15 crypto companies still plan to go public, and the biggest names are in no hurry. Kraken ($20B) now looks at 2027, Grayscale's public S-1 hasn't moved since January, and Consensys and Bitpanda are on hold.

The fast lane is SPACs: tZERO ($350M), First Digital ($250M) and Abra ($750M) are all heading to US exchanges. October brought 8 US IPOs against a 10-year average of 22, and not one was crypto.