Crypto IPO activity has stalled as investor capital shifts to AI while macro uncertainty and tighter funding conditions delay public listings
Coindesk •
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Promote with Leviathan NewsPublic markets are sorting crypto by cash-flow quality: Circle posted $694 million in Q1 2026 revenue and reserve income on $77 billion of USDC, while BitGo raised $198.5 million gross in January 2026. Exchange-beta and wallet names will stay private longer than stablecoin and custody rails because Circle still derived 96% of 2025 revenue from reserve income.
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