The crypto IPO market was basically frozen solid under Biden. Regulators pressured banks to pause crypto deals completely, stopping several IPO plans dead in their tracks. Coinbase’s direct listing back in 2021 was basically the last big deal banks touched. Goldman Sachs, JPMorgan, Allen & Co., and Citigroup worked on that deal.
Morgan Stanley wasn’t on Coinbase’s IPO, but they did help them sell convertible bonds later on. To date, the capital raising business by crypto firms — from IPOs and equity offerings to convertible bonds — has gone to a fairly regular gamut of lenders, though the largest investment banks have been selective.
The highest-profile publicly-traded company in crypto remains Coinbase Global Inc., with Goldman Sachs Group Inc., JPMorgan Chase & Co., Allen & Co., and Citigroup Inc. working on the much-hyped direct listing in 2021.
Jefferies Financial Group Inc. is also active on crypto deals, advising Bullish on its potential listing along with JPMorgan. It’s also among banks working with Figure Technologies Inc. — the financial technology firm co-founded by former SoFi Technologies Inc. head Mike Cagney — on an IPO, Bloomberg reported in late 2023. Moelis & Co. and Cantor Fitzgerald are among the firms active in the space as well.