Jefferies Projects Crypto IPOs Could Lead to $1 Trillion Market

Jefferies predicts that a significant wave of public listings in the crypto and blockchain sectors is on the horizon, potentially culminating in a $1 trillion market within five years. This shift is attributed to institutional investors moving away from speculative trading towards the integration of blockchain into traditional financial systems.

The Wall Street investment bank expects a wave of crypto and blockchain public listings over the next two years as institutional investors shift their focus from speculative trading to real-world financial infrastructure.

By Helene Braun|Edited by Aoyon Ashraf May 27, 2026, 3:35 p.m. 3 min read

Key Insights:

• Jefferies forecasts a rise in crypto and blockchain public listings over the next two years, estimating the market could reach $1 trillion within five years.
• Institutional investors are transitioning their focus from bitcoin speculation to the incorporation of blockchain infrastructure into essential financial systems, such as tokenized money market funds and private credit.
• Traditional financial institutions are increasingly collaborating with crypto-native companies to leverage blockchain for faster settlements, improved capital efficiency, and lower-cost, 24/7 payments, with stablecoins and tokenized payments identified as key growth areas.

Jefferies anticipates a new wave of crypto and blockchain public listings as the adoption of digital asset infrastructure by institutions accelerates across Wall Street and the payments sector.

In a report following its inaugural Digital Assets Investor Conference in New York, Jefferies expressed optimism about a surge in crypto-related public listings over the next two years, with expectations of the sector evolving into a $1 trillion public market within five years.

The conference brought together executives from 35 digital asset firms and about 150 institutional investors, focusing less on bitcoin price speculation and more on the integration of blockchain systems into traditional finance.

According to Jefferies, discussions with clients indicated that investors are increasingly confident that blockchain technology is progressing from experimental phases to becoming a core component of financial infrastructure.

“Client engagement continues to grow as focus shifts to emerging beneficiaries as banks, exchanges, asset managers, fintechs and payments companies integrate blockchain infrastructure,” the report indicated.

While the crypto IPO market has slowed this year following a booming 2025, characterized by successful public listings of digital asset companies during a period of rising bitcoin prices, a resurgence of offerings is anticipated later this year. Companies such as Securitize and Payward, the parent company of Kraken, are in the process of finalizing their IPO plans.

Jefferies highlighted tokenization—the representation of financial assets on blockchain networks—as a significant catalyst for this trend. Conference executives noted that tokenized money market funds, private credit products, and blockchain-based settlement systems are progressing to production stages, aided by recent regulatory guidance that has alleviated legal uncertainties surrounding digital assets.

The trend of Wall Street's adoption of blockchain technology, moving away from a focus on crypto price fluctuations, has been increasingly evident in recent months. Major financial institutions like JPMorgan and Morgan Stanley are fully embracing the technology in their business models, irrespective of bitcoin's price movements.

Tokenization and stablecoins dominated discussions at this year's Consensus Miami event, overshadowing other topics in the crypto realm. Joseph Lubin, CEO and founder of Consensys, remarked, "We’re moving into a world where essentially the entire economy is going to be tokenized.”

Jefferies suggested that enhanced regulatory clarity could further accelerate adoption, especially among heavily regulated financial entities. The bank referenced the proposed CLARITY Act, which aims to create a broader market structure for digital assets in the U.S., suggesting that this legislation could serve as "the missing piece" to drive more institutional investment and further integrate blockchain finance into mainstream operations.

'Tech Disruption'

The report also emphasized the growing trend of traditional financial firms forming partnerships with crypto-native infrastructure providers instead of competing with them.

Panelists at the conference described an expanding ecosystem where banks, trading platforms, and payment firms utilize blockchain networks to enhance settlement times, improve capital efficiency, and introduce new financial products.

Earlier this year, tokenization company Securitize collaborated with transfer agent Computershare to facilitate public companies in issuing tokenized shares within existing shareholder record systems. Meanwhile, crypto platform Bullish (BLSH), which owns CoinDesk, announced its acquisition of transfer agent Equiniti for $4.2 billion to bolster its blockchain-based settlement infrastructure.

Stablecoins and tokenized payments were repeatedly highlighted as critical areas for near-term growth, particularly as payment firms seek to reduce the costs of cross-border transactions and provide round-the-clock services.

The conference featured executives from companies like Ripple, Kraken, Galaxy (GLXY), Bullish (BLSH), and Consensys.

Institutional adoption has been a major driver behind BlackRock's initial foray into bitcoin exchange-traded funds, yet the specifics of this adoption have been a focal point of discussion. Today, it appears that sophisticated investors are perceiving the sector as a disruptive technology that can enhance their long-term business strategies, rather than simply engaging in short-term speculative trading.

Jefferies noted that the discussions reflect a broader shift in investor focus away from meme coins and speculative trading toward blockchain systems that generate revenue from trading, payments, lending, and tokenized financial products.

“Investors frequently overestimate the magnitude of tech disruption in the near term and underestimate it over the longer term,” the report concluded.