Law firms predict that after a trial run in 2025, cryptocurrency IPOs will face their real test in 2026.

 Laura Katherine Mann, partner at the law firm White & Case, stated that 2025 will be a "test sample year" for cryptocurrency IPOs, while 2026 will be the true year of judgment, when the market will decide whether digital asset public companies are a long-term viable asset class or merely trading opportunities during a bull market.

She pointed out that the composition of companies planning to go public in 2026 will lean more towards financial infrastructure, regulated exchanges and brokers, custodians and infrastructure service providers, as well as stablecoin payment and treasury management platforms.

Against the backdrop of a more constructive U.S. regulatory environment and increasing institutionalization, the IPO window is supported; however, Mann also emphasized that valuation discipline, macro risks, and the price trends of crypto assets will determine how many deals can ultimately successfully go public.