CoinVoice has recently learned that, according to CoinDesk, Laura Katherine Mann, a partner at the international law firm White & Case, stated that 2025 will be the 'test year' for cryptocurrency company IPOs, while 2026 will be a key point to test whether digital asset IPOs have long-term sustainability. She pointed out that the market will judge whether cryptocurrency IPOs are a 'sustainable asset class' or merely a cyclical trade that only works during bullish markets.
Mann stated that by 2025, several cryptocurrency companies will have gone public, including stablecoin issuers Circle, Bullish, and Gemini. Looking ahead to 2026, potential IPO candidates include Upbit, FalconX, Chainalysis, and Grayscale, which has already submitted its IPO application.
She believes that although the overall crypto market has significantly recovered from the bull-bear cycle of 2021, high volatility remains a key concern for traditional capital markets, as it directly impacts the stability of corporate revenues, user activity levels, and valuation. Meanwhile, the trend towards institutionalization is strengthening, but investors' risk appetite is becoming more cautious.
Structurally, Mann expects that the crypto IPO in 2026 will shift from 'Bitcoin treasury-type companies (DAT)' to enterprises that are more focused on financial infrastructure attributes, including regulated exchanges and brokerages, infrastructure and custody service providers, as well as stablecoin payment and fund management platforms.
She also cautions that valuation discipline has returned, and the macro environment and market sentiment may still quickly tighten the IPO window. Only crypto companies with a compliance foundation, sustainable business models, and clear equity narratives are expected to successfully enter the public market in 2026. [Original link]
