Crypto IPOs could create massive $1 trillion market amid tokenization wave, Jefferies says
Jefferies expects a new wave of crypto and blockchain IPOs as tokenization and stablecoins move deeper into mainstream finance.
Intelligence analysis by GPT-5.4 Mini
Jefferies says the next two years could bring a fresh wave of crypto and blockchain listings, with the sector potentially becoming a $1 trillion public market within five years. The bank says Wall Street is focusing less on bitcoin speculation and more on blockchain infrastructure for settlement, payments, and tokenized assets.
A big bank thinks more crypto companies may soon sell shares to the public, like stores opening doors for everyone to own a piece. It also thinks those companies could become very valuable if more banks and finance firms use blockchain tools.
The main idea is that people are paying less attention to coin prices and more attention to the machine under the hood. That machine can help move money faster, settle trades sooner, and run payments all day and night.
It is like replacing a slow paper mail system with instant messaging for money. If that happens, more companies could want to build on it, and more investors could want to buy into those businesses.
Analysis
What Jefferies is arguing
Jefferies says crypto and blockchain public listings could accelerate over the next two years, with the broader sector potentially reaching a $1 trillion public-market value within five years. The bank made the call after hosting its first Digital Assets Investor Conference in New York, where the discussion reportedly centered less on bitcoin price swings and more on blockchain as financial plumbing.
The shift from speculation to infrastructure
According to the report, institutional investors are increasingly looking at blockchain for tokenized money market funds, private credit, settlement networks, and payments. Jefferies says firms across banking, exchanges, asset management, fintech, and payments are being drawn in as blockchain is used to speed up settlement, improve capital efficiency, and support lower-cost 24/7 payments. Stablecoins and tokenized payments were highlighted as near-term growth areas.
IPO pipeline and regulation
The crypto IPO market slowed in 2026 after a strong 2025, which saw several digital asset companies list as bitcoin rallied and investor appetite returned. Jefferies says another wave may arrive later this year, naming Securitize and Payward, the parent company of Kraken, as companies finalizing IPO plans. The bank also pointed to proposed U.S. legislation such as the CLARITY Act, saying clearer rules could unlock more institutional participation and help blockchain-based finance move further into the mainstream.
Why this matters
The report frames tokenization and stablecoins as the main engines behind the next phase of crypto adoption. Rather than treating the sector as a pure bet on token prices, Jefferies says large financial firms are increasingly treating it as technology that can improve existing business models.
Key points
- Jefferies expects a surge of crypto and blockchain public listings over the next two years.
- The bank says the sector could grow into a $1 trillion public market within five years.
- Institutional focus is shifting from bitcoin speculation toward tokenized assets, settlement, and payments infrastructure.
- Jefferies says stablecoins and tokenized payments are key near-term growth areas.
- The bank points to possible IPO plans from Securitize and Payward, the parent of Kraken.
