On December 18, when Bitcoin broke a record high in three years, Coinbase Global officially announced that it had submitted a listing application (Form S-1) to the US Securities and Exchange Commission (SEC) to formally test the capital market.
According to the specific process, the draft registration statement of Form S-1 will take effect after the SEC completes its review process. Once approved, Coinbase will open an initial public offering (IPO) and officially land in the capital market.
01
Jianan Zhizhi ran away from Bitmain Huobi
, and the OK curve was listed
I still remember that on the evening of November 21, 2019, the Qiantang River light show in the entire circle of friends was screened. As the first domestic blockchain company to land on NASDAQ, the listing of Canaan Zhizhi (Canaan Technology CAN) can be described as Carrying considerable expectations in the industry.
Although it suffered a "break" on the first day of listing, and has continued to "fall and fall", but recently, thanks to the support of the sales of mining machines under the rebound of the market, the sluggish situation has been swept away, and the performance in the US stocks has also been quite impressive.
The contrast with this is rather regrettable, and it is undoubtedly Bitmain. As the leader of the mining machine industry that almost crushed Canaan Zhizhi and other friends in its heyday, it was also the first blockchain company in the industry hoping to break the circle, with an estimated value of tens of billions of dollars, but its listing The road can be described as ill-fated.
After the failure of the Hong Kong stocks IPO in 2018, as the general environment has slightly warmed in 2019, there have also been reports of seeking to go public in the United States. However, the fleeting window of opportunity for the layout of the traditional capital market was ultimately affected by huge losses and the company. Infighting dragged down.
Compared with 2018, Bitmain made a profit of up to 3 billion yuan, and lost nearly 400 million yuan in 2019. Moreover, Wu Zhan's internal struggle also caused the company to lose focus. The road to listing was thus stranded, which finally made Jianan Zhizhi Rush to run Nasdaq.
However, recently it is rumored that Zhan Ketuan and Wu Jihan formally reached an agreement , which also involves the terms of Bitmain's re-listing:
It promises to complete the qualified listing of US stocks before December 31, 2022, with a minimum valuation of 5.5 billion U.S. dollars, and listing financing not less than 500 million U.S. dollars. If it cannot be completed, it may need to repurchase from investors and pay interest.
Outside of the mining machine industry, unlike the IPO attempts of Bitmain, Zhan Ketuan and Wu Jihan, the two leading trading platforms have successfully achieved a "curve listing" in the Hong Kong stock market in a "backdoor" manner:
On September 10, 2019, Tongcheng Holdings, a Hong Kong-listed company, issued an announcement stating that the board of directors proposed to change the company’s English name to "Huobi Technology Holdings Limited" and the Chinese name "Tongcheng Holdings Limited" to "Huobi Technology Holdings Limited". the company";
On November 28, 2019, the Hong Kong-listed company Qianjin Holdings (stock code: 01499) issued an announcement stating that the board of directors proposed to change the company’s English name to "OKGTechnology Holdings Limited" and change the company’s Chinese name from "Qianjin Holdings Group Co., Ltd. "Is changed to "Ouke Yunchain Holdings Co., Ltd.";
So far, Huobi and OK have successively completed the "backdoor" of Hong Kong stocks and completed the listing operations in Hong Kong stocks, even though there is no direct connection between the trading platform and the listed company in the official argument.
However, different from the identity blessing of hardware companies and chip companies of mining machine manufacturers such as Bitmain, the trading platform is still a gray area after all.
Therefore, with the tightening of supervision, the sensitivity of "Token" operations and business activities has increased. For most of the business and traffic relying on domestic Huobi and OK, the backdoor Hong Kong stocks can peel off sensitive , Launching various businesses in the country under the name of "chain".
On the other hand, once the supervision is restricted in the future, they can also retreat to Hong Kong and not be at a loss.
It can also be seen from the underlying data that whether it is the original "Tongcheng Holdings" backdoor of Huobi or the "Advance Holdings" backdoor of OK, from the perspective of fundamentals, performance in recent years, and financial indicators, they were all "junk stocks" before. "-The original main business is declining, sustained huge losses, extremely high P/E ratio, etc.
These are undoubtedly heavy "negative assets" for Huobi and OK, and the reason why they are willing to "spend money to lose money" highlights their anxiety and helplessness against the uncertainty of [hedging supervision].
02
Coinbase may start
the listing boom in the crypto industry
However, foreign countries seem to be a different scene. "If you don’t go public, you will be the Nasdaq in the currency circle." The rhetoric of a trading platform boss is still in your ears, but Coinbase, a pivotal trading platform in the industry, has already started to log in. Stark's journey.
Even though Diginex has broken the industry gap and became the first cryptocurrency trading platform to be listed on the Nasdaq, Coinbase’s unique status and influence determine the success of its IPO application, and it will even become as good as Bitcoin. The industry event passed by the currency ETF.
The barbaric growth in the early stage is not exactly the same as the re-expansion after a certain volume in the later stage. With the increase in volume, it will become more and more critical to gain the recognition and blessing of the traditional capital market in order to continue to expand in the industry and achieve a top position. The determinant of.
It is rumored that Coinbase has also selected Goldman Sachs to lead its upcoming IPO, and the market's potential valuation is 28 billion US dollars.
On December 22, FTX's latest Coinbase Pre-IPO product CBSE, is now quoted at around $230. The product tracks the market value of Coinbase divided by 250 million shares. Based on this calculation, the market value of Coinbase has reached $57.5 billion.
Compared with "small giants" such as Jianan Zhizhi, which are only hundreds of millions of dollars in magnitude, Coinbase, a behemoth with a valuation of tens of billions of dollars, will undoubtedly attract the attention of the traditional capital market greatly and bring the entire industry to the market. Come greater exposure and positive demonstration effect.
At present, in addition to Coinbase, there are already other industry giants also planning to go public:
Prince Prince, the CEO of BlockFi, a cryptographic borrowing company, said in the media that an IPO will be conducted in the second half of next year.
The world's largest blockchain VC-Digital Currency Group (DCG), which is the parent company of Grayscale, has also been accused of planning and listing valuations of more than billions of dollars.
"The sunny day is just in time for the roof to be repaired in advance, so be prepared for a rainy day."
At present, the entire encryption industry has formed a sufficiently rich and diversified independent ecology around mining machines, mining, trading platforms, asset custody, etc. Because of this, competition has become increasingly specialized and fierce.
Therefore, for the leading companies in the industry that have gradually grown up, landing in the traditional capital market is undoubtedly a new choice to gain the blessing of "OldMoney" and start new development assistance. No one will stand by.
Especially encouraged by Coinbase's first demonstration, a wave of listings in the crypto industry may follow.
03
2020 "
Year of Institutions" An alternative year for the crypto industry
2020 is coming to an end. Looking back at the entire industry this year, just as Bitcoin went from $3,800 in "3.12" to $24,000 today, it has almost gone through a process of first decline and then rise.
Especially in the few months before the end of the year, in addition to the actions of "old whales" such as Grayscale, the encryption industry has accelerated to break through other traditional barriers, and the actions of various new players are dazzling:
S&P and Dow Jones announced that they will launch cryptocurrency index services in 2021;
Massachusetts Life Insurance Company added cryptocurrency to its investment portfolio;
DBS Bank became the world's first traditional large bank to support digital currency trading platforms;
CME Group (CME) announced its intention to launch Ethereum futures from February 8, 2021. The new contract will be settled in cash and is currently awaiting regulatory review;
Canadian wealth management company CI Financial completed a US$72 million Bitcoin fund IPO, which attracted the interest of many supporters including institutions, individual investors, high-net-worth investors and financial advisers, and will start on the Toronto Stock Exchange Trading in U.S. and Canadian dollars;
All of these are gradually strengthening the brand of this year's "Institution Year".
Perhaps at the beginning of the year, we were only pinning our hopes on "whether the halving will bring the industry, a new round of market conditions and development opportunities". In any case, we never imagined that this year's hot spots in the circle will eventually be concentrated in the "outside the circle". Institutions, so that they are almost "overwhelmingly dominant."
Looking back at the history and original intentions of Bitcoin and the encryption industry, the contrast this year seems to be particularly obvious, especially with the recent two-month charge to historical highs, traditional financial institutions such as "Grayscale" were even portrayed as The role of "savior".
Bitcoin is a small boat born in the financial tsunami. To the traditional financial world, it should have been a brand-new revolution with original sin, but now it is more like an "alternative asset" worthy of allocation in the eyes of traditional institutions. The fate of "assimilation".
Of course, from a positive perspective, the entry layout of traditional institutions will undoubtedly further legalize and regularize the encryption industry, especially with the significant recovery of the market in the past six months.
Recently, the frequency of investment and financing in the industry has increased significantly, which will further regulate and help the further growth of crypto start-ups, making crypto giants more and more like real "giants".
Compared with the Internet industry, blockchain is still an extremely early industry. Whether or not software and hardware giants like Google and Apple can be born in the future is worth looking forward to, and our opportunity lies.
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"Disclaimer: This article is the author's independent point of view, and does not represent the vernacular blockchain position. This content is only for the popular science learning and exchanges of encryption enthusiasts, and does not constitute investment opinions or suggestions. Please treat it rationally, establish a correct concept, and increase risk awareness. The copyright of the article and the final interpretation right belong to the vernacular blockchain. 』
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