🔥Laura Katherine Mann, partner at international law firm White & Case, said 2025 will be just a "test run" for crypto company IPOs, while 2026 will be the real test—when the market will judge whether crypto IPOs can become a sustainable asset class or are merely cyclical transactions viable only during bull markets.

She expects IPO structures in 2026 to shift: moving away from a focus on "Digital Asset Reserve Companies (DAT)" toward businesses that align more closely with traditional financial logic, including regulated exchanges and broker-dealers, custody and infrastructure providers, and stablecoin payment and treasury management platforms.$BTC $ETH