International Law Firm Partner: 2025 is the Cryptocurrency IPO Trial Period, 2026 Will Face Real Test

International law firm partner Laura Katherine Mann of White & Case stated that 2025 is a 'testing year' for cryptocurrency company IPOs, with 2026 being the key point to determine if digital asset IPOs have long-term sustainability. The market will assess whether cryptocurrency IPOs are a 'sustainable asset class' or just cyclical trades that work only during market booms. Mann noted that several cryptocurrency companies have already gone 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 submitted its listing application. She believes that despite the significant recovery of the cryptocurrency market from the bull-bear cycle of 2021, high volatility remains a major concern for traditional capital markets, as it directly affects revenue stability, user activity, and valuation levels. Meanwhile, institutional trends are strengthening, but investors' risk appetite is becoming more cautious. Structurally, Mann expects cryptocurrency IPOs in 2026 to shift from 'Bitcoin Treasury-type companies (DAT)' to enterprises 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 macro environment and market sentiment could quickly tighten the IPO window. Only cryptocurrency companies with compliance foundations, sustainable business models, and clear equity narratives are likely to successfully enter the public market in 2026. (coindesk)

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