Nickel: Crypto IPOs affect institutional investors more than retail investors
The growing number of crypto IPOs is having more of a positive impact on institutional investment than retail, according to new global research by London-based Nickel Digital Asset Management (Nickel).
The fund manager says last year’s wave of successful crypto IPOs marked an important milestone for the digital assets industry, reinforcing its growing maturity and institutional credibility. With more listings expected in 2026, Nickel Digital anticipates further improvement in investor sentiment, particularly among institutions, as these IPOs create clearer, regulated access points to the sector.
Nickel Digital’s survey with institutional investors (pension funds, insurance asset managers, family offices and hedge funds) and wealth managers worldwide found 35% believe crypto IPOs have had a substantially positive impact on attitudes of institutional investors compared with 25% saying the same about the attitudes of retail investors.
2025 saw IPOs for firms such as Circle, Gemini and Bullish with companies including crypto exchange Kraken, Consensys, the parent company of wallet provider Meta Mask, and hardware wallet manufacturer Ledger expected to follow this year.
The research with executives at pension funds, family offices, insurance asset managers, hedge funds and wealth managers based in the US, UK, Germany, Switzerland, Singapore, Brazil and the United Arab Emirates firms that collectively manage over $14 trillion in assets found crypto IPOs are generally positive for institutional and retail investors.
Around 58% questioned believe crypto IPOs have had a slightly positive impact on the attitudes of institutional investors while 67% say they have had a slightly positive impact on the attitudes of retail investors.