A sweeping U.S. executive order has unlocked retirement-backed capital for crypto and private markets, creating an unprecedented institutional wave. At the same time, Bullish—the CoinDesk parent—prepared for its blockbuster IPO, signaling renewed investor excitement. This article combines regulatory shifts, potential capital inflows, and IPO dynamics into one authoritative narrative.
Executive Order Opens 401(k)s to Alternative Assets
On August 7, 2025, President Trump signed the “Democratizing Access to Alternative Assets for 401(k) Investors” executive order, directing regulators to clear the path for 401(k) investments in crypto, private equity, and real estate. The Department of Labor must update fiduciary guidelines, while the SEC is tasked with adjusting securities rules to support these changes. Safety nets or “fiduciary safe harbors” are to be crafted to reduce litigation risks for plan managers. This landmark move can potentially unlock trillions in retirement capital.
Market Realism: Risks vs Prospects
While the order opens a massive opportunity, finance experts highlight the pitfalls. Alternative assets come with higher fees, complex valuations, and limited liquidity. Complexities with fiduciary responsibilities and participant understanding may pose real challenges for both plan sponsors and retirees.
Institutional Demand & ETF Momentum
The policy shift has already triggered investor appetite. Institutions are reallocating capital toward digital asset funds, and inflows reflect growing confidence. Simultaneously, the surge in crypto-linked ETFs is signaling that retirement and mainstream investing channels are warming up to digital assets.
Bullish IPO: A Barometer for Crypto Mainstreaming
Parallel to policy momentum, Bullish—CoinDesk’s parent company—launched a highly anticipated IPO. Priced at $37, the offering raised $1.11 billion and debuted on the NYSE with a valuation exceeding $13 billion. Backed by institutional giants like BlackRock and ARK Invest, Bullish’s success underscores escalating investor appetite for infrastructure-linked crypto exposure.
Confluence Sparks Crypto’s Next Ascension
These developments represent a strategic confluence: policy reforms unlocking capital pathways, ETF growth enhancing accessibility, and infrastructure players like Bullish going public. This triangle could usher in a broader and more durable phase of adoption—where retirement portfolios, institutional capital, and public markets align around crypto.
