The crypto industry is experiencing a surge of IPOs in 2025, fueled by a $650 billion market cap increase and supportive regulatory changes.
The cryptocurrency market has gained over $650 billion in market cap since the year-start, resulting in a wave of crypto IPOs this bull cycle. Exchanges, blockchain companies, and treasury firms are increasingly tapping into public markets and attracting institutional investors.
USDC stablecoin issuer Circle went public earlier in 2025 and raised $1.1 billion. Its shares skyrocketed more than 200% on debut, inspiring other crypto companies to consider public listings.
Last month, Peter Thiel-backed exchange Bullish raised $1.1 billion in an IPO, much higher than anticipated.
Upcoming Crypto IPOs
Among the most anticipated IPO listings is Cameron and Tyler Winklevoss-founded crypto exchange Gemini. The company is debuting this week and has raised its IPO target to $433 million, with a valuation expected to surpass $3 billion.
The stock is set to be priced between $24 and $26 per share, up from an earlier range of $17 to $19.
Similarly, blockchain-based credit firm Figure Technology Solutions Inc has expanded its offering to $693 million. This could value the company at around $4.7 billion, a clear sign of investor enthusiasm for blockchain innovations.
On Sept. 9, SOL Strategies, known for its SOL-focused investments, was officially listed on Nasdaq under the ticker STKE. The firm currently holds $94 million worth of SOL, which is one of the best crypto to buy this year.
Favorable Regulations Fuel Growth
This IPO boom is supported by a crypto-friendly regulatory environment in the US this year. Since taking office in January this year, President Trump’s administration has introduced several regulatory initiatives designed to promote innovation.
The SEC has moved away from its strict enforcement approach and is now focusing on supporting the growth of the crypto industry. As part of this change, it launched “Project Crypto” to create clear guidelines for digital assets and closed its previous crypto enforcement team.
The agency has also closed cases against several major crypto companies, including Gemini, Coinbase, and Tron.
Nasdaq’s recent proposal to allow trading of tokenized securities could further integrate digital assets with traditional finance.
As investor interest and regulatory clarity converge, 2025’s crypto IPO wave signals mainstream adoption of digital assets.
next