Cryptocurrency exchange Blockchain.com has confidentially filed for an initial public offering in the US, becoming the latest crypto company to seek a public listing. Meanwhile, Ripple remains on the sidelines and does not announce any plans to go public in the near future.
Crypto Exchange Files for IPO while Ripple stays on the sidelines
According to A Reuters report, Blockchain.com has confidentially filed for a U.S. initial public offering with the SEC, officially starting the process for the crypto company to go public. The company joins likes gray scale and fellow cryptocurrency exchange Kraken, which is also seeking to go public in the US
Especially, Blockchain.com could become the fifth cryptocurrency exchange to go public in the US, joining Robinhood, Coinbase, Bullish and Gemini. The transition to confidential submission of a public offering opens a regulatory review process it may take at least two to three months before the company begins to implement plans to list on the stock exchange.
This could give the company enough time to plan for a listing when the cryptocurrency market recovers. Crypto companies Consensys and Ledger upheld the decision have withdrawn their IPO plans due to market conditions and plan to go public when conditions improve. As such, Blockchain.com could take a similar step to ensure sufficient financing during the listing.
Blockchain.com said it has not yet determined the number of shares it will offer or the price range of the proposed offering. However, this information will be available after a crypto company files a registration statement regarding its IPO with the SEC. It will also include other key information such as the ticker and the exchange it plans to list on.
It’s also worth noting that these crypto companies join the likes of Elon Musk’s SpaceX and OpenAI, which looks at public listings. SpaceX could go public as soon as next month with a valuation as high as $1.75 trillion, making it the largest public offering in history.
Ripple still has no plans to go public
So far, Ripple has signaled that it has no plans to go public with its cryptocurrency, even as other crypto companies eye public listings. Speaking at the XRP conference, – said Ripple CEO Brad Garlinghouse there are no immediate plans for listing, with a focus on institutional adoption as they look to recruit more institutions to their services.
However, in the meantime, Polymarket cryptocurrency forecasting market platform launched prediction markets that provide a way for retail investors to gain exposure to private companies like Ripple. These prediction markets are expected to track valuation milestones, IPO timing and secondary market activity. Garlinghouse revealed that Ripple’s valuation is currently around $50 billion, based on its most recent share buyback in May.
Featured image from Getty Images, chart from Tradingview.com
Editorial process for bitcoinist is focused on providing thoroughly researched, exact and unbiased content. We adhere to strict sourcing standards, and each page is carefully reviewed by our team of top technology experts and experienced editors. This process ensures the integrity, relevance and value of our content to our readers.
