The withdrawal marks a sharp reversal from expectations at the start of 2026, when many industry leaders expected a wave of crypto listings following the successful IPOs of Circle ( CRCL ) and CoinDesk’s owner Bullish ( BLSH ).
Crypto investors also worry that this year’s blockbuster AI-related IPOs are siphoning capital away from digital assets. The successful IPO of SpaceX SPCX) along with expectations of further high-profile AI and technology offerings have given institutional investors yet another destination for growth capital at a time when crypto markets have struggled to regain momentum.
Market participants say rotation has weighed on tokens, crypto-linked stocks and appetite for new crypto IPOs
Snider said the uptick in public IPOs reflects improved confidence among both business executives and equity investors. The key question is whether the rise signals the kind of market euphoria typically seen at the peak of an asset bubble.
He sees some familiar warning signs. Stock valuations remain high, investor confidence is strong, and artificial intelligence has become a dominant investment theme, echoing the technology-driven optimism that characterized previous market peaks.
But the strategist argued that one critical metric tells a different story: the number of IPOs. The US has averaged about 100 IPOs per year over the past quarter century, close to the current pace. That compares with more than 250 IPOs in 2021 and nearly 400 during the height of the dot-com boom in 1999.
