Recent crypto IPOs have been a wipeout for most investors. Will the next wave be better?

The booming U.S. stock market has, since early 2025, spurred hundreds of IPOs and, in most cases, these new offerings have delivered fine returns. But when it comes to newly-public crypto companies, their stock performance has, with two notable exceptions, been a disaster. Now, as another crop of crypto IPOs waits in the wings, it’s worth asking whether the sector as a whole is ready for primetime…