Another Cryptocurrency Company Suddenly Files for IPO… But It Wasn't Ripple

▲ Ripple ©

As global cryptocurrency companies continue to pursue listings on the US stock market, another major cryptocurrency exchange has suddenly filed for an Initial Public Offering (IPO) while Ripple, considered a strong candidate for listing, remains silent, drawing significant market attention.

According to cryptocurrency media Bitcoinist on May 24 (local time), citing a Reuters report, global cryptocurrency exchange Blockchain.com has confidentially submitted an IPO application to the U.S. Securities and Exchange Commission (SEC) and has officially begun the listing process. If Blockchain.com successfully lists, it will become the fifth cryptocurrency exchange listed on the U.S. stock market, following Robinhood, Coinbase, Bakkt, and Gemini, and will compete for listing with Grayscale and Kraken, which are currently pursuing U.S. listings.

The regulatory review period for this confidential IPO application is expected to take at least 2-3 months, which is analyzed to provide Blockchain.com with sufficient time to adjust its listing schedule to coincide with the recovery of the cryptocurrency market. Previously, cryptocurrency companies such as ConsenSys and Ledger had put their IPO plans on hold due to market conditions, weighing the timing of market improvement, but Blockchain.com's strategy with this application is to secure sufficient funds during the listing process. Currently, the number of shares offered and the desired IPO price range have not been finalized, and specific information such as the ticker symbol and listing exchange will be disclosed when the official registration statement is submitted to the SEC in the future.

Meanwhile, this listing movement in the cryptocurrency industry coincides with the listing frenzy of global technology companies like Elon Musk's SpaceX and OpenAI, which are expected to undertake the largest IPOs ever with enterprise values of up to $1.75 trillion next month. However, despite intense market interest, Ripple has firmly stated that it has no plans for a stock market listing for the time being, presenting a contrasting picture.

Brad Garlinghouse, CEO of Ripple, who attended the XRP (Ripple) conference, drew a line, stating that there are absolutely no immediate listing plans for now, and emphasized that the company plans to focus entirely on institutional adoption for the time being, bringing more institutions into its services. However, Ripple stated that its current enterprise value is estimated to be around $50 billion, based on a share buyback conducted last May, and Polymarket, a decentralized prediction market platform, is operating a prediction market where individual investors can indirectly invest in value milestones, IPO timing, or over-the-counter market activities of unlisted companies like Ripple.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*