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In light of Coinbase’s “success,” one of the top American bitcoin exchanges has decided to postpone its “publicity.” The exchange’s CEO said this in an interview with Fortune.

Jesse Powell, who previously stated that his exchange is exploring an IPO before 2022, now has reservations about this. Instead of going public directly, the team is considering a more traditional IPO. On the other hand, Powell argued in the winter that they could follow Coinbase’s lead and list directly. But he wasn’t preoccupied with the preliminary assessment of the deal at the time.

Powell appeared to be as mortified by Coinbase’s figures, which peaked at $68.1 billion before plummeting to $47 billion today. This occurred due to a reduction in the price of COIN shares from $328 upon its NASDAQ listing to $223.73 at the time of writing. COIN has so “sunk” by 31.85% less than two months after its emergence on the stock exchange.

Now, CEO Kraken believes that choosing the “method” of direct listing to generate “publicity” was a grave mistake committed by his colleagues. Powell claimed that the value of shares remains more constant in an IPO than in a direct listing because investment banks are able to regulate the price. Particularly since, in the latter, the market sets the price, and owners can sell the company’s securities, lowering their value due to greater supply.

The exchange’s CEO stated that he still plans to offer the exchange’s shares on the stock market in 2022. He also did not change his mind about the possibility of merging with another company, dismissing it out of hand due to the size of the transaction. According to Powell, institutional investors will come to trust the industry even more by that time, and Kraken will be able to perform complete research, having studied all the hazards and having a not-so-successful example in the form of Coinbase in front of him.

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