Laura Katherine Mann, a partner at international law firm White & Case, has stated that 2025 will serve as a "trial run" for crypto company IPOs, with 2026 being the real test. Mann suggests that the market will then determine whether crypto IPOs can become a sustainable asset class or remain cyclical transactions tied to bull markets. She anticipates a shift in IPO structures by 2026, moving from a focus on "Digital Asset Reserve Companies (DAT)" to entities more aligned with traditional financial logic. This includes regulated exchanges and brokers, custodial and infrastructure service providers, as well as stablecoin payment and fund management platforms.