The U.S. cryptocurrency sector is experiencing a renaissance, propelled by favorable policies under President Donald Trump’s second administration.
A record-breaking $4.2 trillion global crypto market valuation has spurred companies like Bullish, a cryptocurrency exchange backed by billionaire Peter Thiel, to go public, raising over $1.1 billion on Wednesday.
This follows Circle’s blockbuster NYSE debut in June, where its stablecoin-focused shares soared, valuing the company at approximately $35 billion.
The momentum signals a shift from the 2022 crypto winter, triggered by the FTX collapse, as firms leverage regulatory clarity and investor enthusiasm to tap public markets.
The passage of the Genius Act in June, establishing a regulatory framework for stablecoins, has been a catalyst for the sector’s rebound.
This legislation, coupled with Trump’s executive order last week allowing crypto assets in 401(k) retirement accounts, has created a fertile environment for crypto firms.
Companies like BitGo, Grayscale, and Gemini have filed confidential IPO plans, while Kraken is eyed as a potential candidate.
Analysts attribute this wave to a combination of regulatory wins and a broader U.S. IPO market recovery, with 216 offerings raising $39.83 billion in 2025, the strongest since 2021.
Beyond traditional IPOs, many crypto firms are opting for mergers with special purpose acquisition companies (SPACs) to expedite market entry with less regulatory scrutiny.
This approach suits smaller startups emulating the “crypto holding company” model, holding assets like bitcoin and ether to offer investors indirect exposure.
Bitcoin, forecasted to reach $200,000 by year-end, hit a record $124,002.49 on Thursday, while ether reached $4,780.04.
The influx of capital into crypto, bolstered by institutional buying and Fed rate cut expectations, is reshaping the sector, though analysts caution that the asset class’s volatility poses risks for retirement accounts.