A partner at an international law firm recently shared their views on the crypto industry. They believe that this year's crypto company IPOs are still in the warm-up stage. The real test will come next year—when the market will provide an answer: whether crypto IPOs can sustain long-term growth or if they are just cyclical phenomena that only thrive during a bull market.

Their perspective is quite interesting. In other words, 2025 is like a feasibility test, asking "Can we make this work?", while 2026 will be the real challenge—whether this asset class can truly establish itself.

According to their expectations, the IPO situation next year will become clearer. By then, everyone will see whether crypto company listings can become a sustainable and normalized financing channel or if they only have opportunities during periods of positive market sentiment. This is indeed a noteworthy time point for those paying attention to the development of the crypto industry.