Jefferies forecasts $1 trillion crypto IPO market by 2031
In brief
- Jefferies forecasts $1 trillion market for crypto and blockchain IPOs by 2031.
- Bank expects 10-15 crypto-native IPOs in the next 18-24 months.
- Tokenization of real-world assets and stablecoin integration drive the forecast.
- Securitize, Payward (Kraken parent), and FalconX among IPO candidates.
IPO Pipeline and Timeline
Jefferies expects 10 to 15 crypto-native IPOs in the next 18 to 24 months. The forecast signals a shift in how institutional capital views blockchain companies, moving away from speculative token plays toward revenue-generating applications. Several firms are already positioning themselves for public markets.
Securitize, a platform focused on tokenized securities, is among the upcoming IPO candidates. Payward, the parent company of Kraken, is another. FalconX, the institutional crypto brokerage, has also filed for an IPO. These moves reflect growing confidence that regulatory clarity will arrive in time to support a wave of public offerings.
Two Pillars of Growth
The core thesis rests on two pillars: the tokenization of real-world assets and the integration of stablecoins into payments and settlements. Tokenization of RWAs means taking traditional financial instruments like money market funds and private credit and putting them on a blockchain, creating new markets for institutional investors.
Bullish acquired Equiniti for $4.2 billion to bolster its tokenized securities infrastructure, signaling how seriously large players view this shift. The move underscores the capital flowing into plumbing that supports on-chain finance.
Regulatory Tailwind
The crypto IPO market slowed in 2026 compared to a more active 2025, but legislation like the proposed CLARITY Act is expected to give firms the legal guardrails they need to go public. Without clear rules, institutional investors have remained cautious. With them, the pipeline could accelerate.
The conference consensus pointed toward a pivot away from speculative token plays and toward revenue-generating blockchain applications. That shift, if it holds, would reshape how Wall Street values and prices crypto companies.
