NEW YORK – After years of hesitation, U.S. cryptocurrency firms are racing to go public, riding a wave of regulatory clarity and surging investor demand under President Donald Trump’s second administration. The global crypto market has soared to a record $4.2 trillion, with major players now capitalizing on the bullish momentum.
Bullish Leads the Charge with $1.1 Billion IPO
On Wednesday, Bullish, a cryptocurrency exchange backed by billionaire Peter Thiel, became the latest to tap public markets, raising over $1.1 billion. The move follows a string of high-profile listings, including Circle, the stablecoin issuer behind USDC, which saw its shares more than double in its June NYSE debut, valuing the company at $18 billion initially—and now around $35 billion.
“Circle’s explosive trading debut was the biggest green light for the industry,” said Matt Kennedy, senior strategist at Renaissance Capital, an IPO research firm. “Positive trading and friendly regulators make for a powerful combo.”
Regulatory Tailwinds: The Genius Act Effect
The sector’s resurgence gained further momentum when the U.S. Senate passed the Genius Act, establishing the first comprehensive regulatory framework for stablecoins—cryptocurrencies pegged to traditional assets like the U.S. dollar. The legislation has boosted confidence, sparking a rally in crypto-related stocks.
From Crypto Winter to IPO Boom
The current frenzy marks a dramatic turnaround from the 2022 collapse of FTX, which triggered a brutal “crypto winter” that wiped out valuations and investor trust. Now, with prices rebounding and institutional interest surging, companies are rushing to exit the private markets.
“Private investors are finally seeking liquidity,” said Kat Liu, VP at IPOX, an IPO research firm. “Many VCs and PE firms have held these positions for years. These are no longer just speculative bets—they’re maturing businesses.”
Who’s Next? Kraken, BitGo, and More Eye Listings
A growing pipeline of crypto firms is preparing to go public, including:
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BitGo (custody solutions)
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Grayscale (crypto asset management)
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Gemini (exchange founded by the Winklevoss twins)
Analysts also speculate that Kraken, one of the largest U.S. crypto exchanges, could soon file for an IPO.
The Bigger Picture: Mainstream Adoption Arrives
The wave of listings signals crypto’s deepening integration into traditional finance, with institutional investors and regulators now playing key roles. As Trump’s policies continue to foster a pro-crypto environment, experts predict more firms will follow Bullish and Circle into the public markets—potentially reshaping the financial landscape in 2024 and beyond.