Amber Group’s (AMBR) listing on Nasdaq earlier this month represents a significant milestone for the cryptocurrency industry, setting a precedent for other companies in this dynamic sector. Paul Veradittakit, a partner at Pantera Capital, highlighted that this event could pave the way for numerous crypto firms to consider a similar trajectory.
Pantera Capital, known for its early investment in the Hong Kong-based provider of crypto financial services, views Amber International’s listing on March 13 as a vital step in attracting institutional investors. Traditionally, these investors have faced hurdles entering the cryptocurrency market due to the lack of structured investment avenues. Veradittakit noted that public listings could channel much-needed fresh capital into a market that analysts have indicated is currently lacking liquidity.
He further elaborated, “We are going to see a lot of U.S. companies hitting the public markets,” pointing to an encouraging landscape where around ten companies within Pantera’s portfolio are contemplating going public. This trend notably includes crypto custody firms, stablecoin issuers, and developer platforms, underscoring a growing confidence among players in the industry.
One noteworthy example of this influx is Circle, the issuer behind the USDC stablecoin, which recently filed to go public on the New York Stock Exchange. Such movements indicate a readiness among crypto-focused entities to embrace the benefits that come with public listings.
Veradittakit also pointed out that the recent advancements in regulatory clarity and support in the U.S. are crucial influencers, acting as favorable “tailwinds” for these crypto IPOs. This proactive regulatory environment enables international companies like Amber to seize opportunities within the U.S. market.
According to CEO Wayne Huo, Amber’s listing exemplifies that the crypto landscape is not confined to a zero-sum game between Asia and the U.S. Instead, it serves as a vital bridge connecting U.S. liquidity with Asian innovation and expertise. Huo noted, “In the past, we’ve seen technology breakthroughs are the fastest when the East and the West work together,” emphasizing the benefits of collaboration between these global markets.
Looking ahead, Amber plans to leverage the capital and visibility from its public listing to fuel its international expansion and enhance its offerings of institutional crypto financial services. As of now, the company’s shares closed at $11.38, positioning it with a market cap of approximately $1 billion, a testament to the growing interest in this sector.
Huo summarized the sentiment succinctly: “Right now, it’s just the beginning of our much, much bigger stage going forward.” As the crypto market continues to evolve, Amber Group’s journey may very well inspire a new wave of public listings that reshape the industry landscape.
