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.

Since U.S. President Donald Trump's tariffs shock in April, IPOs have significantly outperformed the benchmark S&P 500 index ( SP500 ). The Renaissance IPO ETF ( NYSEARCA: IPO) has surged +60.9% since its April low, compared to a +33.4% rise in the S&P, or nearly double.

Crypto exchange Bullish is targeting a valuation of up to $4.23 billion in its United States listing, the company said in a filing on Monday, launching its roadshow to capitalize on the momentum built by digital assets amid regulatory clarity.