最新报道：According to Bijie.com, London's once-revered initial public offering (IPO) market has fallen to its lowest level in three decades, even as the US enjoys a recovery driven by cryptocurrency and artificial intelligence listings. This contrast reflects a structural shift in global capital flows, with new economy companies choosing New York over London as their preferred launch pad. London's IPO market has plummeted to a historic low. According to a Barchart report, capital raised in London IPOs plummeted to just £160 million (approximately $215 million) in the first half of 2025, the lowest level since 1995. The article highlighted London's declining position in global finance, with deal volumes and valuations plummeting to almost zero. This is far below peaks such as those seen in 2007 or the post-COVID-19 boom in 2021. Analysts point to post-Brexit capital outflows, stricter regulatory barriers, and reduced liquidity as drivers of the downturn. Many companies that would have listed on the London Stock Exchange (LSE) are now turning to New York or Hong Kong in search of deeper capital pools and stronger investor interest. A closer look at the US IPO market tells a very different story. In the first half of 2025, US exchanges raised approximately $28.3 billion through 156 listings, effectively dwarfing London's figures. A report from EY Americas indicates that despite weaker overall proceeds, the number of US IPOs increased by 16% in the second quarter of 2025 compared to the second quarter of 2024. In June alone, nine IPOs raised over $50 million, including the two largest offerings of the quarter. Secondary markets also performed strongly, with the median first-day gain exceeding 20%. Much of this momentum was driven by cryptocurrency and artificial intelligence companies, which sparked investor enthusiasm with their promises of innovation and scarcity value. Bloomberg reports that companies such as Circle Internet Group, stablecoin issuer Bullish, and blockchain lender Figure Technology were among the biggest beneficiaries. Similarly, Circle has surged over 336% since its $1.21 billion IPO in June. Cryptocurrency exchange Bullish (BLSH) raised over $1 billion in its August IPO, with its shares nearly tripling in value on their first day. This brought its market capitalization to $10.0 billion, nearly double its IPO valuation. The fact that they doubled or quadrupled in value on their debut aligns with BeInCrypto's report that Circle's IPO proved a victory for Wall Street. Global capital flows are realigning as cryptocurrencies play an increasingly important role in stock markets. The difference between London's stagnation and the US IPO boom reflects deeper structural changes. Since Brexit, London has struggled to maintain its status as a financial center, while the US market has positioned itself as a home for growth industries such as blockchain, fintech, and artificial intelligence. Meanwhile, global IPO proceeds increased in the first half of 2025, with the US, China, and India accounting for 60% of all listings. However, London remains conspicuously absent from this growth story, increasingly marginalized as companies seek more dynamic markets. For cryptocurrencies, the IPO boom represents more than just liquidity. It signals the mainstreaming of digital asset companies like Tron into traditional stock markets. Other companies include Grayscale, BitGo, and most recently, Gemini, which is seeking a public debut with $180 billion in assets. Investors eager for exposure to cryptocurrency infrastructure, stablecoins, and blockchain services are flocking to IPOs, often with valuations rivaling those of traditional tech companies. Recently, BeInCrypto reported that Asian cryptocurrency companies are also eyeing US IPOs, seeking capital, legitimacy, and global expansion opportunities. Deutsche Bank's Nick Williams said demand is driven by scarcity value. The rise of US cryptocurrency-driven IPOs exacerbates London's challenges. As cryptocurrency exchanges, stablecoin issuers, and blockchain companies rush to New York, the London Stock Exchange risks being left behind in an industry that will define the next decade of finance. Even as Wall Street bankers prepare for a busy autumn IPO window, with companies like Kraken, Figure, Klarna, and StubHub in the pipeline, London's pipeline appears thin. Analysts warn that without bold reforms, London could completely lose its competitive advantage. Overall, London's IPO drought signals a structural decline. However, the US is riding a wave of investor enthusiasm fueled by cryptocurrency and AI-driven IPOs. Unless London adapts, its place in the global IPO race could become a thing of the past.