International law firm partner: This year is a trial period for crypto IPOs, and next year will bring a real test

According to CoinDesk, Laura Katherine Mann, a partner at the international law firm White & Case, stated that 2025 will be a "test year" for crypto companies' IPOs, while 2026 will be a key point in assessing whether digital asset IPOs have long-term sustainability. She pointed out that the market will determine whether crypto IPOs are a "sustainable asset class" or merely a cyclical trade that works only during bullish markets.

Mann indicated that several crypto companies are set to go public in 2025, including stablecoin issuer Circle, Bullish, and Gemini. Looking ahead to 2026, potential IPO candidates include Upbit, FalconX, Chainalysis, and Grayscale, which has already filed for an IPO.

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 impacts companies' revenue stability, user activity, and valuation levels. Meanwhile, the trend towards institutionalization is strengthening, but investors' risk appetite is becoming more cautious.

Structurally, Mann expects that crypto IPOs in 2026 will shift from "Bitcoin treasury-type companies (DAT)" to enterprises with more financial infrastructure attributes, including regulated exchanges and brokers, infrastructure and custody service providers, as well as 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 crypto companies with a compliance foundation, sustainable business models, and clear equity narratives are likely to successfully enter the public market in 2026.