Trump-Fueled Crypto Frenzy Sparks Rush to Wall Street IPOs
August 14, 2025 – By Manya Saini and Niket Nishant, Reuters
After years on the sidelines, U.S. cryptocurrency companies are making a strong push to go public, fueled by regulatory policies introduced under President Donald Trump’s second administration and the soaring market value of global cryptocurrencies, which recently hit a record $4.2 trillion.
Bullish and the New Wave of Crypto IPOs
The latest company to enter the public markets is Bullish (ticker: BLSH), a cryptocurrency exchange operator backed by billionaire investor Peter Thiel. Bullish’s successful IPO on Wednesday raised more than $1.1 billion, signaling growing investor appetite and confidence in the crypto industry’s rebound.
This surge of IPO activity is a marked turnaround for the sector, which endured a severe downturn following the 2022 collapse of the prominent crypto exchange FTX. The FTX crash precipitated a "crypto winter" that severely damaged valuations and investor trust.
However, recent market rallies, driven by mainstream adoption and strong financial backers, have reshaped the fundraising landscape for crypto firms. “More than anything, Circle’s trading has really been the biggest green light for the industry,” said Matt Kennedy, senior strategist at Renaissance Capital, an IPO research and ETF provider.
Circle’s Strong Market Debut and Regulatory Support
Notably, Circle Internet Group Inc. (NYSE: CRCL), a stablecoin issuer, made an impressive New York Stock Exchange debut in June, with shares more than doubling at the opening bell, valuing the company at about $18 billion. Stablecoins are cryptocurrencies pegged to fiat currencies like the U.S. dollar, providing a relatively stable investment option within the crypto space.
Following Circle’s IPO, the U.S. Senate passed the landmark Genius Act, which establishes a regulatory framework for stablecoins. This legislative move has further fueled investor confidence and helped Circle’s share price climb from its $31 IPO price to close recently around $153, boosting the company’s valuation to approximately $35 billion.
“Positive trading and a friendly regulator make for a powerful combo,” Kennedy emphasized.
The Broader Crypto Market Momentum
Cryptocurrency companies are capitalizing on this positive momentum. The revival has encouraged industry stalwarts like BitGo, Grayscale, and Gemini to submit confidential filings for initial public offerings. Analysts also identify Kraken, a major crypto exchange, as a strong potential IPO candidate.
“Private investors are likely seeking liquidity. Many venture capital and private equity firms have held these positions for years,” noted Kat Liu, vice president at IPO research firm IPOX. “These are no longer purely speculative businesses.”
Alongside traditional IPOs, numerous companies are opting for SPAC (Special Purpose Acquisition Company) mergers, a quicker and often less scrutinized route to public markets. These SPAC-backed firms often adopt the “crypto holding company” model, integrating cryptocurrencies like Bitcoin and Ether directly on their balance sheets to provide investors indirect exposure.
Price Projections and Treasury Strategies
Bitcoin, the largest cryptocurrency, continues its upward trajectory. Forecasts estimate it could reach $200,000 by the end of 2025. Ethereum, the second-largest, is anticipated to end the year near $7,500. As of the latest trading session, Bitcoin was priced at $120,181.98 and Ether at $4,619.73. “These treasury strategy trades are going to continue for a while. And as long as they trade at a premium, you’re going to see people raise money,” said Joe Nardini, head of investment banking at B. Riley Securities.
U.S. IPO Market Recovery Boosts Crypto Listings
The resurgence of the crypto IPO wave comes amid a revitalized broader U.S. IPO market. There have been 216 IPOs in the U.S. so far this year, the highest since 2021, collectively raising nearly $40 billion according to Dealogic. This compares to 118 offerings in the same period last year.
High-profile companies such as buy now, pay later lender Klarna and software giant Genesys are slated for upcoming IPOs. Recent successful debuts by Firefly Aerospace, Chime Financial Inc., and Figma have energized the market further.
Nevertheless, investment bankers caution that the IPO market remains vulnerable to shifts in investor sentiment and macroeconomic volatility.
Reporting by Manya Saini and Niket Nishant in Bengaluru; editing by Michelle Price and Alan Barona.
About the Authors:
Manya Saini covers major publicly listed U.S. financial firms and fintech, focusing on IPOs and cryptocurrency regulation. She holds a Political Science degree from the University of Delhi and a master’s in journalism from the Symbiosis Institute of Media and Communication.
Niket Nishant reports on Wall Street’s major financial players and covers the largest IPOs and late-stage venture funding. He is a graduate of the Indian Institute of Journalism and New Media, Bengaluru.
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