U.S. Crypto Firms Race to Go Public as Trump-Era Policies, Soaring Valuations Reshape Fundraising

A sharp rise in cryptocurrency valuations and pro-crypto policies under President Donald Trump’s second administration is driving a rush of U.S. digital asset companies to pursue public listings. The trend marks a reversal from the post-FTX downturn.

Bullish (NYSE: BLSH), a cryptocurrency exchange backed by billionaire Peter Thiel, became the latest to capitalize. The company raised $1.1 billion in an IPO that saw shares more than double on their first day.

Regulatory Tailwinds Fuel Optimism

After years of uncertainty and low valuations, the sector is regaining momentum. The passage of the Genius Act, a landmark stablecoin law, and the White House’s support for crypto-friendly rules have lifted market confidence.

Circle (NYSE: CRCL), which went public in June, illustrates this change. Its stock has surged from $31 to $153.16, pushing its market cap to $35 billion. This rally has encouraged other crypto firms to accelerate their plans.

“Positive trading and a friendly regulator make for a powerful combo,” said Matt Kennedy, senior strategist at Renaissance Capital. “Circle’s success has been the biggest green light for the industry.”

IPO Pipeline Gains Strength

Bullish’s debut, with shares peaking at $118, up 218% from its $37 IPO price, highlights strong demand for crypto equities. Major players like BitGo, Grayscale, and Gemini have filed confidential IPO paperwork. Meanwhile, Kraken is widely seen as a likely candidate.

Smaller companies are turning to SPAC mergers. This route offers faster market entry and appeals to investors seeking indirect crypto exposure. It also mirrors Michael Saylor’s strategy of using corporate treasuries to attract long-term backers.

“Private investors are finally getting liquidity. These are no longer purely speculative businesses,” said Kat Liu, vice president at IPO research firm IPOX.

Public Markets Rebound

The crypto IPO rush is part of a broader recovery in U.S. public listings. So far this year, 216 IPOs have raised $39.83 billion. That is the highest figure since 2021. Upcoming debuts from Klarna and Firefly Aerospace could push the total even higher.

Bitcoin is trading at $120,181, with forecasts pointing to $200,000 by year-end. Ether has climbed to $4,619.73 and could reach $7,500. These price gains have reinforced investor optimism.

Risks Remain for New Listings

Despite the strong market, analysts warn that volatility is still a risk. Policy clarity is improving, but some regulatory details remain unsettled.

“The SPAC route offers speed, but scrutiny will intensify as more firms list,” warned Joe Nardini of B. Riley Securities.

As the fall IPO window opens, the sector’s momentum will depend on continued institutional adoption and stable policy support. For now, Wall Street’s embrace of digital assets points to a turning point that could reshape finance for years to come.