Crypto IPOs Face Real Trial in 2026 Following 2025 Test Run
The year 2025 has been seen as a test-case year for crypto IPOs, with 2026 poised to determine whether these IPOs will become a durable asset class or merely a cyclical market trade. The upcoming 2026 IPO cohort is expected to focus on companies involved in financial infrastructure, regulated exchanges and brokerages, custody and infrastructure providers, as well as stablecoin payments and treasury platforms.
The U.S. regulatory environment has become more constructive, supported by rising institutional adoption. Notably, the GENIUS Act has contributed to a more favorable backdrop for IPOs in the sector. In 2025, several crypto firms went public, including Circle (ticker: CRCL) in June, Bullish (BLSH) in August, and Gemini (GEMI) in September. Grayscale has also filed to go public in the U.S., indicating sustained interest in public market offerings.
Potential 2026 candidates include Upbit, FalconX, and Chainalysis. Additionally, Kraken has filed for an IPO with a potential listing in the first quarter of next year, demonstrating ongoing issuer activity.
A critical industry question as 2026 approaches is whether issuers can sustain momentum sufficiently to meet public market standards beyond just crypto-native enthusiasm. Bitcoin volatility remains a concern, as its price action through 2024 and 2025 will influence the revenue durability and valuation of IPO candidates.
Furthermore, MSCI is exploring excluding crypto-heavy issuers—those with more than 50% of assets in crypto—from indices, signaling increased selectivity from index providers. This development could impact market perception and investment flows into such companies moving forward.
