Goldman Sachs says Wall Street's 2026 IPO rebound remains well below dot-com bubble extremes, with stronger issuance but no signs of comparable speculative excess

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$120B of IPO issuance by midyear gives Wall Street plenty of exit liquidity; crypto's issue is getting crowded out inside the growth bucket. Circle and Bullish proved public buyers will pay for clean reserve-income and exchange take-rate stories, but Payward, Consensys, Ledger and Grayscale pausing plans shows how quickly weak beta, soft volumes and AI IPO supply can shut the door. Until BTC/ETH firms up and venues can show durable spot/perp revenue, token-linked listings get priced like high-beta SaaS with uglier cyclicality.

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Goldman Sachs says Wall Street's 2026 IPO rebound remains well below dot-com bubble extremes, with stronger issuance but no signs of comparable speculative excess

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Goldman Sachs says Wall Street's 2026 IPO rebound remains well below dot-com bubble extremes, with stronger issuance but no signs of comparable speculative excess

Explore the topic

More on Wall Street

AI agents take on Wall Street: five bots trade tokenized stocks in a live seven-day competition on Solana

Wall Street transfer agents urge the SEC to favor company-authorized tokenization, warning third-party tokenized securities could threaten market integrity

Tech sell-off drags Wall Street and global markets lower as S&P 500 futures fall, Asia and Europe sink, and oil eases on U.S.-Iran progress.

21Shares co-founder Ophelia Snyder warns tokenization enthusiasm is outpacing Wall Street readiness, citing unprepared financial infrastructure for institutional adoption

Fidelity joins Wall Street’s stablecoin push, targeting reserve asset management as issuers race to secure backing for rapidly growing tokenized dollars

Citigroup is launching a blockchain-based platform enabling wealthy and institutional clients to trade shares of private companies, a venture initially open only to foreign investors that the bank hopes other Wall Street firms will adopt.

AI agents take on Wall Street: five bots trade tokenized stocks in a live seven-day competition on Solana

Wall Street transfer agents urge the SEC to favor company-authorized tokenization, warning third-party tokenized securities could threaten market integrity

Tech sell-off drags Wall Street and global markets lower as S&P 500 futures fall, Asia and Europe sink, and oil eases on U.S.-Iran progress.

21Shares co-founder Ophelia Snyder warns tokenization enthusiasm is outpacing Wall Street readiness, citing unprepared financial infrastructure for institutional adoption

Fidelity joins Wall Street’s stablecoin push, targeting reserve asset management as issuers race to secure backing for rapidly growing tokenized dollars

Citigroup is launching a blockchain-based platform enabling wealthy and institutional clients to trade shares of private companies, a venture initially open only to foreign investors that the bank hopes other Wall Street firms will adopt.

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