U.S. Policy Shift Spurs More Crypto Adoption Among Corporations, Says JPMorgan

Crypto IPO Boom Returns as U.S. Regulatory Landscape Warms, JPMorgan Says

A surge in public offerings and renewed venture capital interest point to a revitalized crypto industry, thanks to improving clarity around U.S. regulation, according to a new report from JPMorgan.

Analysts at the bank, led by Nikolaos Panigirtzoglou, said momentum behind the GENIUS Act — a federal framework for regulating stablecoins — is laying the groundwork for a friendlier environment for digital asset firms seeking to go public.

“This growing regulatory clarity is proving favorable for crypto corporate strategies like IPOs and funding rounds,” the team wrote.

The GENIUS Act would establish federal oversight for stablecoins with a market cap over $10 billion, while allowing aligned state-level regulations. This regulatory certainty could attract traditional investors and push more crypto-native firms into the public markets.

JPMorgan noted that the number of crypto IPOs so far in 2025 mirrors the pace seen during the 2021 bull market. Press reports also suggest that Ripple, Kraken, ConsenSys, and Bullish — parent of CoinDesk — are exploring IPOs this year.

Venture capital is also showing strength, already topping 2023 and 2024 levels on an annualized basis, the bank said.

Crypto IPOs are helping investors diversify beyond bitcoin (BTC $105,320.42) and ether (ETH $2,438.16), offering exposure to companies building core infrastructure, payment solutions, custody services, and tokenization tools.