Crypto IPO Pipeline Slows as AI Draws Capital and Macro Risks Weigh

The crypto IPO market has slowed sharply as capital rotates into artificial intelligence and other technology sectors, while macroeconomic uncertainty weighs on demand for new risk-asset listings, according to Christian Lopez, head of blockchain and digital assets at Cohen & Company Capital Markets.

The slowdown matters because several crypto firms entered 2026 expecting a stronger window for public listings after successful offerings from Circle and Bullish, CoinDesk’s parent company. Instead, weaker market conditions, softer trading volumes and uneven post-listing performance have cooled enthusiasm for new deals.

CoinDesk reported that Kraken parent Payward, Consensys, Ledger and Grayscale have delayed IPO plans while waiting for market conditions to improve. Some firms are still moving forward: Blockchain.com said in May it confidentially filed for a U.S. IPO with the SEC, and FalconX also filed a draft S-1 registration, an early step toward a possible listing.

Lopez said investors are cautious because of uncertainty around interest rates and broader deleveraging across global markets. He also argued that regulatory clarity is no longer the main barrier for larger crypto companies considering public markets; access to capital has become more important.

Despite the weaker IPO backdrop, Lopez said blockchain infrastructure continues to gain traction in traditional finance, with major institutions building systems tied to tokenized settlement and stablecoin infrastructure. He expects stronger long-term prospects for diversified infrastructure providers than for companies built around a single crypto product or token.