After 2025’s Test Run, Crypto IPOs Face Their Real Trial in 2026
Laura Katherine Mann, a partner at global law firm White & Case, sees 2025 as the “test-case year” for crypto initial public offerings, but says 2026 is the real proof point: the year the market finds out whether digital asset IPOs are a “durable asset class” or just a cyclical trade that only works when prices are ripping.
2025 was a busy year for crypto companies going public. Stablecoin issuer Circle (CRCL) listed in June, followed by CoinDesk’s owner Bullish (BLSH) in August and crypto exchange Gemini (GEMI) in September.
Potential candidates for next year include South Korean crypto exchange Upbit, prime broker FalconX, and blockchain analytics company Chainanalysis. Asset manager Grayscale has already filed to go public…
