PANews reported on February 4th, citing CoinDesk, that a recent report from the Crypto Finance Conference in St. Moritz, Switzerland, indicates that market optimism regarding initial public offerings (IPOs) for crypto companies is waning as traditional financial institutions play a more significant role in the crypto industry. The report points out that after a record year of 11 companies raising $14.6 billion through IPOs in 2025, market sentiment shows signs of a cooling IPO frenzy and rising consolidation risks. Of the 242 respondents, 107 believe that "traditional finance is taking over the crypto industry," a year-on-year increase of over 50%. Liquidity shortages are considered the biggest current risk. Despite the cooling IPO expectations, attendees noted improvements in the crypto regulatory environment in the US and the UAE. The US jumped from last place in the regulatory friendliness ranking to second, reflecting increased market confidence; the UAE maintained its leading position. Therefore, the fervor surrounding cryptocurrency company IPOs is waning.