#钱包安全风险 The IPO list for 2026 is quite interesting. The listing plans of Kraken, Consensys, and BitGo are worth paying attention to, especially from the perspective of on-chain capital flow.

Ledger's emergence is particularly worth pondering—sales data of 6 million hardware wallets is presented here, which precisely indicates that the market's demand for wallet security is still rising. Conversely, this also reflects another signal: currently, a large amount of funds are stored in relatively high-risk custody segments. As the first major custody institution to go public, BitGo's compliance path may become an industry benchmark, and more funds will flow to such verified secure institutions in the future.

Behind Consensys are JPMorgan Chase and Goldman Sachs, indicating that traditional finance is accelerating its recognition of crypto infrastructure. As an entry-level wallet, increased transparency after going public will encourage more institutional clients to use it—this is a prerequisite for the expansion of on-chain capital.

Overall, this wave of IPOs is not just a simple fundraising event but a gradual process of institutionalizing security standards in the crypto industry. Capital flows will follow this logic, and it is worth continuously tracking the on-chain movements of these companies before and after their listings.