Today in Crypto: Crypto IPO market stalls as capital rotates to AI and macro uncertainty weighs

Latest reporting indicates that the market for crypto initial public offerings has slowed sharply as traders rotate capital into other sectors and growing macroeconomic uncertainty dampens appetite for risk assets, according to Christian Lopez, head of blockchain and digital assets at investment bank Cohen & Company Capital Markets.

"The IPO market is a bit slower in the crypto space for obvious reasons," Lopez told CoinDesk in an interview, pointing to last October's liquidity event as a turning point that drained capital from the digital asset ecosystem.

Retail investors who once fueled crypto markets have largely shifted their attention to artificial intelligence, he says, before expanding into other areas of the technology sector, including the so-called Mag 7 stocks.

More recently, however, even AI-related equities have experienced sharp pullbacks, suggesting capital is rotating once again.

Crypto firms entered 2026 expecting a banner year for IPOs after successful listings by Circle (CRCL) and Bullish (BLSH), CoinDesk's parent company.

But weaker trading market conditions, softer trading volumes and disappointing post-listing performances, including BitGo's (BTGO), have since cooled enthusiasm for new offerings.

Several major crypto firms, including Kraken parent Payward, Ethereum app builder Consensys, wallet provider Ledger and asset manager Grayscale, have all delayed IPO plans while waiting for markets to improve.

Blockchain.com said in May it confidentially filed for a U.S.