Take USDC creator Circle Technology ( CRCL) for example, it's up over 400% since its IPO. It's not a one-off thing, either: crypto exchange and media firm Bullish BLSH, which IPOed this past week, proved the demand for crypto IPOs is durable; it's nearly doubled from its IPO price.

A Renaissance in IPO Mania The IPO market in 2025 has been a hotbed of opportunity, particularly for crypto-related companies capitalizing on a favorable regulatory environment and surging investor enthusiasm.

Bullish is the latest stock to surge in its market debut, joining others like Figma and CoreWeave, which saw stunning day-one rallies following IPOs.