After 2025’s Test Run, Crypto IPOs Face Their Real Trial in 2026
While 2025 served as a test year, 2026 will determine if crypto IPOs are a durable asset class amid market volatility and rising selectivity.Summary
Laura Katherine Mann of White & Case views 2025 as the 'test-case year' for crypto initial public offerings, but asserts that 2026 is the true proving ground to see if digital asset IPOs constitute a durable asset class or merely a cyclical trade.
Mann notes that while 2025 saw listings from Circle, Bullish, and Gemini, the key question for 2026 is whether issuers can sustain momentum despite market volatility, as public investors will weigh factors like revenue durability and valuation multiples.
She anticipates a shift in IPO candidates toward financial infrastructure, such as regulated exchanges, brokerages, and custody plays with recurring revenue, rather than just Digital Asset Treasury (DAT) listings. Regulatory tailwinds in the U.S., exemplified by the GENIUS Act, make the market more investable, but investors will be highly selective, demanding operational readiness and resilience against macro uncertainty.
(Source：CoinDesk)