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▲ U.S. Securities and Exchange Commission (SEC), Cryptocurrency, Regulation, IPO/AI Generated Image
Cryptocurrency exchange Blockchain.com has confidentially initiated the process for a U.S. initial public offering (IPO). As crypto companies continue their moves towards public listing, Ripple, which has garnered market attention, appears to be focusing on expanding institutional adoption for the time being, without immediate plans for an IPO.
Bitcoinist reported on May 23 (local time) that Blockchain.com confidentially filed for a U.S. IPO with the SEC. With this filing, Blockchain.com has officially begun its listing process, joining the ranks of other crypto companies, including Grayscale and Kraken, that are pursuing U.S. stock market listings.
If Blockchain.com successfully goes public, it could become the fifth publicly traded cryptocurrency exchange in the U.S., following Robinhood, Coinbase, Bullish, and Gemini. A confidential IPO filing is the initial step to open the regulatory review process, and it may take at least 2-3 months before the listing plan can proceed.
Blockchain.com has not yet determined the number of shares to be offered or the estimated IPO price range. This information is expected to be disclosed when the IPO registration statement is submitted to the SEC. The registration statement will also include key details such as the listing ticker and the exchange.
Cryptocurrency companies are monitoring market conditions and adjusting their listing timelines. Consensys and Ledger have postponed their IPO plans due to market conditions, intending to proceed with a listing once conditions improve. It is also speculated that Blockchain.com might be preparing to raise funds through its listing in line with the recovery of the cryptocurrency market.
In contrast, Ripple is distancing itself from the trend of other crypto companies pursuing IPOs. Ripple CEO Brad Garlinghouse stated at the XRP Conference that there are no immediate IPO plans. Garlinghouse explained that Ripple is focused on expanding institutional adoption and is concentrating on attracting more institutions to its services.
Separately, the cryptocurrency prediction market platform Polymarket has launched a prediction market that allows individual investors indirect exposure to unlisted companies like Ripple. This market is expected to track valuation milestones, IPO timing, and secondary market activity. Garlinghouse stated that based on the latest share repurchase in May, Ripple's valuation is approximately $50 billion.
Blockchain.com's confidential listing application demonstrates that cryptocurrency companies are once again exploring entry into public markets. Ripple, however, is not entering the IPO race, instead focusing on expanding its institutional business and managing its corporate valuation.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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