The hype surrounding cryptocurrency company listings is waning because the market is still not big enough for traditional finance (TradFi) companies that are increasingly interested in the industry.
According to a report from the influential CfC St. Moritz cryptocurrency conference in Switzerland, which recorded 242 respondents’ outlook and predictions for the event, fewer investors are as confident as they were last year.
The report said that 11 IPOs raised US$14.6 billion in 2025, a record high, and “market sentiment indicates that IPO intensity has weakened and consolidation risks have increased.” Liquidity shortages were seen as the biggest threat, the report said.
Of the 242 respondents, 107 believed “TradFi is taking over” cryptocurrencies, a year-on-year increase of more than 50%.
However, attendees noted improvements in cryptocurrency regulation in the United States and the UAE. The United States jumped from last to second place in regulatory favorability within a year, reflecting growing confidence, while the UAE remains the top jurisdiction.
“The CfC St. Moritz report reflects the thinking of some of the most influential decision-makers in the digital asset space,” said Nicolo Stöhr, CEO of CfC St. Moritz. “Their responses indicate a clear shift in priorities, away from hype and towards infrastructure, liquidity and regulatory credibility, as well as a rapidly changing view of the U.S. market. This is what informed capital is saying, and it reflects where the industry is really headed.”
