Crypto IPOs Face a Defining Test as Public Markets Turn More Selective in 2026

Crypto companies are re-entering public markets after a prolonged hiatus, with 2025 serving as a litmus test for investor confidence. Circle, Bullish, and Gemini led the charge in listings, marking a tentative revival following the post-2021 slowdown. Yet the true challenge lies ahead: 2026 will determine whether these offerings can transcend token price cycles and establish lasting credibility.

Investors now scrutinize revenue sustainability, volatility management, and compliance rigor. Infrastructure providers with recurring revenue models currently dominate IPO pipelines. Regulatory clarity in the U.S. and Europe provides tailwinds, but macroeconomic headwinds and valuation discipline may constrain the window of opportunity.

Laura Katherine Mann of WHITE & Case frames 2025 as merely the opening act. The coming year will reveal whether digital asset offerings represent a fundamental shift in public markets or merely cyclical opportunism.