Bullish Files for U.S. IPO — Will the Crypto IPO Wave Prolong the Bull Market?

TradingKey – On Monday, August 4 (ET), crypto exchange Bullish officially filed its IPO registration with the U.S. Securities and Exchange Commission (SEC), aiming to raise up to $629 million by issuing 20.3 million shares priced between $28 and $31.

At the same time, Figure Technology Solutions, a blockchain-based mortgage and crypto exchange startup, submitted a confidential IPO draft, with plans to go public later this year.

Crypto IPO Boom Gains Momentum

The surge in crypto IPO filings has analysts asking: Could this wave extend the current bull cycle? According to Forbes, the upcoming IPO rush may unleash the liquidity that builders have long awaited: “Crypto is in for a long, hot IPO summer. We better be ready.”

Recent IPO highlights include:

• Circle (CRCL): Stablecoin issuer soared 600% on debut, becoming a benchmark for crypto equity success
• eToro, Antalpha, FIGMA, and Wen Acquisition Corp: All listed in 2025, signaling growing investor appetite

Who’s Next?

Several major crypto firms are preparing IPOs:

• Grayscale: Filed confidential paperwork with the SEC
• Gemini: Winklevoss-backed exchange targeting early 2026 listing
• BitGo, OKX, FalconX, Uphold: All exploring public offerings

Among them, Grayscale stands out as a mature crypto asset manager with over $33 billion AUM, while OKX and Gemini are well-known exchanges with global reach.

Wall Street’s Role in the Bull Cycle

Independent analyst Markus Thielen believes Wall Street investment banks may be intentionally supporting Bitcoin’s price to create favorable IPO conditions.

• IPOs boost sentiment and could extend the current bull market
• Institutional demand for crypto equities is rising amid regulatory clarity

The Coinbase Trap

While IPOs may fuel optimism, investors should remain cautious.

• In 2021, Coinbase (COIN) went public with fanfare
• Institutions cashed out heavily, leading to a sharp post-IPO decline
• By 2022, COIN had entered a prolonged bear phase