On-chain rails favor direct listings over IPOs
The speakers argued that 24/7 global crypto rails are a natural fit for direct listings, allowing companies to bypass expensive traditional Wall Street underwriting.
The argument
The discussion highlighted that traditional public markets are broken, with 80% of companies valued over $100 million remaining private because IPOs have become exit liquidity rather than tools for capital formation. On-chain direct listings could democratize access by allowing global brands to leverage their existing user bases for direct, continuous capital raising.
The thesis, stress-tested
✓ What validates it
- ✓An increase in the number of mid-market international companies choosing direct listings on digital asset exchanges
- ✓New regulatory frameworks specifically tailoring disclosure requirements for on-chain listings
▸ Risks discussed
- ▸High regulatory burdens like Sarbanes-Oxley still apply to public entities regardless of the rails used
- ▸US regulatory fragmentation across the SEC, CFTC, and OCC creates compliance confusion
Hear it yourself
"It's pretty you know, it it's kind of unimaginable when you think about what's happening in the in the developed markets. The NinjaTrader gives us the active trader distribution surface. Small exchange, which is another one that we did, small account derivatives wedge. Then Magna, we did token management, xDox. We did that through an acquisition, of a company called Bakkt, but we also had done a a joint venture with them to get this up and running. And that one over the last eight months has been roughly around, you know, 25,000,000,000 in transactional volume. To be clear, we don't think, like, that's success."
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