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We talked a lot about the circle last week, but we’ve already mentioned that the success of the IPO opened doors for other companies (see, for example, Gemini.
But there are lots of appetite in the open market, but you have to ask the question: who actually is Ready How can you make it for the first time during the release stage?
Dragonfly’s Rob Hadick poured cold water into the hopes and dreams of the crypto IPO season in this week’s Empire episode. He and Diogo Monica of Haun Ventures pointed out that most crypto companies are a little smaller than the general market usually prefers.
To put that into perspective, we’re probably talking about hundreds of millions of people raised in IPOs compared to our multi-billion dollar circle debuts. Haddick said the IPO market is “undetectedly open.”
But that doesn’t mean that companies are Ready. Haddick has expressed doubt about companies like Goldman Sachs and JP Morgan advising companies like Fireblocks to make it public.
“Fireblocks isn’t there. That’s true of chain dialysis, a great SaaS business. That’s true of most other people we’ve talked about. Kraken is another story.
butthere may be a large number of crypto IPOs that run into the public market before reaching a typical mature point due to appetite.
