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Author: Admin | 2025-04-28
Last week saw two crypto SPACs in two days. We asked stock analysts, “Who’s next?”Updated May 9, 2023, 3:21 a.m. UTCPublished Jul 12, 2021, 11:30 a.m. UTCCrypto firms – some as young as a couple of months old – are turning to the public markets for liquidity. At this stage, it’s anyone’s guess as to which company will announce its intention to list next.The number of announcements has accelerated after the largest U.S. exchange, Coinbase, went public via a direct listing in April.Crypto lender BlockFi, cross-border payments network Ripple and crypto exchange Kraken are all considering going public.Crypto exchange Apifiny, bitcoin futures exchange Bakkt, lending fintech SoFi and cryptocurrency trading platform eToro have set plans to go public.And stablecoin issuer Circle and Peter Thiel-backed crypto exchange Bullish both have special purpose acquisition company (SPAC) deals in motion.So who’s next?ExchangesThe most likely suspects for a new public listing are crypto exchanges that could compete against Coinbase – Gemini, Blockchain.com and FTX, said Oppenheimer analyst Owen Lau.Fees on exchanges are still very high and crypto exchanges have yet to experience a race to zero, and every company in the crypto space relies on exchanges for crypto price data.“The heart of the capital markets system is the exchange,” Lau said.Going public allows early investors in a company to cash out. It also gives firms the validation of publicly available financials, allows them to issue additional shares to acquire other firms and offers them a global boost to their brands, Lau added.ComplianceOther firms that
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