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Crypto IPO market slows as investors rotate to AI amid macro worries
Cohen & Company Capital Markets’ Christian Lopez said funding constraints and reduced appetite for risk assets are pushing several major crypto firms to delay IPO plans.
CoinDesk reports the crypto IPO market is stalling, with Cohen & Company Capital Markets’ Christian Lopez attributing delays to funding constraints and investor caution driven by macro uncertainty, including interest rate expectations and global deleveraging.
Lopez said capital has shifted away from crypto toward AI and other technology sectors, and that retail attention has largely moved as well, reducing demand to back newly listed crypto stocks.
He pointed to weaker market conditions, softer trading volumes, and disappointing post listing performance as factors that cooled enthusiasm for 2026 IPO plans, after earlier successes including Circle and Bullish.
CoinDesk also notes that several crypto firms have pushed back IPO timing, including the Kraken parent Payward, Ethereum app builder Consensys, wallet provider Ledger, and asset manager Grayscale, while others are still considering listings.
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