International law firm partner: This year is a trial period for crypto IPOs; next year will be the real test.

According to a report by CoinDesk, Laura Katherine Mann, a partner at the international law firm White & Case, stated that 2025 was a "test year" for crypto IPOs, while 2026 will be the crucial year to determine the long-term sustainability of digital asset IPOs. She pointed out that the market will judge whether crypto IPOs represent a "sustainable asset class" or are merely cyclical transactions that only work during bull markets. Mann noted that several crypto companies went 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 filed for listing. She believes that although the crypto market as a whole has recovered significantly from the bull-bear cycle of 2021, high volatility remains a key concern for traditional capital markets, as it directly impacts corporate revenue stability, user activity, and valuation levels. Meanwhile, institutionalization is strengthening, but investors' risk appetite is becoming more cautious. Structurally, Mann predicts that 2026 crypto IPOs will shift from "Bitcoin Treasury (DAT) companies" to more financial infrastructure-oriented businesses, including regulated exchanges and brokers, infrastructure and custody service providers, and stablecoin payment and fund management platforms. She also cautions that valuation discipline has returned, and the macroeconomic environment and market sentiment could still rapidly tighten the IPO window. Only crypto companies with a compliant foundation, a sustainable business model, and a clear equity narrative will have a chance to successfully list on the public market in 2026.