The crypto initial public offering market has lost momentum as investors rotate capital into other sectors and macro uncertainty continues to weigh on risk appetite, according to CoinDesk, citing Christian Lopez, head of blockchain and digital assets at investment bank Cohen & Company Capital Markets.
Lopez said the successful public listings of Circle and Bullish had previously fueled stronger expectations for crypto IPOs in 2026. But that optimism has since faded as market conditions weakened, trading volumes declined, and some newly listed companies failed to meet post-listing expectations.
He said several crypto firms, including Kraken parent Payward, Consensys, Ledger, and Grayscale, have postponed IPO plans while waiting for market conditions to improve. At the same time, Blockchain.com and FalconX are still moving ahead with their listing processes.
Lopez added that uncertainty around the interest-rate outlook and global deleveraging pressure are making investors more cautious toward high-beta assets such as crypto. In his view, the listing window for crypto companies may not reopen in a meaningful way until next year. He also said regulatory clarity is no longer the main obstacle for crypto firms seeking to go public, with access to capital and business diversification now playing a larger role.
The crypto initial public offering market has slowed sharply as investors rotate capital into other sectors and macro uncertainty keeps pressuring risk appetite, CoinDesk reported, citing Christian Lopez, head of blockchain and digital assets at Cohen & Company Capital Markets.
Weaker conditions cool issuance interest
Lopez said the successful public listings of Circle and Bullish had once lifted expectations for crypto IPO activity in 2026. That backdrop has since weakened. Lower trading volumes and underwhelming post-listing performance from some companies have reduced appetite for new deals.
Several firms delay plans while others keep moving
According to Lopez, a number of crypto companies have postponed their IPO plans and are waiting for better market conditions. He named Kraken parent Payward, Consensys, Ledger, and Grayscale among those delaying. Blockchain.com and FalconX, however, are still advancing their listing efforts.
Window may not reopen until next year
Lopez said uncertainty over the interest-rate outlook and global deleveraging pressure are making investors more cautious about high-beta assets such as crypto. He expects the IPO window for crypto companies may not reopen in a meaningful way until next year.
He also said regulatory clarity is no longer the top obstacle for crypto companies seeking public listings. Instead, access to capital and business diversification now matter more.
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