Jefferies expects a fresh wave of crypto and blockchain-related IPOs as institutional investors increasingly pivot toward digital asset infrastructure and away from short-term price speculation.
In a report published after its first Digital Assets Investor Conference in New York, the investment bank said it anticipates a pickup in public listings over the next two years, with the sector potentially scaling into a $1 trillion public market within five years.
The conference convened executives from dozens of crypto firms alongside a large base of institutional investors, with discussions largely centered on the role of blockchain in modernizing financial systems rather than on cryptocurrency price movements.
Jefferies said client engagement reflects a growing belief that blockchain technology is entering a more mature phase, transitioning from experimental applications to core financial infrastructure. Investors are increasingly focused on companies enabling this shift, including exchanges, custodians, asset managers, fintech platforms and payment providers.
After a strong run of crypto IPOs in 2025, activity has slowed more recently in line with broader market volatility and macroeconomic headwinds. However, Jefferies expects issuance to resume, with several firms already preparing to go public in the near term.
A key theme emerging from the conference was the rapid rise of tokenization, which is reshaping how financial assets are issued, traded and settled. Industry participants pointed to growing adoption of tokenized money market funds, private credit instruments and blockchain-based settlement systems, supported by improving regulatory clarity.
The broader shift is also evident across traditional finance, where major institutions are integrating blockchain technology into their operations regardless of fluctuations in crypto prices. The focus has increasingly moved toward efficiency gains, cost reduction and the creation of new financial products.
Tokenization and stablecoins were highlighted as central pillars of this transition, particularly in areas such as cross-border payments and real-time settlement. Market participants see these technologies as critical to enabling a more efficient, always-on financial system.
Jefferies also emphasized the importance of regulatory developments, noting that clearer rules could accelerate adoption among large financial institutions. Proposed U.S. legislation aimed at defining digital asset market structure was cited as a potential catalyst for broader institutional participation.
At the same time, partnerships between traditional financial firms and crypto-native companies are becoming more common, helping to bridge the gap between legacy systems and blockchain infrastructure. These collaborations are driving innovation in areas such as settlement, custody and tokenized securities issuance.
Recent deals and partnerships across the sector underscore this trend, as companies invest in building the infrastructure required to support blockchain-based finance at scale.
Overall, Jefferies said investor focus is shifting toward sustainable business models built around trading, payments, lending and tokenized assets, rather than speculative segments of the market.
The report concluded that while the near-term pace of disruption may be uneven, the long-term impact of blockchain integration across global finance is likely to be significant.
