# IPO Related Articles

HTX News Center provides the latest articles and in-depth analysis on "IPO", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

Kalshi's Pre-Market Stock Price Surges, Is It Still Time to Buy?

Kalshi, a leading US-regulated prediction market platform, has seen its pre-IPO stock price surge by 21.7% in the past 30 days, significantly outperforming major cryptocurrencies like BTC and ETH. The prediction market sector is experiencing explosive growth, with total trading volume exceeding $50 billion in 2025. Kalshi reported a record $23.8 billion in annual trading volume for 2025, a 12x year-over-year increase, and is projected to reach a monthly trading volume of $9.1 billion in January 2026. Backed by major investors like Paradigm and Sequoia, Kalshi's valuation has soared to $11 billion. Pre-IPO share prices for Kalshi vary across platforms, ranging from $307 on Nasdaq Private Market to $450 on crypto-native platforms, reflecting high market interest. The article analyzes whether investing in Kalshi's pre-IPO market is still worthwhile given its rapid growth and dominant market position.

Odaily星球日报01/29 08:47

Kalshi's Pre-Market Stock Price Surges, Is It Still Time to Buy?

Odaily星球日报01/29 08:47

2026: The Upcoming IPOs of Crypto Companies

By 2026, multiple major crypto companies are preparing for IPOs, signaling a trend of crypto infrastructure firms entering public markets. Kraken, targeting a $20 billion valuation in H1 2026, has strong financials and backing from traditional market makers. Consensys, valued at $7 billion in 2022, plans a mid-2026 IPO, leveraging MetaMask's 30 million monthly users but faces challenges balancing token and shareholder interests. Ledger, aiming for a $4 billion valuation, is shifting from hardware sales to a software-focused model. Bithumb seeks a Korean listing to rebuild trust amid past governance issues. CertiK, valued at $2 billion, announced its IPO plans but must address reputational concerns from past security controversies. These moves reflect improved regulatory clarity and market maturity, though investors must differentiate between companies with solid fundamentals and those with unresolved risks.

marsbit01/29 04:37

2026: The Upcoming IPOs of Crypto Companies

marsbit01/29 04:37

$5.15 Billion: A Win-Win 'Bargain Sale'

Capital One acquires Brex for $5.15 billion in a deal that merges Silicon Valley innovation with traditional banking strength. Brex, a fast-growing fintech startup valued at $12.3 billion in 2021, saw its valuation drop amid high interest rates and challenging market conditions. Despite 40% growth and $500M ARR, Brex faced rising capital constraints and investor pressure for liquidity. Capital One’s vast balance sheet—$470B in assets and low-cost deposits—offered stability Brex couldn’t achieve alone. The acquisition highlights a broader trend: fintechs often innovate but struggle with scalability and funding durability, while established banks leverage capital and patience to acquire validated technologies and customers. Brex’s founders, in their late 20s, prioritized certainty and shareholder returns over a risky IPO. The deal underscores the power imbalance between agile fintechs and deep-pocketed traditional banks, signaling a shift where fintech disruption increasingly ends in acquisition rather than independence.

marsbit01/28 07:31

marsbit01/28 07:31

From $5 Billion Market Cap to the Brink of Delisting: Canan, the 'Blockchain Stock', Can No Longer Sell Its 'Shovels'?

JiaNan Technology, once hailed as the "first blockchain stock," faces potential delisting from Nasdaq after receiving a notice on January 14, 2026, due to its stock trading below $1 for 30 consecutive days. The company has 180 days to regain compliance, possibly through a reverse stock split. This marks the second such warning in a year. As a major Bitcoin mining machine manufacturer, JiaNan’s market position has weakened amid intense competition, with its share dropping to 10-15% as MicroBT gained traction. From 2021 to 2024, its net profit plummeted from over $300 million to a loss of nearly $250 million, driven by inventory devaluation, high R&D costs, and shrinking demand. Despite an early move into AI chips—launching its first model in 2018—JiaNan struggled to compete with giants like NVIDIA, generating only $900,000 in AI revenue in 2024. The company shut down its non-core AI division in mid-2025 after failing to find a buyer. While JiaNan secured a large mining equipment order and $72 million in funding in late 2025, the broader market shift from cryptocurrency to AI investment continues to challenge its business model. The company’s story reflects wider struggles in the crypto hardware sector, where stagnant growth and fierce competition have led to declining valuations.

marsbit01/28 03:41

From $5 Billion Market Cap to the Brink of Delisting: Canan, the 'Blockchain Stock', Can No Longer Sell Its 'Shovels'?

marsbit01/28 03:41

2026, Those Potential Super IPOs in the Global Capital Market

"2026 is poised to be a landmark year for global capital markets, with a wave of high-profile IPOs expected across major tech sectors. In the U.S., several mega-unicorns are preparing to go public, driven by the need for massive capital and maturation in private markets. Key listings include SpaceX (targeting a $1.5T valuation for its satellite internet and rocket businesses), OpenAI (aiming for up to $1T) and Anthropic (seeking $300B) in the AI race, Databricks ($134B-$160B) for data and AI infrastructure, and Stripe ($915B-$1.2T) in payments. TikTok may also IPO separately if spun off from ByteDance ($480B-$500B). These companies reflect the intense demand for capital, especially in AI and space tech. In China, Hong Kong and A-shares are seeing activity from AI firms like Zhipu and MiniMax (which listed successfully in January), as well as companies in commercial space (e.g., Landspace, CAS Space) and robotics (e.g., Unitree). The Hong Kong Exchange’s Chapter 18C provides a pathway for pre-revenue tech firms, while China’s STAR Market focuses on hard tech like semiconductors and advanced manufacturing. Overall, 2026 is set to be a record-breaking year for public listings, though much of the early-stage growth has already been captured in private markets."

marsbit01/28 02:56

2026, Those Potential Super IPOs in the Global Capital Market

marsbit01/28 02:56

Crypto Entrepreneurs, VCs Have Become Immune to 'Storytelling'

Cryptocurrency funding surged to $50.6 billion in 2025, a 200% increase from 2024, but the growth was largely driven by mergers and acquisitions (M&A), which accounted for over 40% of total funding—up from just 9% the previous year. While venture capital (VC) investments still grew by 70%, their share of overall funding dropped significantly. VCs shifted focus toward later-stage rounds (Series B and C), which more than doubled, while early-stage funding (Pre-Seed, Seed, and Series A) declined. This indicates a market preference for lower-risk, proven ventures with existing traction, such as robust user bases and distribution networks, rather than speculative early ideas. Major acquisitions, like Coinbase’s purchase of Deribit and Naver’s acquisition of Dunamu, highlight this trend toward consolidation and leveraging established "flywheels." The data suggests that in 2026, capital concentration will continue, with investors prioritizing clear metrics, regulatory resilience, and sustainable business models over narrative-driven pitches. Early-stage founders must adapt by focusing on tangible growth indicators and distribution strategies to attract funding in a more cautious investment landscape.

比推01/27 18:48

Crypto Entrepreneurs, VCs Have Become Immune to 'Storytelling'

比推01/27 18:48

From 'World's First Stock' to Delisting Warning: How Canaan Technology Fell into a Value Dilemma

Canaan Inc., once hailed as the "world's first blockchain IPO," has received a delisting warning from Nasdaq due to its stock trading below $1 for 30 consecutive business days. The company has until July 13, 2026, to regain compliance, potentially through a reverse stock split. This marks the second such warning in less than a year. While a previous warning in May 2025 was resolved thanks to rising Bitcoin prices, recent crypto market weakness has driven Canaan’s stock down nearly 30%. As a major Bitcoin mining machine manufacturer, Canaan has faced intense competition, falling to third place in market share behind Bitmain and MicroBT. Its financials have deteriorated significantly, turning from a $300M+ net profit in 2021 to a $250M loss in 2024. Factors include inventory write-downs, high R&D costs, and shrinking demand. The company also attempted to pivot to AI chips, launching several products over six years. However, with only $900,000 in AI-related revenue in 2024 and high operating costs, it discontinued non-core AI operations in mid-2025 to refocus on crypto mining hardware and the North American market. Despite recent challenges, Canaan secured a major 4.5 MV order and raised $72 million in financing in late 2025, indicating some investor confidence remains. Nevertheless, the company must find a new growth narrative to escape its current valuation困境.

比推01/27 15:35

From 'World's First Stock' to Delisting Warning: How Canaan Technology Fell into a Value Dilemma

比推01/27 15:35

Crypto Company Ledger Plans US IPO With Valuation Expected To Top $4 Billion

Ledger, a French crypto hardware wallet manufacturer, is advancing plans for a potential US IPO in New York, with an expected valuation exceeding $4 billion. It has enlisted Goldman Sachs and Barclays as advisors. This move follows BitGo's recent successful public debut, which saw shares surge 24.6% and raised $212.8 million, signaling strong investor appetite for crypto-related offerings. The IPO wave in 2025 included companies like Circle, Bullish, and Gemini, with Kraken and Grayscale also preparing listings. Experts note BitGo's profitability and regulatory positioning helped insulate it from crypto volatility, suggesting growing market professionalization. However, some IPOs faced delays due to government shutdowns and stock market volatility.

bitcoinist01/24 08:02

Crypto Company Ledger Plans US IPO With Valuation Expected To Top $4 Billion

bitcoinist01/24 08:02

CertiK Sets Sights on Public Listing as Binance Backs Web3 Security Leader

CertiK, the leading Web3 security provider, aims to become the first publicly listed Web3 infrastructure company, backed by a major investment from Binance. The firm is expanding institutional services with its enterprise-grade platform Skynet Enterprise, which offers real-time monitoring and risk visibility for regulators and large institutions. Utilizing AI-driven formal verification technology, CertiK enhances security and scalability for smart contracts. With over $600 billion in assets protected, 5,000+ enterprise clients, and 180,000+ vulnerabilities detected, the $2 billion company is supported by top investors and continues to grow its global presence through strategic expansions and key partnerships.

TheNewsCrypto01/24 05:57

CertiK Sets Sights on Public Listing as Binance Backs Web3 Security Leader

TheNewsCrypto01/24 05:57

VCs 'Eat the Meat', Retail Investors 'Wash the Dishes': Is the Crypto Plot About to Unfold in the U.S. Stock Market?

VC "Eat the Meat," Retail Investors "Wash the Dishes": Is the Crypto Plot Repeating in US Stocks? The article argues that the US public equity market is increasingly failing to provide retail investors with access to high-growth, transformative companies. Historically, public markets allowed average citizens to participate in wealth creation by investing in early-stage companies like Apple and AOL, which generated life-changing returns. However, a significant trend of companies staying private for extended periods has emerged. This delays their IPOs until most of their explosive growth has already been captured by venture capital (VC) firms and private investors. As a result, by the time companies like Uber or OpenAI go public, their valuations are already extremely high (e.g., Uber at $89B, OpenAI targeting $830B), leaving minimal growth potential for public market participants. This system excludes the median American household, which is legally barred from private market investments, from profiting from the very companies they help build through consumption and labor. The author warns this dynamic creates a "K-shaped economy," exacerbating wealth inequality and risks reverting capitalism to a "neo-feudalism" where a small elite controls the new means of production (equity in transformative companies). The number of US public companies has halved since 1996, while the economy has grown, indicating a systemic shift. The public markets risk becoming merely a liquidity tool for VCs to exit mature investments, undermining the social contract that allowed broader societal participation in wealth creation.

marsbit01/24 05:43