Laura Katherine Mann, a partner at the global law firm White & Case, views 2025 as the “test-case year” for crypto initial public offerings, but believes 2026 will serve as the true proof point: the year the market will determine whether digital asset IPOs represent a “durable asset class” or merely function as a cyclical trend that thrives only during price surges.
2025 witnessed a flurry of crypto companies going public. Stablecoin issuer Circle (CRCL) made its debut in June, followed by Bullish (BLSH), the owner of CoinDesk, in August, and crypto exchange Gemini (GEMI) in September.
Potential candidates for the upcoming year include South Korean crypto exchange Upbit, prime broker FalconX, and blockchain analytics firm Chainanalysis. Asset manager Grayscale has already submitted a filing to go public in the U.S.
Global crypto activity has significantly rebounded from the boom and bust of 2021. The key question leading into 2026, Mann notes, is whether “crypto issuers can sustain that momentum” sufficiently to meet public-market expectations, rather than just crypto-centric enthusiasm, she stated in an interview with CoinDesk.
Momentum is real, but volatility is a concern
Mann highlights the landscape public investors will hold as they enter 2026: bitcoin more than doubled in 2024, subsequently reaching new all-time highs in 2025 before sharply declining. She asserts that such volatility is precisely what equity investors will consider as they evaluate IPO prospects next year, as it impacts sentiment, revenue stability, customer engagement, and valuation multiples across the industry.
Traditional finance is indicating that crypto is substantial enough to index, citing S&P Dow Jones Indices’ announcement in October of its launching a product that merges digital assets with publicly traded crypto companies, which signifies further institutionalization as mainstream market infrastructure begins to integrate the sector.
However, she emphasizes that the institutionalization narrative carries a counterpoint: while risk tolerance is increasing, selectivity is rising even faster. Mann points out that MSCI is contemplating the exclusion of companies—particularly those with digital asset treasury (DAT)-style listings—that possess over 50% of their assets in crypto, interpreting this as a cue that index providers and allocators may increasingly differentiate between active businesses and balance-sheet proxies for token exposure.
The outcome, she states, is a marketplace where investors might embrace risk, but not every type of risk. We are likely to see investors “accepting risk while being more selective about the risk they choose to undertake,” she added.
Regulatory and institutional tailwinds mean the U.S is more investable
One of the most significant shifts Mann predicts heading into 2026 is the regulatory environment. She observes a transition in the U.S. from a hostile landscape to one that is “far more constructive for digital assets,” citing the GENIUS Act as a prime example of this positive momentum. She argues this shift has “rendered the U.S. market more investable,” and notes an increase in signs of institutional engagement.
A rotation in what goes public: from DATs to financial infrastructure
If 2025 heavily favored DAT listings, Mann foresees a transition in 2026 towards IPO candidates that resemble financial infrastructure—companies that can present themselves within familiar public-market frameworks such as compliance, recurring revenue, and operational resilience.
She anticipates the 2026 IPO cohort will be categorized into three groups:
Regulated exchanges and brokerages
Mann suggests that the most likely IPOs will be from exchanges and brokerages already “operating under bank-like compliance standards,” as they can portray themselves as known entities to public investors and regulators. She views an IPO for these firms as “the next logical step.”
Crypto exchange Kraken has already filed to go public, with a potential listing as soon as the first quarter of next year.
Infrastructure and custody plays
Mann expects investor interest to favor infrastructure and custody, particularly where revenue streams are recurring or subscription-based rather than closely tied to daily token values. She notes that in public markets, the appealing narrative centers on stability, with business models capable of defending performance even amid spikes in crypto fluctuations.
Stablecoin payments and treasury-style platforms
Mann perceives stablecoin-related issuers and treasury platforms as increasingly viable public contenders due to tightening legal frameworks on both sides of the Atlantic. She argues that the GENIUS Act offers a clearer pathway in the U.S., while MiCA delivers similar advantages in Europe. Her perspective is that these developments create a “more robust legal landscape for fiat-backed stablecoin issuers and payments platforms that resemble regulated financial entities,” which public investors are already equipped to underwrite.
What could cap the 2026 IPO window?
Mann is unequivocal that favorable trends do not eradicate the gatekeepers. She states that “valuation discipline is once again being observed,” and highlights recent tech IPOs where companies were generally larger and more established upon debut. She believes that crypto IPO candidates in 2026 will be held to the same standard.
This implies that readiness is crucial. Mann asserts that investors will seek high-quality digital asset enterprises, firms capable of demonstrating operational preparedness, withstand scrutiny, and present a coherent equity narrative.
She also points out macroeconomic uncertainties across regions as variables that could swiftly tighten risk appetites. Moreover, she references recent market dynamics: a notable decline in crypto prices since October. If this trend persists, or if it correlates with a broader re-evaluation of tech or AI valuations, Mann suggests it could likely obstruct the IPO window and diminish the number of crypto firms realistically able to enter the market in 2026.
Conversely, Mann notes that a rebound could swiftly alter the calculations. Should markets rebound and bitcoin reach new heights, she anticipates an influx of companies aiming to take advantage of the momentum, especially if the regulatory climate continues to trend positively towards digital assets.
The bottom line for 2026
Mann believes 2025 will determine if crypto firms can make a comeback to the public markets. 2026 will assess whether they can maintain that presence sustainably.
