Donald Trump’s second term has not just reshaped U.S. cryptocurrency regulation; it has unleashed a Wall Street feeding frenzy that could turn into a dangerous market bubble.
From record-breaking IPOs to sky-high valuations, the current wave of crypto companies hitting public markets is unlike anything we’ve seen before.
The mix of political backing, speculative fervor, and retail investor mania is fueling billions in capital raises, but history says these kinds of booms rarely end softly.
Trump’s “Genius” Act: The Green Light Crypto Wanted
The Trump administration’s Genius Act, passed just weeks after Circle’s blockbuster NYSE debut, sent one unmistakable message: Washington is now pro-crypto.
This is a wholesale policy pivot that removes the political drag on digital assets. The result is a surge in confidence among crypto executives, venture capitalists, and Wall Street underwriters.
Circle’s IPO is priced at $31 per share and rocketing above $150; it became the sector’s “proof of concept.”
It demonstrated that public markets will pay a massive premium for crypto-native companies if political risk is reduced. The IPO was a liquidity event and an ignition point.
Crypto IPOs Are Now an Offensive Weapon
In 2025, IPOs aren’t the final chapter for crypto companies; they’re the opening act.
Bullish’s $1.1 billion raise this week is part of a strategic shift: public listings are now being used to accelerate growth, lock in market share, and expand aggressively while valuations are hot.
And they’re not alone. BitGo, Grayscale, Gemini, and likely Kraken are positioning themselves for listings. This isn’t fringe SPAC mania from 2021; these are front-page offerings backed by billionaires like Peter Thiel and funded by top-tier institutional investors.
With 216 IPOs already completed this year, the highest since 2021, crypto is driving the revival of America’s public offering market.
Make No Mistake: This Boom is Pricing in Perfection
Investor models are assuming bitcoin will hit $200,000, ether will break $7,500, and the Trump-crypto alliance will remain politically unshakable for years.
That’s a high-risk bet. It leaves no margin for regulatory reversals, global market shocks, liquidity crunches, and crypto price corrections.
The SPAC bust of 2021 should be a flashing red light here, the moment sentiment flips, liquidity dries up, and valuations collapse.
But One Thing Hasn’t Changed: Market Psychology
Yes, the crypto firms going public in 2025 are fundamentally stronger than the hollow shells of the last hype cycle.
Post-FTX, weaker players were flushed out. Today’s IPO candidates have deeper balance sheets, stronger customer bases, and in some cases, real profitability.
But one thing hasn’t changed: market psychology.
Investors are still chasing scarcity and momentum, analysts are still building “best-case” forecasts, and treasuries are still holding speculative crypto positions. Fundamentals plus frenzy is a potent but unstable mix.
The Winners Will Be Ruthless, and The Losers, Naïve
Trump’s pro-crypto policies have given the industry what it’s always craved: regulatory clarity, political endorsement, and a direct runway to Wall Street.
But the winners of this boom will know when to cash in, shore up balance sheets, and avoid overextension. And the losers will believe the hype is permanent and expand recklessly into what they think is a “new normal.”
For investors, the decision is binary: ride the wave with discipline and awareness, or risk getting caught in a liquidation spiral when momentum breaks.
In this market, the “FOMO premium” is real, but so is the crash risk.
