国际律所 White & Case：2026 年将检验加密 IPO 是否具备长期价值

Core Viewpoint - The year 2025 is seen as a "trial run" for crypto companies' IPOs, with 2026 being the true test to determine if crypto IPOs can become a sustainable asset class or remain a cyclical trade only during bull markets [1] Summary by Categories - IPO Market Outlook - The structure of IPOs in 2026 is expected to shift from a focus on "Digital Asset Treasury companies (DAT)" to businesses that align more closely with traditional financial logic [1] - Types of Companies - The anticipated companies for IPOs include regulated exchanges and brokers, custodial and infrastructure service providers, as well as stablecoin payment and fund management platforms [1]