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We talked a whole lot about Circle last week, and I’ve already mentioned that the success of the IPO opened up doors for other firms (take a look at Gemini, for example, which announced it confidentially filed an S-1 with the SEC earlier this year).
But while there’s a ton of appetite on the public markets, the question has to be asked: Who’s actually ready to premiere on a public stage?
Dragonfly’s Rob Hadick poured some cold water on the hopes and dreams of a crypto IPO season on this week’s Empire episode. He and Haun Ventures’ Diogo Monica noted that most crypto companies are a tad smaller than public markets typically prefer.
To put that into perspective, we’d be talking about hundreds of millions raised in an IPO in comparison to the billion-dollar Circle debut. Hadick said that the IPO market is “definitely open.”
But that doesn’t mean that the firms are ready. Hadick expressed doubt that firms like Goldman Sachs or JP Morgan would be advising companies like Fireblocks to go public.
“Fireblocks is not there. And that’s true of Chainalysis, which is a great SaaS business. That’s true of most of the other people we talked about. Kraken is a different story. And you know, I expect we’ll see them [go] public. Maybe not this year, but maybe next year,” Hadick added.
However, because of the appetite, there could be a slew of crypto IPOs that rush to the public markets before they’ve hit the typical maturity points.
