Crypto Businesses Testing the IPO Waters

January 18, 2021

The market is closed today in honor of Martin Luther King Jr. Day. But that doesn’t mean the hunt for emerging profits pauses.

In fact, one of the biggest trends you’ll see all year is already kicking off to a huge start.

At the very beginning of 2021, I noted the wild rally Bitcoin had been on.

As you can see, after finally peaking, it has since plateaued. But that initial rally seems to have been enough for a number of interested parties to join in on the other major trend carrying over from last year.

2020 hosted the most IPOs since 2014. Now, 2021 is set to host the marriage of these two trends.

Winklevoss Brothers Testing the Water

The first of these crypto-related IPOs comes from the Winklevoss brothers.

You might recall the name from their Facebook fame, when they sued Mark Zuckerberg for stealing their idea for the world’s largest social network.

They’ve moved on in the years since then. In fact, the two already-loaded twins got in early on the crypto craze.

And they’ve made an absolute fortune off of it.

Way back in 2014, before most had ever taken the time to even understand what Bitcoin was, the twins founded Gemini Trust, a cryptocurrency exchange.

Today, it is one of the larger ones and among the first to offer freshly-forked digital currencies like Bitcoin Cash.

Well, now it’s time to cash out, according to Bloomberg.

The Winklevoss brothers announced that they are indeed ready to launch their digital currency exchange on the stock exchange.

It’s not yet certain how the duo plans to go public. They hinted they are open to either a traditional IPO or follow in Bakkt’s (another crypto platform) footsteps and merge with a SPAC.

Bakkt announced its merger with VPC Impact Acquisition Holdings (NASDAQ: VIH) last week as well and expects a valuation of about $2.1 billion.

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But exchanges aren’t the only ones hopping on the hype train this year. Another player just announced its IPO plans for 2021.

And it’s even bigger.

Miners Getting in on the Action

Bitmain, the largest maker of crypto mining chips, announced its second attempt at going public. Back in 2018 and into 2019, the company attempted to get listed on the Hong Kong Stock Exchange, but failed to make the leap.

As crypto prices slumped back then, its valuation dropped rapidly from as high as $50 billion.

Today, it is expecting to be valued at around $15 billion, still making it one of the largest crypto-related listings if it goes through this time.

That follows in the footsteps of Riot Blockchain Inc. (NASDAQ: RIOT), which uses rather than makes mining chips.

Riot took an indirect path to become publicly traded through an older, unrelated company called Bioptix. But it has since gained prominence in the market.

In fact, RIOT has become the easiest and most-sought-after way to play the crypto game through the stock market over the last year.

As a pure crypto mining company, it allows shareholders to get in on the creation of new digital tokens. And as you can imagine as digital currency prices have shot up of late, it has been in high demand.

As you can see, Riot’s rise has the past month and a half is almost unbelievable, jumping from around $3 to more than $25.

2021 is already showing that it pays to get out in front of this hot sector.

And with new IPOs, including Bitmain and Winklevoss’s Gemini, it might not even matter if Bitcoin and company can keep these early-year gains.

As we get more definitive numbers behind how these companies are actually performing, I’ll be able to get into the specific approaches to take.

To your prosperity and health,

Joshua M. Belanger

Joshua M. Belanger
Joshua Belanger is founder of CounterVest and the editor of Hot Money Trader. He has been providing ordinary investors blockbuster returns since 2008. In 2018, the average return of Hot Money Trader beat the markets by over 15%

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