The pullback marks a sharp reversal from expectations at the start of 2026, when many industry executives expected a wave of crypto listings following the successful IPOs of Circle ( CRCL ) and CoinDesk owner Bullish ( BLSH ).

Crypto investors also worry that this year’s blockbuster AI-related IPOs are driving capital away from digital assets. The successful listing of SpaceX SPCX, along with expectations for additional high-profile AI and technology offerings, has given institutional investors another destination for growth capital at a time when the crypto market is struggling to regain momentum.

Market participants say the circulation has weighed on the appetite for tokens, crypto-linked equities and new crypto IPOs.

The pickup in public listings reflects improved confidence among both corporate executives and equity investors, Snyder said. The key question, however, is whether this increase signals the kind of market euphoria typically seen at the peak of an asset bubble.

He sees some familiar warning signs. Equity values ​​remain high, investor confidence is strong, and AI has become a dominant investment theme, echoing the technology-driven optimism that characterized previous market peaks.

But strategists argue that one critical metric tells a different story: the number of IPOs. The U.S. has averaged about 100 IPOs a year over the past quarter-century, which is close to the current pace. That compares with more than 250 IPOs in 2021 and nearly 400 during the dot-com boom in 1999.