Jefferies: crypto IPOs to reach $1T by 2031
Jefferies says crypto IPOs could expand into a $1T market by 2031, supported by stronger tokenization and stablecoin adoption. At its inaugural Digital Assets Investor Conference in New York (May 27), the firm gathered about 150 institutional investors and executives from 35 digital-asset companies.
Jefferies expects the crypto IPO pipeline to be slower than 2025, but still active: roughly 10 to 15 crypto-native public listings in the next 18 to 24 months. The bank highlighted two main drivers: (1) tokenized real-world assets (RWA) such as on-chain money market funds and private credit, aimed at faster settlement, 24/7 trading, and broader global access; and (2) stablecoins being integrated into payments and settlement flows to speed execution.
Regulatory clarity is viewed as a catalyst. Jefferies pointed to the proposed CLARITY Act as a way to reduce legal uncertainty for firms considering public markets. Named deal-related developments included Securitize, Payward/Kraken, FalconX, and Bullish’ s $4.2B acquisition of Equiniti to strengthen tokenized securities infrastructure.
For traders, Jefferies’ view is supportive for sentiment around tokenization and stablecoin-linked market infrastructure. However, near-term price impact on BTC is likely limited because the theme is more structural than a direct catalyst tied to BTC’s trading cycle.
Neutral
This is a medium-to-long-term thesis for crypto IPOs driven by tokenization/RWA and stablecoin settlement upgrades, plus potential regulatory clarity (CLARITY Act). It can improve sector sentiment and liquidity for tokenization and infrastructure themes, but the news is not presented as an immediate catalyst for BTC’s flows or valuation. Since the forecast is time-bound (2031) and the near-term pipeline is only “active but slower than 2025,” BTC price impact is likely muted, with traders focusing more on positioning around blockchain infrastructure rather than expecting a direct BTC breakout.