The cryptocurrency sector is experiencing an unprecedented surge toward public markets as Trump’s pro-crypto policies create a perfect storm of regulatory clarity and investor enthusiasm, driving global crypto valuations to a staggering $4.2 trillion. This remarkable transformation from the crypto winter of 2022 to today’s IPO gold rush represents one of the most dramatic sector recoveries in modern financial history. The convergence of mainstream adoption, institutional backing, and political support has created an environment where crypto firms can finally access traditional capital markets. This wave signals crypto’s full integration into mainstream finance.
Market Recovery and Momentum
After years of sitting on the sidelines, U.S. crypto companies are lining up to go public, buoyed by friendly policies under President Donald Trump’s second administration that have pushed the value of global cryptocurrencies to a record $4.2 trillion.
Bullish BLSH.N, a cryptocurrency exchange operator that counts billionaire Peter Thiel among its backers, was the latest to tap U.S. public markets on Wednesday, raising over $1.1 billion.
Circle CRCL.N went public in June in a blowout NYSE debut, with shares more than doubling at the open to value the stablecoin issuer at about $18 billion.
“More than anything, Circle’s trading has really been the biggest green light for the industry,” said Matt Kennedy, senior strategist at IPO-focused research and ETFs provider Renaissance Capital.
Regulatory Framework Impact
Days after that IPO, the U.S. Senate passed the landmark Genius Act establishing a regulatory framework for stablecoins, fueling a rally in the stock.
Circle’s shares closed the previous session atย 153.16,versusitsIPOpriceof31 apiece. The company is now worth around $35 billion.
“Positive trading and a friendly regulator make for a powerful combo,” Kennedy added.
The dramatic transformation of crypto companies from speculative ventures to legitimate IPO candidates reflects institutional adoption and regulatory clarity that has fundamentally altered investor perceptions. Circle’s success has created a demonstration effect, proving crypto companies can achieve traditional market valuations and attract mainstream institutional investors.
Alternative Funding Routes
The growing roster of IPO candidates underscores how far the sector has come since the 2022 collapse of crypto exchange FTX triggered a crypto winter, crushing valuations and investor confidence.
“Private investors are likely seeking liquidity. Many VCs and private equity firms have held these positions for years,” said Kat Liu, vice president at IPO research firm IPOX.
The passage of the Genius Act, coupled with Circle’s blockbuster market debut, has spurred other crypto firms to press ahead with listing plans. BitGo, Grayscale and Gemini have submitted confidential filings to list their shares.
SPAC Alternative Strategy
While crypto companies have gone public via IPOs, many are opting to merge with special purpose acquisition companies, which typically undergo less scrutiny.
The SPAC route has been popular among smaller startups aiming to emulate Michael Saylor’s Strategy MSTR.O, which pioneered the “crypto holding company” model.
Bitcoin is forecast to end the year atย 200,000.StandardCharteredexpectsethertofinish2025at7,500.
SPAC mergers demonstrate how crypto firms are innovating around traditional capital market structures to access public funding while navigating regulatory complexities. MicroStrategy’s bitcoin treasury model has inspired numerous imitators seeking premium valuations that crypto-holding companies can command, creating a new category of publicly traded investment vehicles. This reflects sophisticated institutional demand for crypto exposure through regulated entities rather than direct token ownership, highlighting sector evolution to meet institutional requirements.
Market Outlook
The broader U.S. IPO market has recovered this year, with 216 IPOs raising $39.83 billion, compared with 118 offerings in the same period a year ago.
Trump’s crypto-friendly policies have unleashed a historic IPO wave, transforming digital asset companies from regulatory outcasts to Wall Street darlings. The $4.2 trillion crypto market now provides a foundation for sustained public market activity, with Circle’s success proving institutional appetite for regulated crypto infrastructure. This IPO rush represents crypto’s final step toward mainstream financial legitimacy, though market volatility remains a constant threat.
GCN.com/Reuters.