International law firm White & Case partner Laura Katherine Mann stated that 2025 is merely a "trial run" for crypto company IPOs, with 2026 being the real test. By then, the market will determine whether crypto IPOs can become a sustainable asset class or are just cyclical trades that only occur during bull markets. She predicts that the IPO structure in 2026 will change: shifting from a focus on "Digital Asset Reserve Companies (DAT)" to more traditional financial logic-based enterprises, including regulated exchanges and brokers, custodians and infrastructure service providers, as well as stablecoin payment and fund management platforms. (CoinDesk)

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