Key Takeaways
- • Jefferies projects crypto and blockchain-related public listings could reach a $1 trillion market by 2031, up from current levels, with the forecast announced at the bank's inaugural Digital Assets Investor Conference on May 27, 2026, attended by 150 institutional investors and 35 digital asset firms.
- • Tokenization of real-world assets (RWAs) and stablecoin integration into payments and settlements represent the core thesis driving growth, enabling faster settlement, 24/7 trading, and expanded global investor access to traditionally illiquid markets.
- • Regulatory clarity, including proposed legislation like the CLARITY Act, is identified as a key catalyst for enabling crypto-native companies to pursue public listings with established legal frameworks.
- • Jefferies expects 10 to 15 crypto-native IPOs within the next 18 to 24 months; near-term IPO candidates include Securitize, Payward (parent of Kraken), and FalconX, with Bullish's $4.2 billion acquisition of Equiniti signaling infrastructure consolidation ahead of public market entry.
- • The crypto IPO pipeline decelerated in 2026 relative to 2025 activity levels, but remains active and positioned for expansion as institutional demand for blockchain-based settlement and tokenized securities matures.
Summary
Jefferies, a major Wall Street investment bank, has projected that publicly listed crypto and blockchain-related companies could collectively achieve a $1 trillion market valuation by 2031. The forecast was unveiled at the bank's inaugural Digital Assets Investor Conference held May 27, 2026, in New York, which drew approximately 150 institutional investors and executives from 35 digital asset firms.
The underlying thesis rests on two primary catalysts: tokenization of real-world assets and the widespread adoption of stablecoins for payments and settlements. Tokenization converts traditional financial instruments—including money market funds and private credit—onto blockchain infrastructure, enabling faster settlement cycles, continuous 24/7 trading, and access to broader global investor pools. Institutional interest in partnerships utilizing stablecoins for accelerated settlement and round-the-clock payment processing is accelerating, according to the conference takeaways. Additionally, emerging regulatory frameworks—particularly proposed legislation such as the CLARITY Act—are expected to provide the legal clarity necessary for crypto-native firms to pursue public market listings.
The near-term IPO pipeline includes several notable candidates: Securitize, a platform specializing in tokenized securities; Payward, the parent company of cryptocurrency exchange Kraken; and FalconX, an institutional cryptocurrency brokerage. Strategic positioning is underway: Bullish announced a $4.2 billion acquisition of Equiniti to strengthen its tokenized securities infrastructure prior to a potential public listing. Jefferies anticipates 10 to 15 crypto-native IPOs will launch within the next 18 to 24 months.
Activity in the crypto IPO market slowed in 2026 relative to 2025 levels, reflecting broader market normalization. However, the pipeline remains robust, supported by institutional capital demand, technological maturation in blockchain settlement infrastructure, and regulatory progress that is expected to accelerate public market participation from digital asset firms over the coming years.
The underlying thesis rests on two primary catalysts: tokenization of real-world assets and the widespread adoption of stablecoins for payments and settlements. Tokenization converts traditional financial instruments—including money market funds and private credit—onto blockchain infrastructure, enabling faster settlement cycles, continuous 24/7 trading, and access to broader global investor pools. Institutional interest in partnerships utilizing stablecoins for accelerated settlement and round-the-clock payment processing is accelerating, according to the conference takeaways. Additionally, emerging regulatory frameworks—particularly proposed legislation such as the CLARITY Act—are expected to provide the legal clarity necessary for crypto-native firms to pursue public market listings.
The near-term IPO pipeline includes several notable candidates: Securitize, a platform specializing in tokenized securities; Payward, the parent company of cryptocurrency exchange Kraken; and FalconX, an institutional cryptocurrency brokerage. Strategic positioning is underway: Bullish announced a $4.2 billion acquisition of Equiniti to strengthen its tokenized securities infrastructure prior to a potential public listing. Jefferies anticipates 10 to 15 crypto-native IPOs will launch within the next 18 to 24 months.
Activity in the crypto IPO market slowed in 2026 relative to 2025 levels, reflecting broader market normalization. However, the pipeline remains robust, supported by institutional capital demand, technological maturation in blockchain settlement infrastructure, and regulatory progress that is expected to accelerate public market participation from digital asset firms over the coming years.
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