Can a New Wave of Crypto IPOs Rekindle Wall Street Excitement?

The Breakdown

Blockworks

Investing, Business

4.8 • 786 Ratings

🗓️ 10 July 2021

⏱️ 14 minutes

🔗️ Recording | iTunes | RSS

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Summary

On this edition of “The Breakdown’s Weekly Recap,” NLW looks at how Wall Street momentum in crypto rose last year only to fade this year. With Circle coming to markets via a SPAC merger and Robinhood going public, is there a chance those events will bring some renewed excitement? -- Enjoying this content? SUBSCRIBE to the Podcast Apple: https://podcasts.apple.com/podcast/id1438693620?at=1000lSDb Spotify: https://open.spotify.com/show/538vuul1PuorUDwgkC8JWF?si=ddSvD-HST2e_E7wgxcjtfQ Google: https://podcasts.google.com/feed/aHR0cHM6Ly9ubHdjcnlwdG8ubGlic3luLmNvbS9yc3M= Follow on Twitter: NLW: https://twitter.com/nlw Breakdown: https://twitter.com/BreakdownNLW The Breakdown is sponsored by NYDIG and produced and distributed by CoinDesk.com

Transcript

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0:00.0	Welcome back to The Breakdown with me, NLW.
0:09.1	It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.
0:16.3	The breakdown is sponsored by Nidig and produced and distributed by CoinDesk.
0:22.5	What's going on, guys? It is Saturday, July 10th, and that means it's time for the weekly recap.
0:28.4	However, yesterday before Biden's whole executive order around competition in America,
0:34.1	I had basically prepared a whole additional show about the Circle IPO and
0:38.3	can a new wave of crypto IPOs rekindle Wall Street excitement.
0:42.1	So instead of a weekly recap where I go through 10 different things that happened or
0:45.5	whatever, you're basically just getting another show.
0:47.7	Hope you enjoy.
0:49.1	Anyways, today we're discussing the Robin Hood IPO and the Circle IPO and and whether they can get Wall Street stoked on
0:55.3	crypto again. So first, let's talk some background. In retrospect, the Coinbase IPO as the top
1:01.8	sort of looks super obvious, right? Coinbase IPOed on April 14th, and the Bitcoin all-time high,
1:07.4	depending on your exact source, came within around 24 hours of that event.
1:11.9	There was an extraordinary amount of hype around this, which I guess, by the way, is technically
1:15.8	a direct listing, not an IPO. But either way, there was a ton of hype, and it's because,
1:20.7	in many ways, it wasn't just a single event. It was the culmination of an entire narrative,
1:26.1	which had been driving the industry for upwards
1:27.8	of a year at that point. Bitcoin had surprising resilience post-Black Thursday crash in March 2020.
1:33.9	Hedge fundees, particularly Paul Tudor Jones, start to notice and explicitly identify it as a good
1:38.1	trade in the context of massive global money printing. And this wasn't hard to understand, right?
1:43.2	It was an incredible
	...

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