Take USDC creator Circle Technology ( CRCL) for example, it's up over 400% since its IPO. It's not a one-off thing, either: crypto exchange and media firm Bullish BLSH, which IPOed this past week, proved the demand for crypto IPOs is durable; it's nearly doubled from its IPO price.

Bullish's shares were indicated to open more than 75% above their initial public offering price on Wednesday, signaling growing investor confidence in the sector and boosting prospects for future U.S.

Bullish is the latest stock to surge in its market debut, joining others like Figma and CoreWeave, which saw stunning day-one rallies following IPOs.