Laura Catherine Menn: Crypto IPOs will face a real test in 2026, not in 2025

Laura Kathryn Menn, a partner at the global law firm White & Case, shared an intriguing forecast regarding the future of primary public offerings in the crypto sector. According to her, 2025 is merely a prelude, while the true test of this asset class’s resilience will come in 2026. At that stage, investors will be able to definitively determine whether IPOs of digital assets represent a long-term trend or a cyclical phenomenon that develops only amid a booming market.

2025: The Year of Crypto Company Public Debuts

Last year was eventful for cryptocurrency issuers heading to public markets. Several key IPOs included:

• Circle (CRCL) — a stablecoin issuer — conducted an IPO in June 2025
• Bullish (BLSH) — a digital asset platform and owner of media outlet CoinDesk — went public in August, doubling the proposed price
• Gemini (GEMI) — a cryptocurrency exchange — completed its public offering in September

These three cases demonstrated that the investment environment has become more favorable for crypto assets compared to previous market cycles. However, according to Menn, this success does not determine the sector’s long-term trajectory.

Market Volatility: A Key Evaluation Factor for 2026

Laura Kathryn Menn emphasizes one critically important aspect that will influence the decisions of public investors next year. Bitcoin (BTC), which more than doubled in value in 2024, reached new all-time highs in 2025 but subsequently experienced a significant correction. Such volatility will directly impact not only market sentiment but also objective indicators such as revenue stability, client activity, and valuation metrics across the sector.

Menn points to signals from the traditional financial world about expanding the qualification criteria for crypto assets. For example, S&P Dow Jones Indices launched an index in October combining digital assets with public crypto companies — seen as a sign of progressive institutionalization. Packaging the sector with primary market infrastructure signals serious integration into global financial systems.

Selectivity Grows Faster Than Risk Appetite

However, there is another side to institutionalization. White & Case expert notes that as risk tolerance increases, investor selectivity accelerates even faster. For instance, MSCI is considering excluding companies, many of which are represented by cryptocurrencies (so-called DAT — Digital Asset Treasury). There is a clear trend: index providers and large capital allocators are drawing sharper lines between operational businesses and companies that act merely as intermediaries for token exposure.

This means that in 2026, investors may be interested in crypto projects, but not all. They will accept risk, but much more selectively.

US Regulatory Transformation: From Resistance to Constructiveness

One of the most significant changes Menn observes today is a radical shift in tone within the US regulatory environment. If previously the regulatory framework was unfavorable, now it has become much more constructive regarding digital assets. The passage of the GENIUS Act is seen by the expert as a symbolic sign of policy change.

This new regulatory environment, according to Menn, makes the US significantly more attractive for investing in the crypto segment. At the same time, clearer signs of institutional adoption of blockchain technology and digital assets at the corporate level are emerging.

Expected Rotation: From DAT to Financial Infrastructure

While 2025 mainly focused on listings of digital asset companies (DAT), Menn forecasts that 2026 will be marked by a noticeable rotation among IPO candidates. More and more companies preparing for public offerings will meet the profile of financial infrastructure — organizations whose business models and structures are explained through familiar categories for public investors: compliance levels, regular cash flows, and operational stability.

Menn highlights three main categories of potential IPOs for 2026:

Regulated Exchanges and Brokerage Structures

The most likely candidates for listing are cryptocurrency exchanges and brokerage firms already operating under banking compliance regimes. These entities can easily present themselves to public investors as familiar financial entities, as they already have established regulatory recognition. For these organizations, going public is seen as a logical next step in development. For example, the cryptocurrency exchange Kraken is already заявила про намір стати публічною компанією, with a potential listing in the first quarter of 2026.

Infrastructure and Custodial Solutions

Investors’ preferences will shift toward companies specializing in infrastructure and asset custody, especially where revenue is generated on a predictable basis — through subscriptions or commissions, rather than direct dependence on daily token price volatility. Such business models are more resilient during crypto turbulence, providing profit stability — a compelling argument in public markets.

Stablecoin and Treasury Solutions

Menn believes that companies involved with stablecoins and digital treasuries are steadily approaching the status of viable IPO candidates. This is driven by strengthening legal frameworks in both the US and Europe. In the US, the GENIUS Act has created a clear regulatory pathway, while in Europe, the MiCA regulation has done the same. Such a stable legal foundation fosters the emergence of structures very similar to traditional regulated financial institutions — and public investors already know how to evaluate them.

Among potential IPO candidates in 2026 are South Korean exchange Upbit, cryptocurrency broker FalconX, analytics platform Chainanalysis, and asset manager Grayscale, which has already filed for an IPO in the US.

What Could Delay or Block the IPO Window?

Laura Kathryn Menn does not hide that favorable market conditions are far from a guarantee. She clearly points out that “discipline in valuation is returning to the game,” citing recent tech IPO cases where companies were larger and more mature at debut. Crypto candidates in 2026 will be evaluated by the same strict standards.

Company readiness matters. Investors will seek high-quality, operationally ready digital asset companies capable of passing rigorous scrutiny, demonstrating a consistent history of capital raising, and maintaining stable operational metrics.

Additionally, macroeconomic uncertainty remains a risk factor that could quickly close the placement window. Menn also notes recent market fluctuations from autumn 2025, when cryptocurrencies experienced significant corrections. If this weakness persists or becomes part of a broader reevaluation of tech and AI sector valuations, it will likely constrain the IPO window and significantly reduce the number of crypto companies able to realistically go to market.

Optimistic Scenario: When Activity Returns

On the other hand, Menn notes that a market recovery could radically change the scenario. If markets prove resilient and BTC reaches new all-time highs, many more companies will attempt to capitalize on demand, especially if regulatory positions continue to develop in a favorable direction for digital assets.

Conclusion: 2025 as a Prelude to the Real Test

White & Case expert’s analysis sums up simply: if 2025 tested whether crypto companies could return to the public market, then 2026 should answer the question of their long-term viability. It will become clear whether the IPO of crypto assets transforms into a sustainable trend within the financial system or remains a cyclical phenomenon dependent on a booming lending market. Strict valuation, regulatory support, and institutional design will play a crucial role in determining this outcome.