Crypto lender Celsius Network hints in a statement on Monday that the company or one of its units may be considering an IPO.
Celsius Mining filed a draft registration statement on a Form S-1 with the Securities and Exchange Commission, according to its news release. The statement is currently confidential.
Form S-1 (IPO) usually indicates a potential initial public offering. Celsius’ declaration suggests that the firm or its mining unit may be planning an IPO.
The business said to release more information by the end of Monday. However, Traders were pleased with the move.
CEL, Celsius’s token, has risen about 20% since the announcement and is presently trading at $0.8335.
Is Celsius the most recent crypto IPO?
If the firm’s statement is an IPO, then Celsius will join a growing list of significant crypto companies considering a public listing this year. Blockchain.com announced plans for the U.S. IPO in 2022 last month.
Amber Group, a Singapore-based unicorn, is planning an IPO in the United States by early 2023, while Circle, a USDC issuer, will list on the Nasdaq later this year in a $9 billion deal.
Coinbase, which is listed at over $30 billion in 2021, started the rush for a US IPO.
Celsius is currently valued at $3 billion as of late-2021. With over $16 billion in assets under control, it is one of the largest players in the crypto lending space.
The IPO comes amid market turmoil
While an IPO is likely to draw more cash to the company, Celsius is exploring an IPO at a time when markets are volatile.
Given the recent drop in cryptocurrency and stock markets, a crypto IPO could be a risky investment for traders. Due to deterioration on all fronts, Coinbase’s stock value has plummeted to new lows in 2022.
