Kraken IPO, M&A deals to reignite crypto’s ‘mid-stage’ cycle: fund manager
Kraken’s pending IPO and the wave of crypto companies seeking public listings may help the industry attract more TradFi capital.
A potential initial public offering (IPO) next year by cryptocurrency exchange Kraken may attract fresh capital from traditional finance (TradFi) investors.
Bitcoin recorded an all-time high price above $126,000 on Oct. 6, but hasn’t recovered from a $19 billion liquidation event that hit the industry a few days later. At the time of writing, the world’s largest cryptocurrency was trading at $87,015 per coin, down 6% in two weeks, according to CoinGecko.
Still, Dan Tapiero, founder and CEO of 50T Funds, claimed that the Bitcoin (BTC) bull market is “still mid-stage.” He added that Kraken’s IPO and an increasing number of (M&As) may provide the necessary tailwinds to bring new capital from TradFi.
