The U.S. IPO market has weakened significantly this quarter, with new stocks raising over $50 million experiencing an average decline of 5.3%. Notably, five crypto companies that went public this year have seen their shares drop by an average of 31% this quarter. This downturn is largely attributed to the crypto market losing over $1 trillion in value since early October. Grayscale and BitGo are among the firms facing increased challenges in their IPO plans, with investment banks suggesting lower pricing and more cautious timing. Some companies have opted to delay their IPOs until 2026.