May 28, 2021
Cryptocurrency exchange Coinbase almost reached a $100bn market cap on its first day of trading on the Nasdaq in April. Since then, the stock has plummeted in line with the broader fall of cryptocurrencies, losing more than 40% of its value compared to its public debut. However, Coinbase has recovered slightly on the stock market after JP Morgan Chase initiated coverage and said that the stock can rebound more than 60%, driven by continued growth of the cryptocurrency market.
Despite the recent downturn, the support of heavyweights like JP Morgan Chase have prompted speculation about which cryptocurrency-related companies that might go public next. Back in April, Santosh Rao, Head of Research at Manhattan Venture Partners, a merchant bank that was one of Coinbase’s early investors, said that Coinbase’s debut would be a precursor for other players in the crypto space to go public.Read Article
May 7, 2021
The biggest crypto-related company to go public so far was Coinbase, and it has provided a “template that other companies will follow”, as explained by Santosh Rao, head of research at Manhattan Venture Partners. Although many are of the opinion that the price of crypto companies’ shares will be strongly tied to the price of cryptocurrencies or to the crypto market cycles, crypto industry IPOs are clearly becoming a reality.Read Article
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