Group 1 - 2025 is viewed as a "test-case year" for crypto initial public offerings (IPOs), with 2026 being the year to determine if digital asset IPOs are a sustainable asset class or merely a cyclical trade [1] - In 2025, several crypto companies went public, including Circle, Bullish, and Gemini, with potential candidates for 2026 including Upbit, FalconX, and Chainanalysis [2] - Global crypto activity has shown significant recovery from the 2021 boom and bust, raising questions about whether crypto issuers can sustain momentum to meet public-market standards [3] Group 2 - Bitcoin's price more than doubled in 2024 and reached new all-time highs in 2025 before a sharp pullback, which will influence public investors' evaluations of IPO candidates due to concerns over volatility affecting sentiment and revenue durability [4] - Traditional finance is indicating that crypto is substantial enough to be indexed, as evidenced by S&P Dow Jones Indices launching a product that combines digital assets with crypto public companies, signaling institutionalization [5] - The institutionalization of crypto comes with increased selectivity among investors, as MSCI is considering excluding companies with over 50% of their assets in crypto, indicating a distinction between operating businesses and balance-sheet proxies for token exposure [6][7]