It’s time to put these three crypto IPOs on your radar after Circle and Bullish’s big debuts originally appeared on TheStreet.
Whether or not you think crypto is a pivotal technology or generational scam, there’s no arguing that there’s money to be made off of it. But despite the improbable returns and all-time highs in leading digital assets like Bitcoin and Ethereum, there might arguably be even better money for investors buying companies selling access to the boom.
See, there’s an old adage about selling pickaxes to gold miners. And arguably, nobody’s done it better than Robinhood (HOOD) and Coinbase (COIN) . The two industry leaders spent years in the dumps after their respective 2021 IPOs, but with the years-long recession of trading speculation in the rear view, the two companies have soared. They’re up 475% and 62% over the last year.
Their performances have created a lot of FOMO among crypto and fintech operators. And thanks to a slew of new pro-crypto policies from the Republican-run U.S. government, and record valuations in digital asset land, there’s a new boom of firms seeking out Wall Street. It’s already created some of the year’s most fantastical rallies.
Take USDC creator Circle Technology (CRCL) for example, it’s up over 400% since its IPO. It’s not a one-off thing, either: crypto exchange and media firm Bullish BLSH, which IPOed this past week, proved the demand for crypto IPOs is durable; it’s nearly doubled from its IPO price.
So who should be on your radar next? Here are three to watch out for:
If not for Grayscale, the largest digital asset manager, we might have been waiting years for Bitcoin and Ethereum ETFs to become reality. The company was a first-mover in bringing crypto to Wall Street through its Grayscale Bitcoin Trust and Grayscale Ethereum Trust.
The funds, plus dozens of other products offered by the asset manager, offered spot exposure to the digital assets long before major asset managers paid any mind to the crypto industry.
Next on its list, it plans to take itself to Wall Street, capitalizing on the robust drip of management fees from its various crypto products. It manages over $33 billion in assets. In mid-July, it was reported that the firm had confidentially filed for an IPO.
They might not have invented Facebook, but settlement money in hand, the Winklevoss twins have managed to build a billion-dollar business in the burgeoning crypto business.
After buying millions in Bitcoin and attempting to bring a ‘Winklevoss Bitcoin Fund’ to Wall Street over a decade ago, the twins settled for building their own crypto exchange.