Crypto IPO market cools amid downturn, says investment bank head

Crypto companies are postponing their plans for Nasdaq initial public offerings (IPOs) due to the market downturn, according to Christian Lopez, head of the blockchain and crypto division at investment bank Cohen & Company Capital Markets. In an interview with CoinDesk, Lopez explained that a significant amount of capital has left the crypto market since the massive liquidations last October, and retail investors have shifted their focus to AI and large tech stocks. He noted that while the industry had hoped for a boom this year following the listings of Circle (CRCL) and Bullish (BLSH), the poor performance of BitGo (BTGO) has cooled enthusiasm. Lopez stated that Kraken's parent company Payward, Consensys, Ledger, and Grayscale have delayed their listing plans, with only Blockchain.com and FalconX still moving forward with the process. He added that the main obstacle to listing is now the amount of capital that can be raised, rather than the regulatory situation. Lopez also projected that, based on market cycle theory, Bitcoin is expected to bottom out this October before recovering. He concluded that, separate from market conditions, major institutions are continuing to adopt blockchain technology.