This Week in Crypto: IPO Frenzy, JPMorgan’s Bitcoin Pivot, and Institutional Buying Mania

Pump.Fun’s $1 Billion IPO at $4 Billion Valuation

Solana’s memecoin launchpad, Pump.Fun, stunned markets by raising $1 billion in its IPO, hitting a $4 billion valuation. What started as a viral DeFi app for launching memecoins quickly matured into a publicly traded behemoth. The IPO sent a strong signal about investor appetite for crypto-native platforms.

Pump.Fun’s IPO reflects growing institutional acceptance of meme-driven crypto culture and showcases Solana’s strength as a launchpad for DeFi innovation. However, the sell-off hints at saturation in the memecoin space, reminding investors that attention-based assets can shift rapidly. 

Circle’s IPO Raises $1.1 Billion

Stablecoin issuer Circle raised a whopping $1.1 billion in its IPO. The offering attracted heavyweights like BlackRock and ARK Invest. USDC, Circle’s flagship product, continues to dominate as a bridge between DeFi and traditional finance, now backed by over $60 billion in stablecoin supply.

This is the most significant validation yet for stablecoins on Wall Street. With Circle proving their institutional appetite for regulated digital dollar infrastructure, the IPO could accelerate similar offerings from firms like Ripple and Paxos. Expect stablecoin-related policy discussions to heat up as Congress weighs regulation under the GENIUS Act.

JPMorgan to Accept Bitcoin ETFs as Loan Collateral

In a historic shift, JPMorgan announced it will now accept Bitcoin ETFs—starting with BlackRock’s IBIT—as collateral for loans. The bank will also count crypto ETF holdings when calculating clients’ liquidity and net worth. This is a massive pivot for a firm whose CEO Jamie Dimon once called Bitcoin “worthless.”

This move signals a complete 180 from JPMorgan and a growing recognition of crypto as a legitimate financial asset class. It may open the floodgates for other banks to follow suit and create structured crypto loan products, but it also introduces new counterparty risks, as evidenced by past collapses like Celsius and Genesis.

Institutional Bitcoin Buying Hits New Highs

The wave of institutional FOMO is in full effect. Over 60 publicly traded companies have doubled their Bitcoin holdings in the last two months, now controlling over 3% of Bitcoin’s total supply. This is being fueled by price action around $105K and growing momentum for a U.S. Strategic Bitcoin Reserve, championed by Trump-aligned initiatives like World Liberty Financial and a potential Trump Media Bitcoin ETF.

Bitcoin is no longer a fringe asset. It’s becoming a core component of corporate and sovereign treasury strategies. While Trump’s involvement brings regulatory and ethical questions, it also puts Bitcoin at the center of national policy debates.

Arbitrum Token Unlock & Market Response

This week, Arbitrum (ARB) contributed $34 million to over $1.6 billion in total token unlocks, which also included Aptos and WhiteBIT. Despite fears of increased selling pressure, the market held strong—altcoins even rallied 10% over 48 hours, thanks to strong Bitcoin performance and market optimism. Meanwhile, Offchain Labs CEO Steven Goldfeder floated the idea of ARB’s inclusion in a future U.S. reserve strategy—though he reaffirmed Bitcoin as the top priority.

Token unlocks used to trigger sharp corrections. But 2025’s market maturity is showing—liquidity, hedging tools, and growing demand are absorbing these events. It also shows how serious altcoin governance tokens are becoming in broader strategic conversations.

Sources: 

Pump Fun IPO

Circle Raises 1 billion So Far from IPO

JP Morgan to Accept Crypto Collateral

Strategy Continue Buying Bitcoin

Arbitrum Token Unlock

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