OpenSea CFO Clarifies That They Are “Not Planning an IPO” After Community Backlash

Bhushan Akolkar
December 8, 2021 Updated June 17, 2022
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OpenSea IPO might happen soon

The world’s largest NFT marketplace OpenSea has been facing a sort of community backlash after news broke out that the company is planning for an IPO. The news was that Ethereum-based OpenSea shall be raising funds through an Initial Public Offering (IPO) after the company appointed its new CFO Brian Roberts.

However, a day later after facing massive community backlash, OpenSea CFO has issued a clarification. In his recent tweet, Roberts wrote:

There was inaccurate reporting about @OpenSea‘s plans. Let me set the record straight: there is a big gap between thinking about what an IPO might eventually look like & actively planning one. We are not planning an IPO, and if we ever did, we would look to involve the community.

Brian Roberts recently joined OpenSea after his successful tenure at the ride-sharing company Lyft. Mr. Roberts has been instrumental in the successful public listing of Lyft back in 2019.

Roberts Sees Huge Growth In Web 3 Companies

The new OpenSea CFO is quite optimistic about the developments taking place in Web 3.0. Speaking about his decision to resign at Lyft and join OpenSea as the CFO, Roberts said: “I voted with my feet”.

Speaking to Bloomberg, Roberts said that the growth in Web 3.0 companies and in particular the OpenSea’s NFT marketplace made it easier for him to decide. “I haven’t been this excited about something in a very long time,” he said. “It reminds me of 1995 eBay” speaking of OpenSea’s rampant growth and profits, Roberts added:

“I’ve seen a lot of P&Ls (profit and loss statements) but I’ve never seen a P&L like this. When you have a company growing as fast as this one, you’d be foolish not to think about it going public”. It “would be well-received in the public market given its growth.”

OpenSea Founder and CEO Devin Finzer also confirmed that the company is looking for fresh funds. However, they are yet to figure out what kind of investors they are willing to bring. OpenSea currently has backing from some of the top investors like A16Z, Founders Fund, Coinbase and Blockchain Capital.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.