The pullback marks a sharp reversal from expectations in early 2026, when many industry executives predicted a flurry of crypto listings following the successful IPOs of Circle (CRCL) and CoinDesk owner Bullish (BLSH).
Crypto investors are also concerned that this year’s blockbuster AI-related IPOs could draw capital away from digital assets. The successful listing of SpaceX SPCX, along with expectations for additional high-profile AI and technology offerings, has given institutional investors another destination for growth capital at a time when crypto markets are struggling to regain momentum.
Market participants say the rotation has weighed on tokens, cryptocurrency-related stocks and the appetite for new cryptocurrency IPOs.
Snider said the resumption of public listings reflects improved confidence among business executives and stock investors. The key question is whether this rise is a sign of the type of market euphoria typically seen at the height of an asset bubble.
He sees familiar warning signs. Stock valuations remain elevated, investor confidence is strong, and AI has become a dominant investment theme, echoing the technology optimism that characterized previous market highs.
But the strategist argued that one key metric tells a different story: the number of IPOs. The United States has averaged about 100 IPOs per year over the past quarter century, close to the current pace. That compares to more than 250 IPOs in 2021 and nearly 400 at the height of the dot-com boom in 1999.
