The 2024-2025 crypto bull market is leaving its mark on the industry’s business landscape. We’re seeing record levels of IPO activity, institutional adoption, and a surge in interest from both established players and newer companies. A prime example is Bullish, a digital asset exchange operator that has gone public, securing strong investor confidence with multiple price adjustments. Bullish’s success reflects the growing appeal of stablecoin issuers like Circle and design platforms like Figma, which recently went public themselves. This week’s Crypto Biz newsletter dives deeper into these IPO trends, explores Pantera Capital’s strategic investments in crypto treasury companies, the growing influence of Ethereum within institutional markets, and the ongoing battle between banks and stablecoins over yield-bearing options.