It’s hard to miss the energy around crypto in the U.S. these days, especially if you look at what’s happened with the public debuts of Bullish (NYSE: BLSH) and Circle (NYSE: CRCL). Both companies have ridden a wave of investor enthusiasm that seems powered by more than just the latest Bitcoin price surge. With Washington, D.C. rolling out clearer rules, crypto has found fresh credibility and, it seems, a new class of fans.
The standout driver behind this optimism is America’s shift toward constructive regulation. This summer saw federal legislation create the first real framework for stablecoins, establishing rules for issuers and their assets while transferring much of the day-to-day oversight away from the SEC and toward the Commodity Futures Trading Commission. Another bill stopped the Fed from launching a central bank digital currency without Congress weighing in. These moves brought a sense of stability and clarity that U.S. crypto firms long craved, igniting both innovation and ambitious capital-market moves.
Bullish, propelled by its Coinbase-like digital asset exchange and crypto news platform CoinDesk, made an entrance that’s tough to overstate. The company set its IPO price at $37 per share and raised an impressive $1.1 billion. But investors quickly decided that wasn’t nearly enough. On debut, Bullish shares opened at $90, shot up as high as $118, and ultimately closed above $92, more than doubling from the starting line and briefly giving the company a market value of roughly $13.2 billion. This kind of debut underscores just how strong the appetite for U.S.-regulated crypto platforms has become and hints at even bigger things for the sector.
Circle, once best known for its USD Coin (USDC) stablecoin, has staged a runaway success of its own. Circle’s IPO hit the market at $31 per share in early June and, in less than three weeks, shares climbed to nearly $299, a stunning jump of over 800% at the peak before settling back slightly. As of August, the stock was still up nearly 400% from its IPO price. The surge is partly thanks to the explosion in demand for stablecoins as mainstream and institutional investors pour cash into digital assets with a regulatory safety net. Circle’s latest quarterly results revealed revenue growth of 53% year-over-year, and the amount of USD Coin in circulation crossed $65 billion, up 90% for the quarter.
For companies like Bullish and Circle, this environment is the product of careful policymaking as much as technical innovation. The Trump administration has made a point of encouraging crypto through a blend of pro-business regulatory moves and vocal support for digital finance. This isn’t just about attracting institutional investors. It’s also about signaling that the U.S. is serious about not getting left behind as crypto adoption accelerates around the globe. The latest policies invite both startups and established platforms to build openly, without the nagging fear of shifting rules or sudden regulatory crackdowns.
With the global crypto market cap roaring past $4.2 trillion, it’s no surprise that American companies are lining up for Wall Street’s spotlight. Bullish and Circle may be grabbing headlines now, but they’re almost certainly just the start. Early signs suggest several more digital-asset firms are considering IPOs, encouraged by both technical tailwinds and an unmistakable sense that the rules of the game in the U.S. have finally become less of a mystery and more of a moat. If this keeps up, the market’s current excitement may prove to be the beginning of a new era, not just for crypto traders but for the entire U.S. financial landscape.
