Two years ago crypto was coming off of bankruptcies... Now the public equity window is open for crypto infrastructure.
Bullish (BLSH)
Bullish (BLSH) IPO’d at $37. Ripped +218% intraday to a $118 peak before closing at $68 (+83% vs. IPO) on it’s first day of trading. Now trading around $75.
Circle (CRCL)
Circle (CRCL) reported its first quarter post-IPO: +53% YoY revenue to $658M. They are following up with a 10M-share offering, to take advantage of the strong public market performance.
Q2 revenue climbed 53% YoY to $658 million, smashing expectations, though net income was dragged down by $482M in IPO-related charges (however, these IPO related expenses are one-time, non-cash related).
Adjusted EBITDA came in at $126M, a 50% margin and a clear signal of core profitability.
USDC stablecoin circulation jumped 90% YoY to $61.3 billion, reaching $65.2 billion by August 10.
It also unveiled a 10 million-share offering (2M company shares, 8M from existing holders) at $130/share, prompting a ~6% drop in after-hours trading.
Then vs. Now
Strong public markets + a pro-crypto regulatory backdrop = a very different story than two years ago.
Two Years Ago
FTX, Genesis, BlockFi, etc. etc… we were just coming out of the aftermath of a slew of bankruptcies.
Institutional investors largely steered clear of the space.
No clear federal regulation existed around crypto, especially stablecoins. If anything, regulation was hostile in the US.
Now
Crypto IPOs look strong. Exchanges, and stablecoins both with solid public data points.
BTC ETFs have been running smoothly with huge success.
Pro-crypto legislation like the GENIUS Act has become law, introducing the first U.S. federal framework for stablecoins and clarity on digital asset oversight.
Public market strength is exciting, but likely begins to tie crypto even more in with the mainstream markets.
Crypto was already an asset driven by liquidity. Now with more crypto corps going public, and the growth in digital asset treasury companies, the linkage between crypto and the mainstream thickens.
About Our Work at DigOpp
At Digital Opportunities Group, we conduct risk assessments, in-depth operational due diligence (ODD), and CCSS audits to evaluate digital asset infrastructure. Our focus is on identifying operational gaps, custody risks, and regulatory blind spots, so investors can make informed decisions with confidence.
Some of our reports are available through Counterparty Catalogue, where users can explore over 100 service provider profiles, request due diligence assessments, and share or read feedback from industry peers, and more.
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To learn more, contact us at info@digopp.group.