US markets are braced for a new wave of crypto initial public offerings as President Trump’s positive outlook for cryptocurrencies is driving mainstream adoption. The journey that the cryptocurrency landscape has been on in the wake of Donald Trump’s election victory on November 5, 2024, has been extraordinary. On the eve of the US presidential election, the total cryptocurrency market capitalization stood at $2.29 trillion. By August, it reached a new all-time high, just short of $4.2 trillion. short of $4.2 trillion After the whirlwind success of Bullish, which soared 160% after going public on Wednesday, August 13, it appears that Wall Street may be on the precipice of a fresh cryptocurrency-driven IPO boom. But what’s driving an emboldened crypto landscape to take its chance in traditional financial markets? The Trump administration’s friendly outlook towards cryptocurrencies appears to be a key factor. Crypto and the GENIUS Act The catalyst for crypto’s latest march into mainstream adoption was the GENIUS Act, which was passed in July. The Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act) is fundamentally a law that focuses on regulating stablecoins, but it carries implications for how digital assets can become more compliant on a national level. Stablecoin issuer Circle (NYSE: CRCL) was an early beneficiary of the GENIUS Act. Having gone public in June, the value of CRCL shares more than doubled at the open to value the firm at $18 billion. According to Matt Kennedy, senior strategist at Renaissance Capital, Circle’s success acted as the ‘biggest green light’ for the wider cryptocurrency landscape, and it appears that other projects are following suit. Circle’s success Within three weeks of its launch on the New York Stock Exchange, CRCL had soared to a value of $263.45 before experiencing a market correction. Its IPO price was $31 per share. The wider impact of the GENIUS Act extends far beyond stablecoins and shines a light on the road ahead for how digital assets can be regulated on a governmental level. As a result, the act could form a precedent on a global scale in terms of the definition and categorization of cryptocurrencies to help the ecosystem to thrive in traditional financial markets. can be regulated Following the Bullish Lead We’re already seeing optimism over the future of crypto regulation pay dividends for key industry players going public. The recent launch of Bullish (NYSE: BLSH), a cryptocurrency exchange that’s backed by billionaire Peter Thiel, surged 160% in its IPO, reaching a market valuation climb to $13 billion. Listed on the New York Stock Exchange, Bullish had issued an IPO price of $37 per share before peaking at $118 and eventually settling at around $85. peaking at $118 Investor appetite was so strong that the NYSE was forced to halt trading multiple times in an attempt to handle market volatility. The Return of an IPO Frenzy? Could this flurry of strong crypto listings prompt a return to Wall Street’s IPO frenzy that saw a surge in initial public offerings in the wake of the pandemic? It’s becoming clear that conditions are holding increasing levels of appeal for investors. Tech listings beyond the realm of cryptocurrencies have also arrived on Wall Street in 2025, marking a return of investor optimism, with strong debuts from AI cloud-computing firm CoreWeave and design startup Figma joining the likes of Circle and Bullish. Expectations among investors are high for interest rate cuts in September, and this more conducive borrowing environment is expected to significantly benefit speculative stocks in industries focused on crypto and artificial intelligence in particular. significantly benefit Confidence in an upcoming Federal Reserve rate cut is well supported by inflation data, which has shown increases at a moderate rate in July. As a result, the likelihood of a cut next month is now close to 100%, with Treasury Secretary Scott Bessent claiming that a half-point cut could be possible following weak employment data. now close to 100% The prospect of a larger rate cut is likely to embolden more crypto startups to launch initial public offerings on Wall Street, strengthening the ongoing wave of adoption at scale. The Road to Regulation While some cryptocurrency purists will be concerned about the centralized nature of regulation, the ongoing IPO wave is certainly a bullish trend for the industry. Already buoyed by the approval of Bitcoin spot ETFs in January 2024, the arrival of Trump 2.0 has brought plenty of momentum for the cryptocurrency landscape, as well as periods of high volatility and uncertainty. Looking ahead, higher levels of crypto-friendliness in government will help to spur more businesses to launch IPOs in the US, and their success can inspire startups from other speculative industries like AI to be more emboldened to go public. While the IPO boom of 2021 could be a bridge too far to replicate, the prospect of rate cuts in September could signal a sustained flurry of offerings on Wall Street in what could bring greater optimism back to companies nationwide.

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