditional underwriters and investment banks are keen to reengage after a lull following the 2022 collapse of FTX, which imposed strict due diligence standards on digital-asset offerings. The current cohort of IPOs spans exchanges, stablecoin issuers, custody providers and blockchain infrastructure developers. Confidential filings by BitGo, Grayscale and Gemini signal that these firms may follow Bullish and Circle to market, aiming to leverage renewed retail and institutional demand.
Special Purpose Acquisition Companies (SPACs) remain an alternative route, with several smaller crypto startups opting for deSPAC transactions to expedite market entry. Proponents argue that SPAC mergers can circumvent regulatory hurdles tied to traditional IPOs and provide greater pricing flexibility. Critics, however, warn that SPAC valuations can diverge significantly from underlying fundamentals, posing risks if token price trajectories falter.
As the U.S. IPO pipeline fills, attention will turn to post-listing performance and the degree to which listed crypto firms can sustain investor confidence amid macroeconomic uncertainties. Bankers anticipate a robust fall window for new offerings if equity market sentiment holds, with potential candidates including fintech disruptors and tokenization platforms. While the revival of U.S. crypto IPOs marks a pivotal moment for the industry, participants acknowledge that broader adoption will hinge on continued regulatory clarity and demonstrable alignment between corporate governance standards and blockchain-native business models.
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