Crypto IPO plans delayed as market downturn persists

Crypto companies are delaying their Nasdaq initial public offerings (IPOs) due to the market downturn. Christian Lopez, head of the blockchain and crypto division at Cohen & Company Capital Markets, stated that significant capital has exited the crypto market since last October's liquidations, with retail investors now focusing on AI and large tech stocks. Despite hopes for a boom following the listings of Circle (CRCL) and Bullish (BLSH), the poor performance of BitGo (BTGO) has dampened enthusiasm. Companies such as Kraken's parent Payward, Consensys, Ledger, and Grayscale have postponed their listing plans, while only Blockchain.com and FalconX are still proceeding. Lopez indicated that the primary obstacle to listing is now the amount of capital that can be raised, rather than regulatory issues. He also projected that Bitcoin is expected to bottom out this October before a recovery, noting that major institutions continue to adopt blockchain technology regardless of market conditions.

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