Peter Thiel’s Next Big Crypto Play, Visa Goes All-In On Stablecoins & More

Welcome back!

This is J264G and this week I’ve got these titbits for you:

• Crypto IPO: Peter Thiel’s Bullish set for the next blockbuster IPO.

• Stablecoin Expansion: Visa outlines strategy to boost stablecoin economy. 

• Solana ETFs: The CBOE is paving the way for Solana Spot ETFs in the US.

The SEC just announced Project Crypto, a commission-wide initiative to modernise securities rules and regulations to enable America’s financial markets to move onchain. Yes, the same agency that once treated crypto like a fad is now betting on it as the future. Welcome to the new world. 

Now, let’s jump right into this week’s newsletter!

Click on any underlined heading/hyperlink to learn more.

Spotlight

Market Distortion

Everyone's talking about Figma’s IPO pop. 

First-day stock surges have long been common in traditional IPOs, but they are increasingly viewed as problematic distortions rather than mere exuberance. This dynamic has led to accusations that Wall Street’s IPO process plays a “game” favouring incumbents at the expense of both the issuing firms and retail investors.

Investment banks serving as underwriters virtually ensure a first-day pop, which rewards select investors with an immediate profit when the stock begins trading freely. Meanwhile, ordinary retail investors are largely shut out of buying at the IPO price; they can only purchase shares once trading starts on the exchange, by which time the price may have already surged well above the IPO level. In effect, the “pop” is captured by insiders, and latecomers pay a premium. 

In short, when a stock leaps on day one, the windfall primarily accrues to early allocated investors and speculators, not the issuing firms or retail investors.

This is why IPOs will move onchain. 

In theory, an onchain IPO would mean:

• Broad access: Allocation would not be limited to Wall Street elites. Anyone with an internet connection and crypto wallet could participate in the offering. This democratisation prevents retail from being sidelined and exclusively exposed to higher prices later on.

• Market-driven pricing: Live order books or automated liquidity pools on a blockchain could continuously balance supply and demand, finding a fair market price for the new shares without the need for a fixed, pre-set IPO price. The “pop” would likely be smaller or non-existent, as the offering price adjusts upward with demand in real time.

• Lower fees: Traditional IPO underwriting is costly, often ~7% of proceeds in fees to investment banks. Onchain issuance could drastically reduce these fees, with one analysis suggesting underwriting costs could drop to <1% with an onchain model, saving tens of millions for the issuer (money that can remain on the company balance sheet).

• Transparency & trust: All transactions and allocations would be recorded on a public ledger, mitigating concerns about favouritism or opaque book-building. This transparency can enhance trust in the fairness of the process.

Leveraging blockchains for IPOs could finally close the gap between initial pricing and market reality, ensure companies raise what they truly deserve, and give every investor—not just the insiders—a fair shot at the next big listing.

Project Crypto can't unfold fast enough. 

Chart Of The Week

News Bites

Crypto Report: The White House released its 166-page Digital Assets Report, offering a comprehensive overview of the administration’s approach to cryptocurrencies. If you're short on time, below's a thread summarising the report highlights. 

Advanced Robotics: OpenMind has secured $20 million in funding to further develop a decentralised operating system for robots. The company is positioning itself at the intersection of robotics, artificial intelligence, and blockchain, aiming to redefine how robots interact and operate autonomously. 

Regulatory Tailwinds: The SEC now permits in-kind creations and redemptions for crypto ETPs. While the immediate impact on retail investors is limited, this regulatory move provides essential plumbing for future crypto market growth and further legitimises the sector within the financial ecosystem.

Solana ETFs: The Chicago Board Options Exchange has filed for generic listing standards for crypto exchange-traded products. Should the filing be approved, any cryptocurrency with futures tracking it for at least six months will qualify for ETF listings, paving the way for Solana (SOL) Spot ETFs in the US.

Stablecoin Expansion: Visa continues to advance its vision to enable the transfer of any stablecoin, representing any currency, across any blockchain while connecting it to existing fiat currency systems—reflecting the company's growing role in bridging the gap between traditional finance and the onchain economy.

Institutional Adoption: Fidelity National Information Services has partnered with Circle to enable US financial institutions to offer stablecoin payment options using USDC for both domestic and cross-border transactions. It represents a significant move in making stablecoin payments a viable option for institutional clients across the US.

Strategic Partnership: JPMorgan Chase and Coinbase have announced a strategic partnership, introducing features such as direct bank-to-wallet connections and the ability to use Chase credit cards on Coinbase. Notably, the partnership will also enable customers to redeem Chase Ultimate Rewards Points for USDC. 

Crypto IPO: Bullish, the crypto platform backed by Peter Thiel, is looking to raise approximately $600 million through its upcoming IPO. The company plans to offer 20.3 million shares at a price range of $28.00 to $31.00, which would value Bullish at ~$4.2 billion.

Deal Flow

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Drop us a line and we’ll help take your Solana deal flow to the next level.

Caught In 4K

Weekly Take

Keks & Giggles

And that's a wrap!

You can reach me anytime over on 𝕏.

Talk soon!

J264G

_{DISCLAIMER
None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research. Lastly, please be advised that we discuss products and services from our partners from which our team members may hold tokens/equity.}