Blockchain Public Market Awakening
Blockchain Public Market Awakening
Dear friends,
It’s been a long and quiet spell. Over the past few years, the IPO and M&A markets all but disappeared, taking with them much of the vitality from the broader growth asset landscape. The blockchain sector was no exception.
This freeze was no mystery. We’ve endured the end of a zero-interest rate environment, persistent inflation, and rising global uncertainty, all of which were underscored by fragmented governmental policy and the a lack of regulatory clarity. It’s been a sobering macro environment.
Since January, however, the tempo has changed. Quietly at first, then with unmistakable vivacity, energy has returned to the public markets. For those of us who have remained focused on the fundamentals, this comes as no surprise. And paired with long-awaited regulatory developments, particularly in the U.S. around stablecoin frameworks and market structure, there’s a growing sense that the capital markets are once again open for business. Not just in general, but for our industry.
We are seeing clear signs of reengagement. Bitcoin treasury strategies are coming back into vogue, with the resurgence of bitcoin balance sheet deployments reminiscent of the MicroStrategy playbook. Know Labs, Strategy, 21, and others are reviving the BTC-as-asset thesis.
Meanwhile, the private-to-public pipeline is beginning to stir. Circle’s IPO priced with serious momentum. Strategic acquisitions like Kraken’s $1.5B purchase of NinjaTrader and Stripe’s $1.1B acquisition of Bridge mark a new chapter in crypto M&A. Institutional value is not just being theorized, it is being realized.
These are not isolated events, but rather signs of the long-awaited come back of the “return of capital” cycle. After years of patient capital deployment, venture investors are now finally beginning to see liquidity events that were once only projections.
This inflection point is critical. Realizations beget return of capital to limited partners. Distributions beget new funds. And new funds beget the next wave of innovation. It seems that the flywheel of capital formation is beginning to spin once again.
For limited partners, this is the moment we’ve been waiting for. And for startups and founders across the ecosystem, it represents the opportunity to finally build with a clear path to exit.
In short, the public markets are back for blockchain. A new era of institutional clarity and capital velocity has come.
A Revival in Deal Volume and Value
The numbers tell the story: blockchain dealmaking is not only back, it’s accelerating. In 2024, a total of 93 crypto-focused M&A deals were announced across the U.S. and Europe, representing $4.1 billion in aggregate value. That’s a 2.5x increase in value and a 19% rise in volume year-over-year, making 2024 the most active year in crypto dealmaking since the 2021 bull cycle. The U.S. led the charge, recording 45 deals worth over $3.2 billion; an almost fivefold jump from 2023.
Crucially, this is not just momentum carried over from a good Q4. The first quarter of 2025 has already shown solid activity, with 23 deals totaling $655 million.
This burst of activity is not occurring in a vacuum. It is unfolding against a backdrop of broader macro headwinds: elevated rates, volatile equities, and regulatory flux. Yet in this climate, the blockchain sector is once again drawing serious strategic interest. The market appears to be bifurcating, where truly digital-first infrastructure is gaining value, even as speculative excess continues to fade. At the same time, institutional allocators, strategic buyers, and late-stage investors are increasingly viewing blockchain assets as undervalued and ripe for consolidation.
Strategic Acquisitions Driving Institutional On-Ramps
Beneath the headline figures, the nature of 2025’s deal activity points to a deeper strategic realignment. This is not just M&A for growth’s sake, it’s targeted infrastructure acquisition designed to accelerate institutional access.
Consider Kraken’s $1.5 billion acquisition of NinjaTrader. By acquiring a CFTC-registered futures platform with 2 million users, Kraken did not just expand its footprint, it secured a direct path into regulated U.S. crypto derivatives, one of the most tightly guarded arenas in the global financial system. Rather than building from the ground up, Kraken now finds itself competing head-to-head with CME Group and Coinbase in the race to institutionalize crypto futures.
Similarly, Stripe’s $1.1 billion acquisition of Bridge reveals a new playbook for fintech incumbents: buy to leapfrog. Instead of spending years developing its own stablecoin infrastructure, Stripe has inherited APIs that have already processed over $1 billion in stablecoin transactions, serving clients like SpaceX and Coinbase. With CFTC-registered compliance in place, Stripe has a turnkey platform to offer digital dollars for remittances, payroll, and cross-border commerce.
Robinhood’s $200 million Bitstamp acquisition is another landmark. This is Robinhood’s first institutional crypto move and a clear step into global markets, leveraging Bitstamp’s 50-plus active regulatory licenses. The deal not only accelerates Robinhood’s European presence but also brings with it institutional-grade APIs, staking services, and a broad range of regulated products. With 65% of Bitstamp’s revenue outside the U.S., the deal also hedges Robinhood’s revenue mix away from volatile U.S. retail markets.
Collectively, these deals signify more than capital deployment, they reflect a race to build out the full-stack digital financial infrastructure. The acquirers are not just trading platforms, they are becoming cross-border, 24/7 institutions ready to service both retail and institutional demand for digital assets.
Public Listings and Treasury Strategies Reinforce Maturity
The reemergence of the IPO market, combined with the expansion of Bitcoin treasury programs, marks the final leg of this market resurgence. Together, they demonstrate that blockchain is not just “back”; it is becoming embedded in public markets.
The Circle IPO, completed in June 2025, was a defining moment. Listing at $31 per share on the NYSE and raising $1.1 billion, Circle now trades as CRCL, establishing itself as one of the most valuable stablecoin issuers in the world.
Case Study: Circle’s Oversubscribed IPO
Circle made headlines on June 5, 2025, when its IPO was oversubscribed by more than 25 times, prompting underwriters to expand the offering from approximately 24 million shares to 34 million, priced at $31 per share—above the initial $27 to $28 range. That level of demand is uncommon and signals not only strong institutional conviction but also growing confidence in stablecoins as an integral part of the evolving financial system.
Market Debut and Explosive Trading Performance
On its opening day, CRCL surged dramatically, opening at $69, peaking at $103.75, and closing at $83.23, representing a one-day gain of ~168% and a market capitalization of roughly $18–19 billion. The momentum carried through the next week, with the stock climbing over 300–540% above its IPO price, touching intra-day highs near $138–190 as investors re-rated Circle amid rising regulatory clarity, including the GENIUS Act, which is a major stablecoin bill moving through congress.
Business Fundamentals & Strategic Backing
From a financial standpoint, Circle arrived at the public market with solid metrics: in 2024, the firm posted $1.68 billion in revenue (up 16% YoY) and net income of $156 million, with Q1 2025 adding $579 million and $65 million in net income. It attracted heavyweight investors: ARK Invest acquired up to $150 million in shares, BlackRock bought approximately 10% of the offering, and early backers General Catalyst and IDG Capital each realized windfalls, holding ~20.9 million shares valued at $1.7 billion each on the first day. Underwriters included JPMorgan, Citigroup, and Goldman Sachs, adding institutional legitimacy to the debut.
Additional Blockchain Public Market Activity
It wasn’t alone. eToro completed its U.S. IPO in May 2025, and several others are reportedly preparing to file, including Gemini, Chainalysis, and Kraken. Futhermore, there is substantial blockchain SPAC activity, such as the recently completed Cohen-Fold SPAC de-merger. All told, there are at least 46 public crypto companies globally, with most listed on NASDAQ. The roster includes not just exchanges (Coinbase), but also mining firms (Marathon, Riot), data providers, and infrastructure plays. The breadth of business models now represented in the public markets is a powerful signal of industry maturation.
Bitcoin on the Balance Sheet: Who’s Holding BTC in 2025
Layered on top of this is the rise of Bitcoin treasury strategies. MicroStrategy remains the icon, now holding 214,000 BTC, but a new cohort is emerging. Firms like CleanSpark, Semler Scientific, GameStop, and even Trump Media have added Bitcoin to their corporate balance sheets. International companies like Meta Planet (Japan) and Samara Asset Group (Germany) are doing the same. In 2025 alone, at least 10 public companies have initiated or expanded Bitcoin treasury programs. These actions are not speculative, they represent a signal to investors and regulators alike: digital assets are now seen as legitimate stores of value and strategic balance sheet assets.
Taken together, these IPOs and treasury programs show that blockchain is not only attracting institutional money, it is reshaping capital markets from within.
The reemergence of Bitcoin as a treasury asset is no longer limited to a few outliers, it's becoming a mainstream strategy across sectors and geographies. From miners and fintech firms to energy providers and media companies, publicly traded entities are increasingly holding BTC as a strategic reserve. This signals growing institutional conviction, a shift in capital preservation logic, and a broader integration of digital assets into corporate finance. Below is a list our research team compiled of BTC-treasury companies, including announced transactions.
U.S. Public Companies with Bitcoin Treasury Programs
MicroStrategy (MSTR) – 214,400+ BTC; the original BTC treasury pioneer.
Tesla (TSLA) – Holds ~9,720 BTC.
Block, Inc. (SQ) – ~8,038 BTC; part of broader Bitcoin payment strategy.
Marathon Digital Holdings (MARA) – Holds significant BTC as part of a $4.5B HODL strategy.
Twenty One Capital – Recently joined the ranks of public BTC holders in an announced SPAC transaction expected to close later this year.
Riot Platforms (RIOT) – Retains substantial mined BTC on balance sheet.
Hut 8 Corp. (HUT) – Strategic reserve exceeding 10,000 BTC.
CleanSpark Inc. (CLSK) – Holds 12,500+ BTC, fully mined in-house.
Semler Scientific (SMLR) – Recently adopted BTC as a primary reserve asset.
Know Labs (KNW) – Announced a transaction to seed a Bitcoin treasury strategy with 1,000 BTC and expected to close this summer.
Alliance Resource Partners (ARLP) – Energy firm holding Bitcoin.
GameStop Corp. (GME) – Added BTC to treasury in 2025.
Trump Media & Technology Group (DJT) – $2.5B Bitcoin treasury initiative.
KULR Technology Group (KULR) – Disclosed a Bitcoin reserve program.
Fold Holdings, Inc. (FLD) – Holds BTC as part of its treasury strategy.
LM Funding America, Inc. (LMFA) – Actively holding Bitcoin reserves.
Sphere 3D Corp. (ANY) – Mining company with BTC on balance sheet.
Notable International Public Companies
Meta Planet (Japan) – Became Japan’s top-performing stock after adopting BTC.
Jet King Infotrain (India) – First Indian public firm to declare a BTC treasury.
Samara Asset Group (Germany) – Asset manager with a significant BTC position.
H100 Group AB (Sweden) – Health tech firm holding BTC in reserves.
The Blockchain Group (France) – Raised €300M to fuel Bitcoin treasury strategy.
The View from London
From where we sit, it’s hard to overstate the significance of what’s unfolding. The public markets, long cautious to our industry, are now speaking with clarity: this industry is not a passing phase, it’s part of the financial core.
The adoption of Bitcoin as a corporate treasury asset is not just symbolic. It reflects a deeper strategic recalibration. Public companies are beginning to treat digital assets not as fringe experiments but as defensible, long-term stores of value. And these are not tech darlings chasing hype, they are diverse, revenue-generating businesses from across the economic spectrum.
Meanwhile, the legislative wheels are finally turning. The GENIUS Act, alongside the stablecoin and market structure bills now making their way through Congress, signals the beginning of a comprehensive policy framework in the U.S. For years, regulatory opacity suppressed institutional participation. That fog is lifting.
This momentum is self-reinforcing. With each IPO, with every acquisition and treasury announcement, the space grows harder to ignore. The narrative has shifted: we’re no longer asking whether crypto survives, we’re discussing how it integrates. That distinction matters.
The capital markets have made their verdict: digital assets are investable, institutional, and inevitable. The question now is not whether the wave is coming, it’s how well-positioned you are when it breaks. Reach out to ir@blockchaincoinvestors.com if you'd like to discuss further.
Thank you for reading,
Mitch Mechigian
Partner, London
About Blockchain Coinvestors
Blockchain Coinvestors invests in blockchain businesses. Our vision is that digital monies, commodities, and assets are inevitable and all of the world’s financial infrastructure must be upgraded. Our mission is to provide broad coverage of early stage blockchain investments and access to emerging blockchain unicorns. Blockchain Coinvestors’ investment strategies are now in their 12th year and to date we have invested in a combined portfolio of 1,250 blockchain companies and projects including more than 110 blockchain unicorns. Visit us at www.BlockchainCoinvestors.com to learn more.
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