Author: Ashrith Rao
After the cold skepticism of the "Crypto Winter", the crypto asset market is not only recovering but brewing a historic revival.
From early 2024 to mid-2025, the crypto asset market has surprised even seasoned financial experts with its stunning rise and resilience.
New foundations are more solid.
Fewer scammers on crypto platforms, more mature technology, crypto assets supported by the US President, and a significantly expanded scale of investors and participants.
Under the enthusiastic pursuit of traditional wealth management institutions and ordinary retail investors, crypto industry listings and trading activities are flourishing.
Circle's Passionate IPO Leads the Trend
Circle's blockbuster IPO marks the wave of crypto asset public listings, with Wall Street failing to anticipate its massive pre-IPO undervaluation.
Now, crypto giants and Wall Street bigwigs are preparing to profit from the upcoming IPO boom.
The market's appetite for crypto stocks was vividly demonstrated during Circle's (USDC stablecoin issuer) first week of listing. Its stock price soared from the IPO pricing of $31 to $107.
On its first day of listing, Circle's stock price surged over 168%, far exceeding market expectations.
Circle's massive success might encourage more crypto companies to imitate or accelerate their listing plans.
This successful IPO emphasizes its broad impact on the crypto market, with Circle crafting an compelling story in the current US crypto-friendly atmosphere.
Circle's IPO sets a new benchmark for the industry, with public acceptance of digital assets increasingly growing.
Upcoming IPOs
In recent weeks, several high-risk industry (especially crypto assets and fintech) notable companies have successfully listed, indicating a recovery of capital market activities and strong demand.
The recent increase in crypto asset IPOs marks a critical moment for the industry, showing crypto asset companies' increased confidence in attracting mainstream investors.
This trend also brings greater transparency, regulatory scrutiny, and capital inflow, potentially consolidating crypto assets' position in traditional financial markets.
Latest news, Peter Thiel-backed crypto trading platform Bullish has submitted a confidential IPO filing to the SEC, as reported by the Financial Times on Tuesday.
As a branch of blockchain software company Block.one, Bullish previously attempted to go public through a SPAC in 2021.
However, the plan failed in 2022 due to regulatory crackdowns and interest rate spikes causing stock market volatility.
The Trump administration's policies differed significantly from the Biden administration, adopting a lenient stance on crypto asset regulation, supporting industry policy goals, with the SEC also suspending several investigations.
According to the Financial Times, Bullish hopes to leverage the current investor enthusiasm for digital assets.
Bullish's filing follows Gemini's announcement. Gemini, a crypto trading platform operated by billionaire twins Tyler and Cameron Winklevoss, revealed last week that they have submitted confidential files for a US IPO.
Gemini is a crypto trading platform supporting users to buy, trade, and store over 70 Tokens, with the issuance scale or pricing range yet to be determined.
The Winklevoss twins became famous for suing Facebook and its CEO Mark Zuckerberg, claiming he stole their social media idea.
They stated they reached a settlement in 2008, receiving Facebook shares and cash compensation.
Bitcoin price breaking through the key milestone of $110,000 per coin, with the global crypto asset industry currently valued at approximately $3.22 trillion.
Institutional investors have invested billions to gain exposure to this asset class, especially after the US approved spot Bitcoin ETFs.
Coinbase joined the S&P 500 index in May, a milestone event for the US crypto asset industry.
As the industry develops financially and legislatively, crypto companies are increasingly integrating into traditional markets.
Although no formal documents have been submitted, rumors suggest San Francisco trading platform Kraken is preparing for an IPO in early 2026. The company's last fundraising was in 2019, raising $13.5 million with a valuation of $4 billion. Reports indicate the company is negotiating with financial institutions to finalize debt financing to accelerate pre-listing growth.
Reports in February suggested US custody company Bitgo is considering an IPO as early as this year, but no formal documents have been submitted. In August 2023, Bitgo completed its latest funding round with a valuation of $1.75 billion.
It can be anticipated that after Circle's warm welcome, more companies will soon announce listing plans, these being just a few among many.
Given the excellent performance of Bitcoin treasury business stocks and ETFs, investing in stocks of companies supporting industry infrastructure seems a reasonable choice.
Crypto Trading Surges
Due to strong business growth, political support, and regulatory support, trading activities in the crypto asset field are thriving.
After experiencing strict regulatory restrictions, the US crypto asset industry is entering a golden age.
Many in the industry hope that a second Trump presidency will end the government's crackdown on crypto assets in recent years.
For example, Bitcoin price surged nearly 50% after Trump's election, reaching a historic high of over $111,000 last month.
Increased institutional adoption, public interest, and technological advancements are the three factors driving the US crypto trading market from $9.8 billion in 2024 to $29.8 billion in 2033.
Europe is also following the US's footsteps.
Supportive legal frameworks are expected to play a crucial role in the anticipated growth of the European crypto asset market, expected to grow from $6.9 billion in 2024 to $27.6 billion in 2033.
For instance, the EU enacted the Crypto Assets Market Law at the end of 2024, aimed at "regulating the Wild West of crypto assets".
In the fierce competition to continuously drive digital transformation and provide innovative services to customers, trading volumes in technology and financial services in the US and Europe expanded significantly in 2024 and the first quarter of this year.
Financial industry companies significantly grew in overall transaction value compared to the previous year as they pursued advanced digital technologies.
In 2024, crypto transactions in the US and Europe increased significantly, driven by favorable market conditions.
93 deals were announced last year, with a total value of $4.1 billion. According to Mergermarket data, the value increased 2.5 times and transaction volume rose 19% compared to the previous year.
Careful observation shows that the US played a key role in the significant value growth in 2024.
45 announced crypto transactions totaled slightly over $3.2 billion, almost five times 2023's figure. During this period, the EMEA region recorded 48 transactions, an increase of 8 from the previous year. However, the total value slightly decreased by 5% to $918 million.
Performing strongly in the first quarter of 2025 amid challenges in the broader M&A market, the US and Europe completed 23 transactions worth $655 million.
In the March quarter this year, Europe led, completing 12 transactions worth $348 million, growing 9% and 21% year-on-year. US transactions slowed, completing 11 transactions worth $307 million, declining 26% and 66% year-on-year.
The decline in US value is attributed to several significant transactions in 2024, most notably the US-Irish fintech giant Stripe acquiring stablecoin infrastructure provider Bridge Ventures. This $1 billion transaction is the largest acquisition in the crypto industry to date.
Stripe aims to improve 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 safe and reliable alternative to traditional payments.
Summary
Driven by favorable government initiatives across the Atlantic, the fusion of fintech and crypto assets will be an important trend to watch in 2025.
Financial institutions and payment companies are striving to improve the efficiency of their digital products, while emerging crypto companies will expand their scale through mergers and acquisitions in the competitive market.
These dynamics will quickly reshape the market, and mergers and acquisitions will play a key role in achieving this goal.
