Since U.S. President Donald Trump's tariffs shock in April, IPOs have significantly outperformed the benchmark S&P 500 index ( SP500 ). The Renaissance IPO ETF ( NYSEARCA: IPO) has surged +60.9% since its April low, compared to a +33.4% rise in the S&P, or nearly double.

A Renaissance in IPO Mania The IPO market in 2025 has been a hotbed of opportunity, particularly for crypto-related companies capitalizing on a favorable regulatory environment and surging investor enthusiasm.

Hoping to follow the blockbuster initial public offerings of peer crypto companies Circle (CRCL) and eToro (TORO), Peter Thiel-backed Bullish is set to make its debut and could start trading as soon as today,