Crypto IPOs Will Face Their Real Test in 2026

2025 Racing Year, 2026 Real Assessment

The year 2025 is designated as a testing process for crypto initial public offerings (IPOs), while 2026 will be a real assessment. According to the markets, decisions will be made on whether digital asset listings are a permanent asset class or just a bull market trading phenomenon.

Laura Katherine Mann, a lawyer at White & Case, notes that the listing trend in 2026 will focus on financial infrastructure, regulated exchanges, broker-dealers, custodians and infrastructure providers, as well as stablecoin payments and treasury platforms.

An increasingly constructive U.S. regulatory environment and rising institutional interest are supporting the IPO window. However, Mann emphasized that valuation discipline, macroeconomic risks, and crypto price movements will determine which deals will actually come to market.