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The Evolution of Digital Asset Secondary Markets - 2025
Recently, a shift back toward pure equity has emerged post-Circle’s IPO....Theme #3 – Regulatory Acceptance & The Crypto IPO Trend The crypto IPO trend is gaining momentum...crypto IPO since Coinbase, has lit the spark for institutional appetite....Circle’s IPO was eventually priced at $31 (or about $6.8 B valuation).
14 Min
Financial Market Themes
Aug 2025
LooksRare Volume Soars, Crypto vs IPOs, & Managing Merge Expectations
Just look at the performance of many overly hyped IPOs recently, which have seen their stock prices crater...The Renaissance IPO ETF, which tracks a portfolio of the largest, most liquid, newly-listed US IPOs,...No matter how rigorous the pre-IPO process is, there’s always going to be the risk that a company fails...
8 Min
NFT Marketplace
Apr 2022
Summer Doldrums Not So Dull - Macro & Markets June 2025
Recent crypto IPOs and regulatory developments have further invigorated traditional institutions....” as we like to frame them) — and we’ve begun to see this even more recently with the crypto equity IPO...Under the IPO terms, lead underwriters priced the deal at $32/share, with Circle raising ~$1.1B at a...
14 Min
Macro & Markets
Jul 2025
Exchange Tokens Rally Ahead of Coinbase IPO
There’s little doubt the approaching Coinbase IPO has shed light on other centralized exchanges and positively...recent run up in BNB’s price is likely a combination of increased speculation heading into the Coinbase IPO...upcoming Thorchain launch, which has been implied by Erik Voorhees to be more important than Coinbase IPO...
4 Min
Spot Exchange
Apr 2021
The Roblox IPO Filing & Crypto Sandboxes
.” — Roblox S-1 Filing Late last week, Roblox’s IPO announcement marked the first S-1 filing to really...The Roblox IPO is a landmark event, and represents perhaps the first pure, public Metaverse play.
8 Min
Virtual Real Estate
Nov 2020
King $COIN Marches On
...this most recent cycle was the first in which everyone was ‘really’ paying attention with the Coinbase IPO...
7 Min
Macro & Markets
Feb 2024
A Deep Dive on Galaxy Digital's Flagship AI Mining Center Helios
...before founding Galaxy, making partner at Goldman Sachs in 1998 and helping lead Fortress through its IPO...CoreWeave’s finances came into public view ahead of its March 2025 IPO, with the investment media highly...As such, the size of CoreWeave’s IPO was downsized (from $2.7B to $1.5B) and completed at a lower valuation...
32 Min
Macro & Markets
Jun 2025
Delphi Digital's Chartbook - September 2025
...regulatory & institutional adoption trends continue to accelerate… April 2025 Circle publicly files its IPO...Bitcoin ETF with the SEC June 5, 2025 Circle begins trading on the NYSE under ticker CRCL following its IPO...July 2025 Reports indicate Kraken is preparing for a potential IPO in early 2026, with plans to raise...
Macro & Markets
Sep 2025
A New Dawn for Web3 MMOs: Incentivized UA and ServerFi
In 2004, the company listed on the NASDAQ, raising $153M via the IPO....This was the largest IPO of a Chinese internet company in the US at the time....Shanda Games accounted for almost 80% of the group’s earnings and was spun off into its own entity, IPO...’ing in the US later that year and raising $1.04B (the largest US IPO of a Chinese firm that year).
31 Min
Gaming
Sep 2024
The Year Ahead for Markets 2026
More Crypto IPOs, Tokens as Equity, Tokens as Distribution Now, with more and more corporate chains and...the political environment has clearly shifted (bye Gensler). 2026 will see many more Crypto company IPOs...Kraken’s IPO has been announced, Securitize has announced theirs, and many more to come.
71 Min
Macro & Markets
Dec 2025
Apps and Chains, Not Issuers: The Next Wave of Stablecoin Economics Belongs to DeFi
Circle is down ~60% from its IPO high amid rich valuations and rate cut headwinds.
19 Min
DeFi
Oct 2025
The upcoming litmus test
This weeks big event – the SpaceX IPO set for Friday, June 12th – will serve as a key litmus test for...The aforementioned SpaceX IPO, Anthropic & OpenAI filing, and proposed equity raises from Google...Could the massive increase in announced IPO’s signal a market top?
3 Min
Macro & Markets
Jun 2026
Charting Price Clues, Liquidity, & Market Musings
Just look at the performance of many overly hyped IPOs recently, which have seen their stock prices crater...The Renaissance IPO ETF, which tracks a portfolio of the largest, most liquid, newly-listed US IPOs,...No matter how rigorous the pre-IPO process is, there’s always going to be risk that a company fails or...
14 Min
Macro & Markets
Apr 2022
Market Musings - Strong Summer Start Turns Sour
...immediate success of a product launch is largely dependent on the market in which it launches (think IPOs...
12 Min
Macro & Markets
Jun 2024
Bigger Than Binance: The $1.3B Bet on Crypto's Most Hated Business
Most crypto natives debated whether Circle was even worth $5B before its IPO....Pump could follow a similar path, not through an IPO, but as the crypto-native way for funds to get meme...
30 Min
DeFi
Jul 2025
Sui Network: Demystifying the Monolithic Contender
...building is the process of gathering bids from potential investors during Initial Public Offerings (IPOs...ATHEX’s current EBB solution has facilitated over €10 billion in issuances, encompassing IPOs, secondary...
43 Min
Layer 1 / L1
Dec 2024
What Actually Happens After a Trump Stock Callout
...the whole point of the chart The direct candidates are mostly pre public which matters because the IPO...the administration are active, first reported by Notus, and the company confidentially filed for its IPO...If they land on the pre IPO names instead....The entry is the IPO window itself and the thing I’m watching is whether stake terms show up in an S-...
13 Min
Global Macro Themes
Jun 2026
The Hivemind - Is The AI Bubble About to Pop?
But SpaceX IPO, ton of stuff going on. Jason, maybe I’ll, uh, I’ll kick it to you to start....The SpaceX IPO is obviously something to watch....Um, I’m kinda curious to see how the Anthropic and OpenAI IP- IPOs go in the next couple months....SpaceX IPO, obviously massive....So, like, I view, yeah, pre-IPO stuff as just, like, a [00:56:00] marketing thing.
75 Min
Macro & Markets
Jun 2026
Arcium: Enabling The Next Phase Of Private On-Chain Activity
Google used a Dutch auction for its IPO to surface demand without backroom allocation.
25 Min
Infrastructure
Jul 2026
April Showers… May Flowers? - Macro & Markets May 2025
This structure bypasses the traditional SPAC or IPO path and creates an immediate listed ticker with...
25 Min
Macro & Markets
Jun 2025