金融 科恩公司资本市场的克里斯蒂安·洛佩兹 (Christian Lopez) 表示，推迟加密货币 IPO 的是资金限制和投资者谨慎态度，而不是监管。 2026 年 7 月 11 日下午 5:07 随着资本转向人工智能和宏观不确定性的影响，加密货币 IPO 市场陷入停滞。 （维基共享资源） 资本已从加密货币转向人工智能和其他技术领域，而最近的波动进一步降低了对加密货币 IPO 的兴趣。 宏观不确定性，包括利率预期和全球去杠杆化，使得投资者不愿支持新上市的加密股票。 尽管洛佩兹预计许多较小的加密代币和单一用途业务将在未来几年消失，但传统金融公司仍在继续采用区块链基础设施。
投资银行 Cohen & Company Capital Markets 区块链和数字资产主管 Christian Lopez 表示，随着投资者将资金转移到其他领域，以及不断增长的宏观经济不确定性抑制了对风险资产的兴趣，加密货币首次公开募股市场已大幅放缓。 洛佩兹在接受 采访时表示：“由于显而易见的原因，加密货币领域的 IPO 市场有点缓慢。”他指出，去年 10 月的流动性事件是一个转折点，导致数字资产生态系统的资本流失。 他表示，曾经推动加密货币市场发展的散户投资者在扩展到科技行业的其他领域（包括所谓的 Mag 7 股票）之前，已将注意力很大程度上转移到了人工智能上。然而，最近，即使是与人工智能相关的股票也经历了大幅回调，这表明资本再次发生轮动。 宏观逆风 在 Circle (CRCL) 和 母公司 Bullish (BLSH) 成功上市后，进入 2026 年，加密货币公司预计将迎来 IPO 的丰收年。
但市场状况疲软、交易量疲软以及 BitGo (BTGO) 等上市后表现令人失望，已经冷却了人们对新产品的热情。包括 Kraken 母公司 Payward、以太坊应用程序构建商 Consensys、钱包提供商 Ledger 和资产管理公司 Grayscale 在内的几家主要加密货币公司都推迟了 IPO 计划，等待市场好转。其他人仍在前进。 Blockchain.com 今年 5 月表示，它已向美国证券交易委员会秘密申请首次公开募股 (IPO)。 在 5 月份报道称，加密货币交易平台 FalconX 还向 SEC 提交了 S-1 注册草案，这是潜在公开上市的第一步。 洛佩兹表示，更广泛的宏观背景正在影响市场情绪。利率的不确定性使投资者对加密货币等高贝塔资产特别谨慎。尽管美联储和特朗普政府发出的信号表明，通货紧缩的环境最终可能会支持降息，但全球市场继续面临央行行动和去杠杆化的压力，包括日本央行最近采取的捍卫日元的举措。
洛佩兹表示：“投资者对于是否支持首次公开募股的股票犹豫不决，因为他们担心售后市场是否会得到支持。” 他表示，要到明年，加密货币上市可能才会有意义地重新开放，理由是比特币 62,760.47 美元的市场周期可能会在 10 月份左右触底，并指出更广泛的加密货币市场往往会追随全球最大加密货币的表现。 尽管存在这些阻力，洛佩兹表示，监管清晰度不再是考虑公开上市的公司的主要障碍。 “这不像以前那么重要了。公司在监管明确之前就上市了，”他说。 “对于 Bullish、Circle 或 BitGo 这样的公司来说，更重要的是获得资本而不是监管。” 洛佩兹表示，据报道，Kraken 计划公开上市，这说明了加密货币公司正在如何适应。该交易所一直在寻求加密货币交易之外的多元化，他认为这一策略可以更好地为公司在公开市场上定位。 “正确的做法是变得更加多元化，而不仅仅是加密货币交易业务，”他说。 机构采用
洛佩兹表示，尽管加密融资市场近期疲软，但区块链技术继续在传统金融领域获得吸引力。摩根士丹利（MS）、纳斯达克（NDAQ）和纽约证券交易所（NYSE）等主要金融机构正在建设基于区块链的基础设施，并为代币化结算做准备。 他表示，该行业正在朝着近即时结算的方向发展，从 T+1 转向 T+0，而 OpenUSD 网络等举措正在围绕稳定币基础设施聚集 140 多家金融机构和支付公司。 洛佩兹预计，长期赢家将是区块链基础设施提供商，而不是仅围绕单个加密货币建立的企业。 他说：“许多试图在私人市场筹集资金的加密货币公司发现很难，因为他们只专注于一种产品。” 尽管洛佩兹预计比特币、以太币（ETH）和索拉纳（SOL）以及其他一些主要代币仍将是重要资产，但他预测数千种较小的加密货币不太可能生存下来。
他补充道：“未来三到五年，我们可能会看到加密货币的长尾收紧。” 首次公开募股人工智能独家 相关资产 比特币$62,787.15 1.87%
Finance
Funding constraints and investor caution, not regulation, are delaying crypto IPOs, according to Cohen & Company Capital Markets' Christian Lopez.
Jul 11, 2026, 5:07 p.m.
3 min read
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Crypto IPO market stalls as capital rotates to AI and macro uncertainty weighs. (Wikimedia Commons)
Capital has rotated from crypto into AI and other technology sectors, while recent volatility has further reduced appetite for crypto IPOs.
Macro uncertainty, including interest rate expectations and global deleveraging, is making investors reluctant to support newly listed crypto stocks.
Traditional financial firms continue adopting blockchain infrastructure even as Lopez expects many smaller crypto tokens and single-purpose businesses to disappear over the next several years.
The market for crypto initial public offerings has slowed sharply as investors 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 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.
Macro headwinds
Crypto firms entered 2026 expecting a banner year for IPOs after successful listings by Circle (CRCL) and Bullish (BLSH), 's parent company.
But weaker 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. Others are still moving ahead. Blockchain.com said in May it confidentially filed for a U.S. IPO with the Securities and Exchange Commission.
reported in May that crypto trading platform FalconX had also filed a draft S-1 registration with the SEC, the initial step toward a potential public listing.
Broader macro backdrop are weighing on sentiment, Lopez says. Uncertainty over interest rates has made investors particularly cautious toward high-beta assets such as crypto. While signals from the Federal Reserve and the Trump administration point toward a more deflationary environment that could eventually support rate cuts, global markets continue to face pressure from central bank actions and deleveraging, including recent moves by the Bank of Japan to defend the yen.
"Investors are hesitant to back a stock in an IPO because they're worried about whether there will be support in the aftermarket," according to Lopez.
He says the market may not meaningfully reopen for crypto listings until next year, citing expectations that bitcoin's BTC$62,760.47 market cycle could bottom around October, noting that the broader crypto market has tended to follow the world's largest cryptocurrency's performance.
Despite these headwinds Lopez says regulatory clarity is no longer the primary obstacle for companies considering public listings.
"That's less relevant than before. Companies went public before there was regulatory clarity," he said. "For companies like Bullish, Circle or BitGo, it's more about access to capital than regulation."
Kraken's reported plans to pursue a public listing illustrate how crypto firms are adapting, Lopez says. The exchange has sought to diversify beyond crypto trading, a strategy he believes better positions companies for public markets.
"The right thing to do is become more diversified rather than being just a crypto trading business," he says.
Institutional adoption
Despite near-term weakness in crypto funding markets, Lopez says blockchain technology continues to gain traction across traditional finance. Major financial institutions, including Morgan Stanley (MS), Nasdaq (NDAQ) and the New York Stock Exchange (NYSE), are building blockchain-based infrastructure and preparing for tokenized settlement.
The industry is moving toward near-instant settlement, shifting from T+1 to T+0, while initiatives such as the OpenUSD network are bringing together more than 140 financial institutions and payments companies around stablecoin infrastructure, he says.
Lopez expects the long-term winners to be blockchain infrastructure providers rather than businesses built solely around individual cryptocurrencies.
"A lot of crypto companies trying to raise capital in the private markets are finding it difficult because of their singular focus on one product offering," he says.
While Lopez expects bitcoin, ether (ETH) and solana (SOL) along with a handful of other major tokens to remain important assets, he predicts that thousands of smaller cryptocurrencies are unlikely to survive.
"We'll probably see the long tail of cryptocurrencies tighten over the next three to five years," he added.
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