Nasdaq sees highest volume of listings and capital raise in 2021 since 2021.

In H1 2025, Nasdaq welcomed 142 listings, raising $19.2 billion, and maintained its leadership in switches, crossing $3 trillion in market value transferred since 2005. The exchange drove smart policy reforms to improve regulatory processes for public companies. Nasdaq's leadership in the U.S. market continued for 46 consecutive quarters, with an 86% win-rate of Nasdaq-eligible listings.

Nasdaq (Nasdaq: NDAQ) reported a robust first half of 2025, welcoming 142 Initial Public Offerings (IPOs) that raised a total of $19.2 billion. This performance underscores Nasdaq's continued dominance in the U.S. market, with an 86% win rate of eligible U.S. listings. The exchange maintained its leadership in switches, crossing the $3 trillion threshold in total market value transferred since 2005.

The exchange's success can be attributed to several key factors. Nasdaq secured 11 corporate listing transfers worth $271 billion in market value, including notable transfers such as Shopify and Kimberly-Clark. This period also saw Nasdaq maintain a 100% win rate in consumer IPOs and an 89% win rate in healthcare, further cementing its sector dominance. Additionally, Nasdaq dominated the SPAC market, capturing 94% of eligible SPAC IPOs that raised $10.6 billion [1].

Nasdaq's strong performance in H1 2025 signals a market recovery and strengthens its competitive position against NYSE. The exchange's first half 2025 results represent the highest listing volume and capital raise since 2021, extending its market leadership to an impressive 46 consecutive quarters. The company's success aligns with the positive signal from Nasdaq's own IPO Pulse Index, which increased for the first time this year [1].

In parallel, Nasdaq has been driving smart policy reforms to improve regulatory processes for public companies. U.S. exchange operators, including Nasdaq and NYSE, are in talks with the Securities and Exchanges Commission (SEC) to ease regulatory burdens. The reforms under discussion range from reducing the quantum of disclosures and the costs of going public to making it harder for minority investors to agitate. These talks aim to encourage more richly valued startups to list and spur economic growth [3].

The SEC, under new chairman Paul Atkins, is considering addressing regulatory burdens that undermine capital formation. The agency is looking to make initial public offerings more attractive to companies. Nasdaq President Nelson Griggs has publicly advocated for easing burdens, emphasizing the need to democratize access to public companies through more attractive public markets [3].

The first half of 2025 has demonstrated resilient demand for crypto ETPs, with Bitcoin leading inflows and BlackRock dominating issuance. Despite a marginal decline from last year, the sustained inflow momentum and expanding product offerings signal a maturing market. Investors and asset managers should remain attentive to regulatory shifts and market innovations that will shape the trajectory of crypto investment products in the coming months [2].

References:
[1] https://www.stocktitan.net/news/NDAQ/nasdaq-welcomes-142-ip-os-in-the-first-half-of-6ct5waiup02z.html
[2] https://en.coinotag.com/bitcoin-etps-account-for-majority-of-17-8-billion-crypto-etp-inflows-in-h1-2025-coinshares-reports/
[3] https://ca.finance.yahoo.com/news/exclusive-us-exchanges-sec-talks-101858110.html