Following a rise in cryptocurrency initial public offerings in 2025, experts predict a more challenging landscape in 2026. White & Case partner Laura Katherine Mann highlights the shift toward more established financial infrastructure in upcoming listings. She cautions that market volatility will influence investor decisions amid growing momentum in the crypto sector.
The year 2025 marked a test run for crypto IPOs, with several companies entering public markets. According to Laura Katherine Mann, a partner at White & Case, this momentum reflects broader enthusiasm in the cryptocurrency space. However, she emphasizes that equity investors are increasingly cautious, accepting risk but scrutinizing it more carefully. As she notes, volatility remains a significant factor that could impact these ventures.
Looking ahead to 2026, Mann anticipates crypto IPOs to evolve beyond initial experiments. She categorizes potential listings into three main areas: regulated exchanges and brokerages, infrastructure and custody services, and stablecoin-based payments along with treasury-style platforms. This direction suggests a move away from the direct asset trading (DAT) focused IPOs of 2025 toward entities that function more like traditional financial infrastructure.
The question remains whether these IPOs will transition from a fleeting trend into a lasting asset class. Mann's analysis, published in CoinDesk, underscores the need for crypto firms to demonstrate stability and regulatory compliance to attract sustained investor interest. While the crypto market shows promise, the path to enduring public market success will depend on navigating economic uncertainties and proving long-term viability.
