Digital Asset Giants Rush to Go Public Amid Regulatory Clarity and Market Resurgence
With the cryptocurrency market regaining momentum and the U.S. regulatory landscape stabilizing, a wave of digital asset companies is making its way toward Wall Street. From stablecoin issuers to decentralized trading platforms and blockchain lenders, the IPO pipeline is heating up. The success of Circle’s IPO in Q2 and eToro’s public debut in May has opened the floodgates—now companies like Bullish and Figure are next in line.
This IPO wave signals more than just market optimism. It underscores the growing institutionalization of crypto infrastructure, the demand for transparent governance, and investors’ appetite for future-ready fintech.
Bullish (Ticker: BLSH): Targeting Institutional Trading with Liquidity and Scale
Bullish, a digital asset trading platform backed by Block.one and Peter Thiel’s Founders Fund, filed publicly for a U.S. IPO in July 2025. The exchange is positioning itself as a next-generation venue for institutional crypto trading, offering a hybrid model of centralized order books and automated market-making (AMM) systems.
Since its launch in 2021, Bullish has processed over 1.25 trillion dollars in total trading volume as of March 2025. In 2024, it reported 167 million dollars in revenue with a 31 percent EBITDA margin, representing a year-over-year growth of nearly 80 percent. However, the company’s IPO filing also revealed a net loss of 348.6 million dollars in the first quarter of 2025—raising investor concerns about near-term profitability.
Bullish currently holds over 1.9 billion dollars in liquid assets, including Bitcoin, U.S. Treasury-backed stablecoins, and fiat reserves. The company is expected to leverage regulatory developments such as the GENIUS and CLARITY Acts to strengthen its institutional credibility and compliance readiness. If successful, the IPO could cement Bullish as a top-tier regulated exchange for high-volume trading.
Figure Technology: Merging Traditional Credit with Blockchain Infrastructure
Figure Technology Solutions, co-founded by SoFi’s Michael Cagney, is preparing for a public offering expected in Fall 2025. The company offers blockchain-based lending products, focusing particularly on home equity lines of credit (HELOCs) and on-chain asset securitization.
In June, Figure secured investment-grade ratings from S&P for six classes of tokenized bonds—a first for the crypto industry. The company expects to reach 355 million dollars in revenue in 2025, with 121 million dollars in EBITDA. Its target valuation for the IPO ranges between 2 to 3 billion dollars.
To streamline operations ahead of the listing, Figure recently merged with its marketplace division, Figure Markets, aligning origination with execution. The company is supported by a strong roster of investors, including BlackRock, SoftBank, and Tiger Global. Its technology is designed to bring speed, transparency, and cost efficiency to traditional capital markets—powered by blockchain rails.
Circle (Ticker: CRCL): From Stablecoin to Stock Market
Circle, the issuer of USD Coin (USDC), went public in June 2025 after years of delays, including a previously failed SPAC merger attempt. The IPO raised 1.1 billion dollars, and Circle’s stock surged more than 100 percent on opening day, placing its market capitalization at 6.9 billion dollars.
USDC now commands over 60 billion dollars in circulation and has overtaken Tether in daily transactional volumes. In the last twelve months, Circle generated 1.66 billion dollars in revenue and posted 156 million dollars in net profit, a notable achievement in the context of tightening regulation and increased operational scrutiny.
Circle’s listing is viewed as a milestone for the digital asset ecosystem. By aligning with federal regulators and disclosing detailed reserves and operational metrics, Circle has become a poster child for stablecoin transparency in the public markets.
eToro (Ticker: ETOR): Social Investing Platform Turns Public
eToro, the social trading platform headquartered in Tel Aviv, finally went public in May 2025 after its 2021 SPAC deal failed to close. The company offers commission-free trading in equities, crypto, ETFs, and commodities, with a strong focus on retail user engagement via its copy-trading technology.
The timing of the IPO proved favorable. With global markets rallying in the first half of 2025 and retail investor participation rising, eToro captured investor enthusiasm. Its current valuation is estimated at 8 billion dollars, and the platform boasts over 35 million registered users globally.
While eToro has faced past criticism regarding spreads and regulatory hurdles in Europe, it remains one of the most widely used platforms for new investors entering both crypto and traditional markets. The IPO provides it with new capital to expand geographically and launch additional crypto-native features.
Strategic Context: The Institutionalization of Crypto Finance
These IPOs mark a turning point for the digital asset sector. What began as a loosely regulated, high-volatility domain is maturing into an industry governed by compliance, transparency, and scalable infrastructure. U.S. legislation in 2025, coupled with institutional interest, has shifted crypto from the fringe into mainstream capital markets.
More importantly, this IPO cycle reflects a strategic diversification. Companies like Bullish and Figure represent infrastructure plays for institutional finance. Circle operates at the heart of Web3 payments and remittances. eToro capitalizes on the new wave of retail investor engagement.
Collectively, they signal that the crypto industry is no longer relying on speculative token pumps or hype cycles. Instead, it is building long-term value through public-market trust, investor accountability, and regulatory integration.
Conclusion: A New Chapter for Digital Asset Investing
The IPO wave of 2025 is not just about individual companies. It is about the normalization of an entire sector within traditional finance. As these companies enter the public arena, they will be held to the same standards of performance, disclosure, and governance as any other listed firm.
For investors looking to gain exposure to the long-term growth of the digital economy without directly holding tokens, these IPOs represent a gateway. They offer a way to participate in the infrastructure, compliance, and real-world adoption of blockchain innovation—one quarterly earnings report at a time.
