Wealthy investors and industry executives in cryptocurrency anticipate a decline in IPO excitement by 2026.

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Although there are anticipations for some IPO and venture activities in 2026, investor confidence has diminished compared to last year, as highlighted in the latest CfC St. Moritz report.

Nicolo Stöhr, CEO of the CfC St. Moritz (CfC modified by CoinDesk)

Key points:

  • Investor sentiment regarding IPOs for crypto firms is diminishing following an unprecedented year.
  • Market size is perceived as insufficient, and liquidity challenges are identified as the primary risk as traditional finance entities become more involved in the sector.
  • Participants acknowledged the progress in U.S. , with the nation moving from last to second in terms of regulatory favorability.

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The enthusiasm surrounding the public offerings of cryptocurrency companies is diminishing, as markets are perceived to be too small for the traditional finance (TradFi) firms that are increasingly interested in the sector.

Investor confidence has declined compared to last year, based on findings from the prominent CfC St. Moritz, Switzerland crypto conference, which surveyed 242 participants at the event.

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Following a record year in 2025, where 11 IPOs generated $14.6 billion, the report indicates that “sentiment is shifting towards decreased IPO activity and increasing consolidation risk.” The report identifies liquidity shortages as the foremost concern.

Among the 242 participants, 107 expressed the belief that “TradFi is overtaking” crypto, reflecting an increase of over 50% from the previous year.

However, attendees remarked on advancements in crypto regulation in both the U.S. and UAE. The U.S. improved its position from last to second in regulatory favorability within a year, indicating heightened confidence, while the UAE continues to lead as the most favorable jurisdiction.

“The CfC St. Moritz Report encapsulates the perspectives of some of the key decision-makers in digital assets,” stated Nicolo Stöhr, CEO of the CfC St. Moritz. “Their feedback signals a distinct transition in focus, moving from hype to infrastructure, liquidity, and regulatory reliability, as well as a swiftly evolving view of the U.S. market. This reflects informed capital and illustrates the true direction of the industry.”