Crypto IPOs: A Timing Signal or Just a Coincidence?

Crypto markets have seen a pattern where initial public offerings (IPOs) often happen near the peak of a bull run. This trend has been observed in recent years, with several companies going public around the time Bitcoin reached its highest prices. In 2021, Coinbase's direct listing coincided with Bitcoin's record high of nearly $64, 000. Similarly, Stronghold Digital Mining's IPO occurred just a few weeks before Bitcoin's peak in November of the same year. This pattern repeated in 2025, with Bullish and Figure's IPOs happening within a couple of months of Bitcoin's all-time high. The timing of these IPOs is not a coincidence. During strong crypto advances, the path to public markets tends to open for exchanges, brokers, miners, and asset managers. This is often when volumes, fees, and media attention are at their highest. However, this pattern does not necessarily mean that IPOs cause the market to peak. Instead, it suggests that companies tend to go public when the market is hot, and investors are eager to buy. This can lead to a situation where the market is already at its peak when the IPO happens. It's also important to note that not all IPOs happen at the peak. Some companies, like Canaan, have gone public during bear markets. This shows that while the pattern is interesting, it's not a foolproof indicator of market timing. In conclusion, while crypto IPOs often happen near the peak of a bull run, this pattern is not a guarantee of market timing. It's just one factor to consider when trying to understand the crypto market.