Key Points
- U.S. crypto companies are rushing to go public, spurred by a market boom.
- Friendly policies from the Trump administration, including a new law for stablecoins, are fueling the trend.
- The successful IPO of stablecoin issuer Circle has been a major “green light” for the industry.
- Several major crypto firms, including Bullish, BitGo, and Grayscale, are now going public.
U.S. crypto companies are rushing to go public, taking advantage of a booming market and friendly new policies from the Trump administration. The recent passage of a landmark law for stablecoins and a surge in cryptocurrency prices have created the perfect conditions for a new wave of crypto IPOs.
Crypto exchange Bullish, backed by billionaire Peter Thiel, made its latest move, raising over $1.1 billion in its public debut on Wednesday. But the real “green light” for the industry was the blowout IPO of stablecoin issuer Circle in June. The stock more than doubled on its first day of trading, and the company is now worth around $35 billion.
This flurry of public offerings marks a dramatic turnaround for the crypto sector. Just a few years ago, the industry was in a deep “crypto winter” following the collapse of the FTX exchange, which crushed valuations and destroyed investor confidence.
Now, with a rebound in prices and a new U.S. law providing regulatory clarity for stablecoins, private investors are looking to cash in.
Several other major crypto firms, including BitGo, Grayscale, and Gemini, have already filed for IPOs. While some are opting for traditional public offerings, many smaller companies are choosing to go public by merging with a special purpose acquisition company (SPAC), which is often a faster and easier route.
This crypto IPO boom is happening alongside a broader recovery in the U.S. IPO market, which is on track for its best year since 2021.
