Is the US crypto boom the reason?

London's once-acclaimed IPO market has dropped to its weakest level in 30 years, despite the US enjoying a revival with a list of crypto and AI.

This contrast reflects the structural reorganization of global capital flows, with the new economic sector choosing New York as its preferred launch pad over London.

London IPO Market is stumbling at historic lows

Data reported by Barchart shows that the first half of 2025 (H1) plummeted to just £160 million (approximately $2215 million) in five transactions, marking its lowest since 1995.

The post highlights the decline in the city's global financial position, with trading volumes and valuations close to zero. This is well below the peaks of the 2007 and 2021 post-covid booms.

Analysts point to post-Brexit capital flights and strict regulatory hurdles, leading to lower liquidity.

Many companies that may be listed on the London Stock Exchange (LSE) are now turning their eyes to New York or Hong Kong in search of a deeper capital pool and a stronger investor appetite.

More closely, the US IPO market has a very different story. The American exchange raised about $28.3 billion in 156 listings in H1 in 2025, effectively warping London numbers.

EY Americas reports show that the number of US IPOs in the second quarter of 2025 increased by 16% compared to the 2024 quarter, despite declining total revenues.

In June alone, nine IPOs each raised more than $50 million. Aftermarket performance is equally strong, with the median first day trading exceeding 20%.

Much of the momentum is driven by crypto and AI companies that are electrifying investors with the promise of the value of innovation and rarity.

Bloomberg reports that companies such as Circle Internet Group, Stablecoin Issuer Bullish and Blockchain Lender figure technology are among the biggest beneficiaries.

Similarly, Circle's $12.1 billion list in June has skyrocketed over 336% since its release.

“The Circle stock price has quadrupled its initial offer, an extraordinary moment that puts it right after Coinbase's historic $86 billion debut. It's a loud and clear signal that investors' trust in crypto is moving forward with unstoppable momentum.”

Crypto Exchange Bullish (BLSH) raised more than $1 billion at its August IPO, with stocks almost tripling on the first day. This gave us a market capitalization of $10 billion, almost double the IPO valuation.

They reportedly doubled or tripled their value on their debut, and are collaborating with Beincrypto's report that the circle's IPO proved Wall Street won.

“We're seeing companies in the tech and crypto sector accelerate their timelines for IPOs after Triple Digit's first-day pop became a regular feature in the market this summer,” Bloomberg reported, citing Will Connolly, co-head of America's equity capital markets at Goldman Sachs Group Inc.

Global capital flows reorganize in the role of crypto growth in the stock market

The difference between London's stagnation and the US IPO boom reflects deeper structural changes.

Since Brexit, London has struggled to maintain its role as a financial hub, but the US market has positioned itself as the home of growing industries such as blockchain, fintech and AI.

“Half of the second quarter's top 10 IPOs took place in June, highlighting a strong quarter finish,” EY's Rachel Goering noted the resilience of the US stock market despite tariffs and geopolitical tensions.

Meanwhile, global IPO revenue rose in H1 in 2025, with the US, China and India accounting for 60% of listings.

However, London remains unremarkable in its growth story, increasingly on the sidelines as companies seek a more dynamic market.

In the case of crypto, the IPO boom represents more than just liquidity. signal Mainstreaming of digital asset companies Like Tron, we head to the traditional stock market.

Other companies include Grayscale, Bitgo and more recently Gemini. Gemini is seeking a public debut with a $18 billion asset.

Investors who are hungry for exposure to crypto infrastructure, stubcoin and blockchain services are often stacked on the list with ratings comparable to traditional tech companies.

Recently, Beincrypto reported that Asian crypto companies are also paying attention to IPOs in their pursuit of capital, legitimacy and opportunities for global expansion. Demand is driven by the value of rarity, according to Nick Williams of Deutsche Bank.

“The limited ways to gain stock investors' crypto assets exposure and the insatiable retail demand for themes drive a lot of movement,” Williams said.

The rise of crypto-fuel IPOs in the US combines London's challenges. With crypto exchanges, Stablecoin publishers and blockchain companies competing in New York, LSE has the risks left behind in the industry that defines finance for the next decade.

Whether Wall Street bankers are preparing for a busy fall IPO window, or names like Kraken, Figure, Klarna, StubHub are in the pipeline, London conduits look thin.

“The Crypto institutional era will enter a new phase as IPO activity accelerates… Circle's high-profile NYSE debut, Gemini's IPO filing… The arena of regulated crypto-exposure is essentially restructured.

Without bold reforms, analysts warn, and cities risk losing their competitiveness altogether.

“The restructuring of IPO markets across regions and sectors reflects a deeper shift in global capital flows and investors' sentiment,” said George Chang, leader of EY Global IPO.

Overall, London's IPO drought indicates a structural decline. But the US is riding a wave of investor happiness driven by a list of crypto and AI fuels.

Unless London adapts, its location in the global IPO race could already have moved into history.

The London IPO post has reached its 30-year low. Is the US crypto boom the reason? It first appeared in Beincrypto.