A partner at an international law firm believes 2025 will be a trial period for crypto IPOs, with the real test coming in 2026.
According to Odaily, Laura Katherine Mann, a partner at the international law firm White & Case, stated that 2025 will be a "test year" for crypto IPOs, while 2026 will be the crucial year to determine whether digital asset IPOs possess long-term sustainability. She pointed out that the market will judge whether crypto IPOs represent a "sustainable asset class" or are merely cyclical transactions that only work during market booms.
Mann stated that several crypto companies went public in 2025, including stablecoin issuers Circle, Bullish, and Gemini. Looking ahead to 2026, potential IPO candidates include Upbit, FalconX, Chainalysis, and Grayscale, which has already filed for an IPO.
She believes that although the crypto market as a whole has recovered significantly from the bull-bear cycle of 2021, high volatility remains a key concern for traditional capital markets, as it directly impacts corporate revenue stability, user activity, and valuation levels. Meanwhile, institutionalization is strengthening, but investors are becoming more risk-averse.
Structurally, Mann expects crypto IPOs in 2026 to shift from “Bitcoin Treasury Companies (DATs)” to companies with more financial infrastructure attributes, including regulated exchanges and brokers, infrastructure and custody service providers, and stablecoin payment and fund management platforms.
She also cautioned that valuation discipline has returned, and the macroeconomic environment and market sentiment could still quickly tighten the IPO window. Only crypto companies with a compliant foundation, a sustainable business model, and a clear equity narrative will have a chance to successfully list on the public market in 2026. (coindesk)
