Crypto IPOs could create massive $1 trillion market amid tokenization wave, Jefferies says
The Wall Street investment bank expects a wave of crypto and blockchain public listings over the next two years as institutional investors shift their focus from speculative trading to real-world financial infrastructure.
What to know:
- Jefferies expects a surge of crypto and blockchain-related public listings over the next two years, projecting the sector could become a $1 trillion public market within five years.
- Institutional investors are shifting focus from bitcoin price speculation to the integration of blockchain infrastructure into core financial systems, including tokenized money market funds, private credit and settlement networks.
- Traditional financial firms are increasingly partnering with crypto-native providers to use blockchain for faster settlement, improved capital efficiency and lower-cost, around-the-clock payments, with stablecoins and tokenized payments seen as key near-term growth areas.
The conference, which gathered executives from 35 digital asset companies alongside roughly 150 institutional investors, focused less on bitcoin price speculation and more on how blockchain systems are increasingly being integrated into traditional finance.
Jefferies said conversations with clients showed investors are becoming more convinced that blockchain technology is moving beyond experimentation and into core financial infrastructure.
“Client engagement continues to grow as focus shifts to emerging beneficiaries as banks, exchanges, asset managers, fintechs and payments companies integrate blockchain infrastructure,” the report said.
The crypto IPO market has slowed this year after a booming 2025 that saw several digital asset firms successfully go public amid rising bitcoin prices and renewed investor appetite for crypto-related stocks. The recent pullback in listings has largely tracked broader market volatility and macroeconomic uncertainty, but another wave of offerings is expected to come later this year with several crypto companies, including Securitize and Payward, the parent company of Kraken, finalizing IPO plans.
