International law firm partner: This year is the testing phase for crypto IPOs, and next year will face the real challenge.

CoinVoice has learned that, according to a report by CoinDesk, Laura Katherine Mann, partner at the international law firm White & Case, stated that 2025 is the “test year” for crypto companies’ IPOs, and 2026 will be the key milestone to assess whether digital asset IPOs are sustainably viable in the long term. She pointed out that the market will judge whether crypto IPOs are a “sustainable asset class” or merely a cyclical trade that only works during bullish market conditions.

Mann indicated that by 2025, several crypto companies have gone public, including stablecoin issuer Circle, Bullish, and Gemini. Looking ahead to 2026, potential IPO candidates include Upbit, FalconX, Chainalysis, and Grayscale, which has already submitted an application for listing.

She believes that although the overall crypto market has significantly recovered from the bull-bear cycle of 2021, high volatility remains a key concern for traditional capital markets, as it directly affects enterprise revenue stability, user activity, and valuation levels. Meanwhile, the institutionalization trend is strengthening, but investors’ risk appetite is becoming more cautious.

Structurally, Mann predicts that by 2026, crypto IPOs will shift from “Bitcoin treasury companies (DAT)” to more financial infrastructure-oriented firms, including regulated exchanges and brokerages, infrastructure and custody service providers, as well as stablecoin payment and fund management platforms.

She also reminds that valuation discipline has re-emerged, and macroeconomic conditions and market sentiment could quickly tighten IPO windows. Only crypto companies with a solid compliance foundation, sustainable business models, and clear equity narratives are likely to successfully go public in 2026.