The crypto asset market, once shrouded in the cold skepticism of a "crypto winter," is not just recovering—it's brewing a historic resurgence. From early 2024 through mid-2025, this dynamic sector has surprised even seasoned financial experts with its remarkable rally and resilience. The new foundation is more robust, with fewer scammers on platforms, matured technology, presidential support in the U.S., and a significantly expanded base of investors and participants. Fueled by enthusiasm from both traditional wealth managers and retail investors, the industry's listing and trading activities are thriving.
Circle's Blockbuster IPO Sets the Stage
Circle's groundbreaking IPO marks a pivotal moment for crypto asset public offerings, highlighting a pre-IPO undervaluation that Wall Street initially overlooked. Today, crypto giants and Wall Street heavyweights are positioning themselves to capitalize on the impending wave of initial public offerings (IPOs). The market's appetite for crypto stocks was vividly demonstrated during the first week of Circle's listing—the issuer of the USDC stablecoin—as its share price soared from an IPO定价 of $31 to $107. On its debut day, Circle's stock surged over 168%, far exceeding market expectations.
This resounding success is likely to encourage other crypto companies to follow suit or accelerate their own上市 plans. Circle's IPO underscores the broad impact on the crypto market, crafting a compelling narrative amid the current U.S. crypto-friendly environment. It sets a new benchmark for the industry, reflecting growing public acceptance of digital assets.
Upcoming Crypto IPOs to Watch
In recent weeks, prominent companies in high-risk sectors, particularly crypto assets and fintech, have successfully gone public, signaling a revival in capital market activity and robust demand. The increase in crypto asset IPOs represents a critical juncture for the industry, demonstrating these companies' confidence in attracting mainstream investors. This trend also brings greater transparency, regulatory scrutiny, and capital inflows, potentially solidifying crypto's role in traditional financial markets.
According to recent reports, Peter Thiel-backed crypto exchange Bullish has confidentially filed for an IPO with the U.S. Securities and Exchange Commission (SEC). As a subsidiary of blockchain software firm Block.one, Bullish had previously attempted to go public via a special purpose acquisition company (SPAC) in 2021. However, that plan faltered in 2022 due to regulatory crackdowns and market volatility spurred by rising interest rates. Under the current administration's more lenient regulatory stance toward crypto assets—supporting industry policy goals and pausing several SEC investigations—Bullish aims to leverage renewed investor enthusiasm for digital assets.
Bullish's filing follows an announcement by Gemini, the crypto exchange operated by billionaire twins Tyler and Cameron Winklevoss, which revealed last week that it had also submitted confidential paperwork for a U.S. IPO. Gemini, a platform that allows users to buy, sell, and store over 70 tokens, has not yet specified the offering size or pricing range. The Winklevoss twins, famous for their lawsuit against Facebook and CEO Mark Zuckerberg over alleged intellectual property theft, reportedly settled in 2008 for Facebook stock and cash compensation.
This IPO momentum coincides with Bitcoin surpassing the key milestone of $110,000 per coin and the global crypto asset industry reaching a valuation of approximately $3.22 trillion. Institutional investors have poured billions into gaining exposure to this asset class, especially after the U.S. approval of spot Bitcoin ETFs. Coinbase's inclusion in the S&P 500 index in May marked another milestone for the American crypto industry, as crypto companies increasingly integrate into traditional markets amid financial and legislative advancements.
While no formal filings have been made yet, rumors suggest that San Francisco-based exchange Kraken is preparing for an IPO in early 2026. The company, which last raised $13.5 million at a $4 billion valuation in 2019, is reportedly in talks with financial institutions to secure debt financing for pre-IPO growth. In February, reports emerged that U.S. custody firm Bitgo was considering an IPO as early as this year, though it has not filed officially. Bitgo completed its latest funding round in August 2023 at a $1.75 billion valuation.
Given the warm reception to Circle's IPO, more companies are expected to announce上市 plans soon. With the stellar performance of Bitcoin treasury stocks and ETFs, investing in equities of companies supporting industry infrastructure appears to be a rational strategy. 👉 Explore more strategies for crypto investment growth
Surge in Crypto Trading and M&A Activity
Driven by robust business growth, political backing, and regulatory support, trading activity in the crypto asset space is flourishing. After a period of stringent regulatory constraints, the U.S. crypto industry is entering a golden era. Many in the sector hope that a potential second term for President Trump would end the government's crackdown on crypto assets seen in recent years. For instance, following the election, Bitcoin's price surged nearly 50%, reaching an all-time high of over $111,000 last month.
Increased institutional adoption, public interest, and technological advancements are three key factors propelling the U.S. crypto trading market from $9.8 billion in 2024 to a projected $29.8 billion by 2033. Europe is following in America's footsteps, with supportive legal frameworks expected to play a major role in the region's growth—from $6.9 billion in 2024 to $27.6 billion by 2033. For example, in late 2024, the European Union enacted the Markets in Crypto-Assets (MiCA) regulation, aimed at "taming the wild west of crypto assets."
Amid fierce competition to drive digital transformation and offer innovative services to customers, deal volume in the technology and financial services sectors across the U.S. and Europe expanded significantly in 2024 and the first quarter of this year. Financial firms showed substantial growth in overall deal value compared to the previous year, as they pursued advanced digital technologies.
In 2024, crypto transactions in the U.S. and Europe increased notably, buoyed by favorable market conditions. Ninety-three deals were announced, totaling $4.1 billion—a 2.5-fold increase in value and a 19% rise in volume year-over-year, according to Mergermarket data. A closer look reveals that the U.S. played a pivotal role in this value growth, with 45 announced crypto deals worth just over $3.2 billion—nearly five times the 2023 figure. The EMEA region recorded 48 deals, eight more than the previous year, though total value dipped slightly by 5% to $918 million.
Despite challenges in the broader M&A market, the first quarter of 2025 started strong, with 23 deals completed in the U.S. and Europe worth $655 million. Europe led in the March quarter, with 12 deals valued at $348 million—up 9% in volume and 21% in value year-over-year. U.S. deal activity slowed, with 11 transactions worth $307 million, down 26% in volume and 66% in value. This decline was attributed to several major deals in 2024, most notably the acquisition of stablecoin infrastructure provider Bridge Ventures by U.S.-Irish fintech giant Stripe for $1 billion—the largest acquisition in the crypto industry to date.
Stripe's move aims to enhance its stablecoin services, which have proven to be a viable method for international transactions via blockchain. With lower fees and instant settlement capabilities, stablecoins offer a secure and reliable alternative to traditional payments. 👉 View real-time tools for tracking crypto market trends
Conclusion
The convergence of fintech and crypto assets, fueled by favorable government initiatives on both sides of the Atlantic, will be a key trend to watch in 2025. Financial institutions and payment companies are striving to enhance the efficiency of their digital offerings, while emerging crypto firms are turning to mergers and acquisitions to scale in a competitive market. These dynamics will rapidly reshape the landscape, with M&A playing a crucial role in achieving that transformation.
Frequently Asked Questions
What caused Circle's stock to surge after its IPO?
Circle's share price skyrocketed due to strong investor demand for crypto-related equities, the company's role as a major stablecoin issuer, and a generally favorable regulatory environment. The IPO was significantly undervalued initially, leading to a rapid price adjustment.
How does a crypto company prepare for an IPO?
Preparation typically involves enhancing regulatory compliance, conducting thorough financial audits, securing underwriting from investment banks, and building a compelling narrative for investors. Companies often confidential file with the SEC to test waters before公开 announcing plans.
Are crypto IPOs riskier than traditional IPOs?
They can be, due to market volatility, regulatory uncertainties, and the nascent nature of the industry. However, growing institutional adoption and clearer regulations are gradually reducing these risks.
What impact do Bitcoin ETFs have on crypto IPOs?
The approval of Bitcoin ETFs has increased mainstream investor exposure to crypto, boosting overall market confidence and making the environment more conducive for IPOs. This has led to greater capital inflow and valuation optimism.
Which regions are leading in crypto M&A activity?
The United States currently leads in deal value, driven by large transactions and a supportive policy shift. Europe is also active, with increasing volume due to regulatory frameworks like MiCA.
How can investors stay informed about upcoming crypto IPOs?
Monitoring SEC filings, financial news outlets, and industry reports is essential. 👉 Get advanced methods for tracking IPO announcements can also provide timely updates and analysis.