"Cryptocurrency IPOs, next year will be a turning point …'sustainability' will be decided"

It has been observed that initial public offerings (IPOs) of cryptocurrency companies, such as exchanges, will face a 'real test' next year.

Laura Katherine Mann, a partner at global law firm White & Case, told CoinDesk on the 14th (local time), "This year was a 'test-case' for cryptocurrency IPOs, and next year will be the real turning point." Partner Mann said, "Next year will be the year to determine whether digital asset IPOs are a sustainable asset class or a temporary trade that only works when cryptocurrency prices surge."

Major cryptocurrency companies are already preparing IPOs for next year. The U.S. cryptocurrency exchange Kraken and crypto asset manager Grayscale are representative examples. Blockchain analytics firm Chainalysis is also being mentioned as a potential listing candidate next year. Partner Mann explained, "Those most likely to be listed are exchanges or securities firms operating under a regulatory regime comparable to banks," adding, "Because to investors in the public offering market and to regulators, these businesses may already appear as vetted operators."

There was also a point that Bitcoin (BTC) price volatility should be closely watched next year. Partner Mann analyzed, "Bitcoin volatility will be a key factor that investors consider when evaluating next year's IPO candidates," adding, "(Volatility) directly affects not only investor sentiment but also revenue sustainability, customer activity, and valuations across the sector."