Breaking: Crypto Exchange Blockchain.com Secretly Files For IPO After Elon Musk’s SpaceX
Highlights
- Blockchain.com confidentially files for a U.S. IPO.
- Crypto companies are re-entering the public market after the upturn in the market.
- Kraken and Elon Musk-led SpaceX have also filed for their IPOs.
Blockchain.com, a popular crypto exchange, has now filed confidential documents for an IPO in the United States. It indicates a comeback in the digital asset market amid the recent rebound.
Blockchain.com Moves To File For IPO
The crypto exchange announced the filing on Thursday just after digital asset markets have begun to calm down after a volatile stretch and subdued investor sentiment. The shift puts Blockchain.com in a group of crypto companies looking to enter the stock markets as conditions for going public slowly improve in the U.S.
Meanwhile, the crypto market has also seen a decline with a massive drawdown of billions in digital asset values last year. The sell-off dampened investor enthusiasm for new deals, pushing back some firms’ plans for expansion or fundraising.
However, recent policy changes in Washington have spurred companies to re-think IPO plans. The CLARITY Act that would create more regulation for cryptocurrencies recently went forward in a Senate committee.
Industry participants, including Ripple CLO Stuart Alderoty view it as a positive development in the long-term.
Crypto & AI Companies Edge Towards IPOs
The others digital asset companies have also employed similar measures. Last year, Grayscale Investments made a confidential announcement regarding plans to go public.
Around the same time, crypto exchange Kraken was also going through a confidential IPO in New York. So far, both companies have not completed their listing. Moreover, Elon Musk’s SpaceX also filed for an IPO with the U.S. SEC.
Bitcoin has also shown some positive signs of strength in recent months. The largest crypto by market cap was up by about 20% in the last three months, but it is still less than the beginning of the year price.
The private funding of an IPO lets companies get a head start in talking to the regulators. However, it would not lead them to immediately disclose the specifics of the financial offering to the public.
The process is typically employed to get ready for the IPO going public market while assessing the interest of the investors and market conditions.
For further context, Blockchain.com is a crypto trading and wallet platform founded by Ben Reeves, Peter Smith and Nic Cary in 2011. It caters to users in over 100 countries. The company claims that the network has completed transactions worth of over $1.1 trillion in cryptocurrencies so far.
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