Crypto IPOs Surge in 2025 as Pro-Crypto Policies and ATH Prices Drive Market Optimism

A wave of cryptocurrency-related companies is accelerating toward initial public offerings (IPOs) in 2025, driven by favorable regulatory developments and a surge in crypto prices to all-time highs. The evolving pro-crypto environment in the U.S., combined with strong market performance, is fostering record levels of public listings and attracting institutional interest [1].

President Trump’s administration has played a key role in reshaping the regulatory landscape. The recent bipartisan signing of the “GENIUS Act,” which establishes a federal framework for U.S. dollar-pegged stablecoins, marks a significant milestone [1]. This law, alongside an executive order expanding the inclusion of crypto assets in 401(k) retirement plans, has signaled a broader acceptance of digital assets as legitimate investment vehicles [1]. Market observers note that these regulatory developments have enhanced investor confidence and helped attract a wider audience to the crypto market [1].

The surge in crypto prices is another major driver. Bitcoin recently reached $124,000 and Ethereum climbed to $4,700 amid Federal Reserve rate cuts and regulatory reforms. The overall market cap of cryptocurrencies has surpassed $4 trillion, up from $2.5 trillion a year ago [1]. These all-time highs have elevated the valuation of crypto-related firms, making them more attractive for public listings.

Notable IPOs in the sector include Circle Internet Financial, the issuer of the stablecoin USDC, which raised $1.05 billion in a June 2025 offering and saw its stock nearly double on the first day of trading. The company is now valued at $35 billion [1]. The success of Circle's IPO has been described as a bellwether for crypto IPOs, indicating strong demand from public markets [1].

Bullish, a crypto exchange backed by Peter Thiel, also made headlines with an August 2025 IPO that raised $1.11 billion. Its stock opened at over $100, significantly above the $37 IPO price, valuing the company at approximately $13.2 billion. Bullish plans to convert a large portion of its IPO proceeds into stablecoins, capitalizing on the newly established regulatory clarity [1]. The company’s CEO has stated that such listings will expand access to crypto for a broader range of investors.

Institutional investors are playing an increasingly influential role in the crypto IPO landscape. Firms like BlackRock and Ark Invest have shown significant interest in these offerings. Bullish’s IPO, for example, was upsized due to strong demand from institutional investors [1]. The growing appetite for regulated platforms is a sign that the institutional adoption of crypto is gaining momentum.

The broader IPO market is also showing signs of recovery, with 216 U.S. IPOs reported by summer 2025—the highest number since 2021. These include high-profile fintech and tech listings such as Chime and Figma, which have contributed to a more favorable market environment for crypto-related firms [1].

Despite the optimism, experts caution that the crypto IPO boom is highly sensitive to market sentiment and regulatory developments. Volatility remains a key concern, with crypto assets showing strong correlations to the stock market. Some analysts warn that a sudden regulatory shift or a significant price correction could quickly dampen investor enthusiasm [1].

Looking ahead, the continued success of crypto IPOs will depend on maintaining regulatory clarity and market stability. Companies with strong fundamentals, such as robust custody standards and revenue growth, are better positioned to benefit from this trend [1].

Source: [1] Crypto IPO Boom 2025: How Pro-Crypto Policies and ATH Prices Are Fueling Record Listings (https://coinmarketcap.com/community/articles/68a1be6145d9bd33157cd184/)