Ran Neu-Ner from CNBC Africa thinks Coinbase is going to do an initial public offering . According to Neu-Ner, the news will be announced on his Crypto Trader show later today, 26 October.
Chinese miner and ASIC manufacturer Bitmain is still going ahead with its IPO in Hong Kong, but with equity markets staring a bear market in the face, this may not be a good time for IPOs, especially those perceived to be at the riskier end of the spectrum.
A Coinbase IPO at this moment has the benefit of getting to the public markets before the rot really sets in on stocks. Big tech lead the market higher and now it looks like it is going to lead it lower. Why would you put your shares on sale in such an environment.
Granted, Coinbase’s plans were likely laid well before the equity markets starting imploding, and perhaps it does make sense to proceed before the capital markets seize up.
Also, if bitcoin continues to hold steady while all around is in sell-off trauma, then the risk-return metrics for Coinbase start to look much better.
Nevertheless, we will be mightily surprised if the IPO is announced today, a Friday when stock markets are bleeding. Doesn’t make sense.
Here’ the tweet from Neuner:
CNBC Cryptotrader exposes details of the Coinbase IPO raise tomorrow on a Cryptotrader exclusive. pic.twitter.com/YG4UOP3ju8
— Ran NeuNer (@cryptomanran) October 25, 2018
Also, according to Bloomberg mining company Bitfury is considering an IPO also.
Elsewhere, Japan’s Financial Services Agency which has moved to make the crypto industry in the country self-regulatory, has hinted that it may clampdown on margin levels to curb speculative activity.
Coinbase recently announced that it is now a regulated custodian for XRP in New York State.
Institutional interest sees Ripple double sales of XRP
Ripple says that sales of its XRP token have doubled in the past year, it says in its third quarter Markets Report.
Ripple sold $163.33 million in the third quarter, which is double the amount in the previous quarter (Q2: $75 million).
Note that the third quarter sales were overwhelmingly to institutions.
Bitcoin is 0.3% higher at $6,497, with most top alts showing similar or higher gains. ETH is up nearly 1% at $204 and XRP up 0.89% at $0.459, according to coinmarketcap.
Gary has been writing about cryptocurrencies since 2013 and currently works as the cryptocurrency analyst at interactive investor, the UK’s second-largest online investment platform. Gary contributes for Coin Intelligence News in a personal capacity and none of his commentary should be considered investment advice. Gary is the winner of the ADVFN International Financial Awards 2018 Cryptocurrency Writer of the Year. Contact Gary on twitter at: @gary_mcfarlane