[Report: Market Optimism for Crypto Companies' First IPOs is Waning] According to CoinDesk, the latest report released by the Crypto Finance Conference in St. Moritz, Switzerland, indicates that as traditional financial institutions play a more significant role in the crypto industry, market optimism for crypto companies conducting initial public offerings (IPOs) is waning. The report notes that after a record-breaking year in 2025, during which 11 companies raised $14.6 billion through IPOs, market sentiment shows signs of cooling enthusiasm for IPOs and rising risks of consolidation. Among 242 respondents, 107 believe that 'traditional finance is taking over the crypto industry,' a proportion that has increased by more than 50% year-on-year. Liquidity shortages are seen as the biggest current risk. Although expectations for IPOs have cooled, participants observed improvements in the crypto regulatory environment in the United States and the UAE. The U.S. jumped from last place to second place in the regulatory friendliness rankings compared to last year, reflecting increased market confidence, while the UAE maintained its leading position. As a result, the frenzy surrounding crypto companies going public is diminishing.