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Author: daniel kuhn, coindesk; compile: Songxue, Bitchain Vision Realm
According to confidential documents submitted to the US Securities and Exchange Commission (SEC), Circle, the headquarter to the United States, is trying to conduct the first public offering of the first public offering.This will be the second attempt of this main cryptocurrency company to go public. Earlier, the company plans to merge with a SPAC (SPAC). It has not been successful in 2021.
With the rebound of cryptocurrencies under economic strengthening, investment funds in the blockchain field this year and potential first public offering seem to have rebounded.Although it has existed for 15 years, there are very few listed companies in the cryptocurrency field.
In December last year, Goldman Sachs predicted that the IPO activity in the second half of 2024 would be stronger, especially if the Fed reduced interest rates, which would reduce transaction costs and stimulate the economy.
There are many potential obstacles here, including US presidential elections, Congress, war, and inflation, but as Goldman Sachs said,“When the financial market is strong, the IPO is often strong”, and it is becoming more and more obvious that the cryptocurrency market is strengthening.
In addition, with the launch of the spot Bitcoin Exchange Trading Fund (ETF), cryptocurrencies are entering a more mature stage.Many companies have raised a lot of funds, and the oldest company’s venture capital supporters (usually 10 years) may be seeking returns.
In addition, because economic uncertainty is lingering,If the cryptocurrency market remains high in the short term, this may represent the window of the opportunity to list before the economy.Coinbase was directly listed in early 2021. As one of the few listed companies in the last round of bull market, it may be representative.
Who might be a public offering for the first time?
There are more than a dozen “unicorn” or private companies with a valuation of more than $ 1 billion in the cryptocurrency sector. They are the most likely candidates for IPOs.Some people may be more willing to maintain a private state, which can provide higher -level corporate control and reduce review.But in general, if a company raises external funds, the two ways that investors are most likely to “withdraw” are either publicly listed or bankrupt.
CoinDesk analyzed many companies to determine which companies can announce their listing plans this year.This is a representative list, not a complete list, aiming to let you understand the factors.It may be concentrated in the field of exchanges, hosted and stable currency, and all these areas have huge growth potential during the bombardment of cryptocurrencies.
November last year,Dave Ripley, CEO of Kraken, said the company is considering listing strongly.Earlier, the company took preliminary measures to conduct a review to the US Securities and Exchange Commission, but one year later, the US Securities and Exchange Commission did not announce that KRAKEN was a “valid” candidate.However, according to The Block, Kraken’s highest management has since been filled with experienced executives in public distribution, including C.J. Rinaldi and chief financial officer Carrie Dolan.
Kraken’s recent valuation is close to $ 11 billion, and it also has one of the most powerful legal/compliance departments in the industry, led by lawyer Marco Santori.
Last year, the US Securities and Exchange Commission (SEC) filed a lawsuit against Kraken, which must be approved to be publicly listed.It is worth noting that several other exchanges and brokerage companies, including Israel’s ETORO and CoinDesk’s parent company Bullish, have tried to go public, but were prevented by the SEC.If the discussion will be extended outside the US market, then the EU’s Bitpanda and the Bitso of Mexico should also receive attention.
In the field of cryptocurrency custody, competitors Anchorage and Bitgo may also be exploring public listing.Both companies are considered leaders in this field, and their business scope has exceeded its core cryptocurrency custody business, including other security services and popular tokenization fields.
“Anchorage Digital provides safe and reliable digital asset infrastructure services for global institutions. Our customer groups include asset management companies, registered investment consultants, encryption agreements, risk investment companies, etc.” A spokesman avoided an emailRegarding the issue of listing.
BitGo was established in 2013. It was valued at $ 1.75 billion in Series C financing in 2023 -this valuation was low enough to merge SPAC.At the same time, Ankrech Bank is also a federal franchise bank with the latest valuation of $ 3 billion.
Paxos, the third largest stabilized coin issuer, may also be a competitor to the market.PAXOS is the first choice for the third party who seeks to create a brand stable coin.For example, it is the issuer of Pyusd tokens recently launched by PayPal and BUSD tokens that have been discontinued by Binance.Stable coins have become one of the most obvious uses of blockchain.
There are many other companies and emerging industries in this field.Several historic large blockchain hardware companies (including Ledger and Trezor), payment technology companies (such as Ripple and Bitpay), and financial service providers (such as Bitwise) may be considering public shares issuance.
In addition to strong corporate governance, the key factor to find is the market fit and growth potential.Chainalysis has a large number of government contracts and may also be in a favorable position this year.It is worth noting that most of the existing cryptocurrency listed companies involve cryptocurrency mining, partly because this is the easiest industry in cash flow, although the price of bitcoin fluctuates greatly.
The last idea is,I think the resurrected FTX may try to go on the market -even because it is only because anyone else will fund it?
“Everything depends on how Circle’s IPO is progressing. If progress is smooth, many other companies may explore this.”Anil Lulla, CEO of Delphi Digital, said.
