The Interchange: The summer of froth

Adding a crypto IPO season to the summer of frothy markets was certainly not on my 2020 bingo card. But at this point: sure, why not?

Thursday morning, reports surfaced that both crypto exchange Coinbase and crypto depository institution BlockFi (I won't call you a bank just yet) are indeed eyeing the preparation necessary to go public sometime in 2021. Coincidental timing? Perhaps. But you have to wonder if one pushed the other. They are, in my view, quietly becoming more direct competitors by the day. In terms of endgames, a pair of fresh S1's would highlight that narrative in a hurry — speaking of, count Coinbase as a company's S1 I'd drop everything to read cover to cover.