Winston & Strawn Sponsors Tokyo Forum on U.S. Capital, Digital Assets, and AI Innovation

Winston & Strawn was proud to sponsor the Beyond Borders, Beyond Markets Tokyo Forum on U.S. Capital, Digital Assets, and AI Innovation. The event brought together global investors to explore the future of finance—from IPO strategies to AI’s role in capital markets. The forum discussed the nuances of going public in America and offered key considerations for capital access and enhanced liquidity.

Mike Blankenship, managing partner of Winston’s Houston office and co-chair of the firm’s Capital Markets Practice, spoke on the panel discussion, “The U.S. IPO Market.” Along with fellow panelists from Nasdaq, he provided insights for navigating regulatory shifts and leveraging emerging technologies as global capital markets transform. Find key takeaways from the discussion below. 

Key Takeaways

1. The global IPO landscape is reawakening.
   After two years of market hesitation, both U.S. and Japanese exchanges are seeing renewed momentum. Strong balance sheets, improving valuations, and investor appetite for growth sectors, particularly tech and sustainability, are driving a cautious but clear recovery.
2. Cross-border listings are becoming a strategic advantage.
   Japanese and Asia-based issuers are increasingly considering dual listings or U.S. IPOs to access deeper liquidity and global visibility. The U.S. regulatory environment remains the gold standard for credibility and investor reach, despite higher compliance costs.
3.  AI is reshaping the capital markets ecosystem.
   Artificial intelligence is transforming how companies prepare for IPOs, accelerating financial modeling, disclosure drafting, and investor analytics. For exchanges and underwriters, AI-driven surveillance and predictive analytics are improving risk assessment and deal execution.
4. Web3 and Digital Asset Treasuries are emerging as the next frontier.
   More issuers are exploring crypto-native capital strategies, from holding stablecoins or ETH as part of their treasury to tokenized equity and cross-chain governance models. Japan’s evolving regulatory clarity around digital assets could position it as a bridge between Web3 innovation and traditional finance.
5. The next wave of listings will reward readiness and innovation.
   Companies that integrate AI efficiencies and digital-asset optionality into their governance and capital strategies will stand out.