Robinhood, Circle, and Coinbase, among others, are companies in the crypto universe that are going through initial public offerings (or IPOs), becoming publicly traded companies with shares traded on the stock exchange.
The goal of organizations, when adopting such a strategy, ranges from the need to raise funds and improve liquidity, to gaining greater credibility in the market due to the transparency provided by open capital. Check out some companies in the crypto market that have already announced or have plans to go public.
The merger of Circle with Concord Acquisition Corp, a Special Purpose Acquisition Company, or SPAC, caused Circle to be valued at US$ 4.5 billion, according to Cointelegraph. According to the publication, the new company is expected to debut on the New York Stock Exchange later this year. It is worth explaining that SPACs raise capital to acquire a business and then launch it on the stock exchange.
SBI Group CEO Yoshitaka Kitao, Ripple Labs’ largest shareholder, said the company plans to go public soon. “In the coming months, we will see several IPOs of companies in the crypto or blockchain universe”, he said, according to a story in the DCI newspaper.
In April, the company was the first to announce its cryptocurrency IPO, according to a publication at Jornal Contábil. According to the report, as of December 2020, Coinbase has generated more than US$ 3.4 billion in total revenue since its beginning in 2012. The company has 56 million users and serves 7,000 institutional clients and 115.000 ecosystem partners in more than 100 countries.
4. Robinhood Markets
In July, Robinhood Markets, one of the largest online brokerages in the United States, filed for its IPO. At the time, it revealed that Dogecoin accounted for 34% of its revenue from cryptocurrency transactions in the first quarter of 2021. The company aims to raise US$ 100 million, according to Exame.
5. Core Scientific
One of the largest cryptocurrency miners in the United States, Core Scientific announced on July 21 that it plans to be listed on the Nasdaq stock exchange in a deal that values it at US$ 4.3 billion. In the first half of this year, the company mined 1.683 bitcoin.
The Georgia-based company, which also sells blockchain software and hardware, revealed that it expects total revenue of US$ 493 million and an adjusted profit of US$ 203 million this year, followed by revenue of US$ 1.1 billion and earnings of nearly US$ 600 million in 2022. According to the company’s plans, existing shareholders will retain their stakes, which total about 89%, in the merged company.
6. Argo Blockchain
Also a bitcoin miner, the company ( already listed on the London Stock Exchange) announced its plans to go public in the US, saying it has filed a confidential prospectus with the Securities and Exchange Commission with a proposed listing, according to Forbes.