A resurgence in cryptocurrency markets under President Donald Trump's second administration has fueled a wave of U.S. crypto companies rushing to go public.Notable developments include Bullish raising over $1.1 billion in an IPO and Circle making a remarkable NYSE debut, with its stock surging from $31 to $153.16.

Bullish, a cryptocurrency exchange backed by Peter Thiel, experienced a strong IPO debut on the New York Stock Exchange on August 13, 2025. The company priced its shares at $37, exceeding the already raised expected range of $32–$33.Shortly after trading began, the stock listed under the ticker BLSH soared by as much as 218%, hitting a peak of $118 before pulling back, reaching a market capitalization of approximately $13 billion from an initial IPO valuation of $5.4 billion.

Circle, a stablecoin issuer, also made a strong debut on the NYSE. The stock opened at $69 a share and quickly soared to $103.75, 235% above its initial public offering price of $31 a share. The shares closed at $83.23, up 168.5% from its offering price, for the strongest first day performance among major crypto IPOs.

The revival follows the 2022 FTX collapse that triggered a deep crypto downturn. Now, giants like BitGo, Grayscale, and Gemini are eyeing public listings; Kraken is also viewed as a potential IPO candidate. Some smaller firms are taking the SPAC route, emulating Michael Saylor’s crypto holding model. Bitcoin and ether are projected to reach $200,000 and $7,500, respectively, by year end.

Overall, the U.S. IPO market has rebounded robustly, with 216 IPOs raising nearly $40 billion so far in 2025. High profile listings like Firefly Aerospace, Chime, and Figma reflect renewed investor appetite, though sentiment remains sensitive to broader economic volatility.