Special Purpose Acquisition Company Blockchain Coinvestors has filed for a $250 million IPO, according to an SEC filing.
Blockchain Coinvestors Acquisition has filed for a $250 million IPO, according to a United States Securities and Exchange (SEC) filing. The preliminary prospectus notes that each share will be available at an offering price of $10.
Blockchain Coinvestors Acquisition is a blank check company that is based in the Cayman Islands. The prospectus describes the company as “focused on identifying unique business concepts with high-performing organizations that have both aspirations to accelerate growth and create enduring value.”
The company’s interest in the blockchain space is firm, detailing the market opportunities and the investment potential in it. Of particular note is the belief that private crypto companies would benefit from going public, due to greater access to lower-cost capital funding. The founding and management team of the firm’s sponsor has already engaged in over 300 blockchain-related investments.
Blockchain Coinvestors released a list of blockchain and crypto unicorns for 2021, with estimated valuations of more than $1 billion. At the time, Alison Davis, co-founder and Managing Partner of Blockchain Coinvestors, said,
“The first half of 2021 has seen an acceleration of value creation in the blockchain space, including the maturation of blockchain companies some of which are now ready to be public companies either through traditional IPOs or SPAC demergers.”
Blockchain Coinvestors’ portfolio includes investments in Aave, Bakkt, BitGo, BlockFi, and Blockfolio, among several others. The team and management are composed of individuals with extensive experience in tech and business roles.
More crypto companies going public
The fact that one more company that is heavily related to blockchain and crypto is going public is unsurprising. Buoyed by the market’s performance this year and the general increase in adoption, an increasing number of companies are considering taking advantage.
Coinbase’s IPO is a clear example of this. The company’s IPO did well enough and generated massive media attention. While the share price may be down from the early days (which is common enough), it has done well to gain exposure from the public and regulators.
The success of Coinbase’s IPO has pushed other exchanges and companies to do the same. Kraken could launch an IPO in 2022, according to its co-founder Jesse Powell.