Crypto Wraps Up ‘Bellwether Year’ for IPOs
This year has arguably been the biggest and most consequential on record for crypto IPOs.
A surge in retail interest, renewed political tailwinds, and a reopened U.S. IPO market helped push a wave of crypto firms onto public exchanges. Reuters described a “rush to Wall Street IPOs” driven by the year’s crypto resurgence, while Barron’s reported that crypto flotations were “making Wall Street go wild.”
Against that backdrop, companies from exchanges to stablecoin issuers raced to tap public markets—setting the stage for an unusually crowded IPO calendar.
For a long time, the industry’s one big IPO win was Coinbase’s Nasdaq debut in 2021. The years since then were filled with crypto firms trying—but not…
