US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>BitGo exits a four-month IPO pause, offering 11.8M shares at $15–$17, targeting a $1.7B–$2.0B valuation ahead of a January 22 debut</li>
<li>Scaled digital asset infrastructure provider with custody, liquidity, and infrastructure services, supporting $100B+ assets on platform and 4,900+ institutional clients globally.</li>
<li>Strong growth and improving profitability, with meaningful AoP expansion, positive net income, and proceeds earmarked for growth, flexibility, and strategic investments.</li>
</ul>


BitGo exits a four-month IPO pause, offering 11.8M shares at $15–$17, targeting a $1.7B–$2.0B valuation ahead of a January 22 debut
Scaled digital asset infrastructure provider with custody, liquidity, and infrastructure services, supporting $100B+ assets on platform and 4,900+ institutional clients globally.
Strong growth and improving profitability, with meaningful AoP expansion, positive net income, and proceeds earmarked for growth, flexibility, and strategic investments.


BitGo Holdings, Inc.(BTGO): Digital Asset Company Sets Terms for IPO, Seeking $2.0b Valuation

Grayscale Investments / Equity Capital Markets

<ul>
<li>Grayscale positions for a 2025 IPO as the largest U.S. digital-asset investment platform with $35 billion AUM and broad institutional-grade product coverage.</li>
<li>The firm targets a $4 trillion digital-asset market, leveraging diversified ETPs and strong investor adoption to expand regulated access and long-term growth potential.</li>
<li>Despite sector volatility, Grayscale aims to capitalize on rising institutional demand, product innovation, and its scale advantages to drive future public-market performance.</li>
</ul>


Grayscale positions for a 2025 IPO as the largest U.S. digital-asset investment platform with $35 billion AUM and broad institutional-grade product coverage.
The firm targets a $4 trillion digital-asset market, leveraging diversified ETPs and strong investor adoption to expand regulated access and long-term growth potential.
Despite sector volatility, Grayscale aims to capitalize on rising institutional demand, product innovation, and its scale advantages to drive future public-market performance.


Grayscale Investments (GRAY): Peeking at the IPO Prospectus of a Digital Asset Focused Platform

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>In mid-September, global index provider M _ _ _ announced that they were conducting an index consultation on Digital Asset Treasury Cos. I wrote about it <a href="https://www.smartkarma.com/insights/quiddity-index-index-consultation-on-digital-asset-treasury-cos-the-tutes-are-leaving" target="_blank" rel="noopener">here</a>.</li>
<li>My recommended short at the time is down 30%, despite announcing a large buyback program. Others have lost significant premium vs underlying digital assets. </li>
<li>The same index provider expanded their list of affected names on 29 Oct. And a DIFFERENT Index provider this week added DATCOs to a US Advisory Panel Meeting Agenda Wednesday.</li>
</ul>


In mid-September, global index provider M _ _ _ announced that they were conducting an index consultation on Digital Asset Treasury Cos. I wrote about it here.
My recommended short at the time is down 30%, despite announcing a large buyback program. Others have lost significant premium vs underlying digital assets. 
The same index provider expanded their list of affected names on 29 Oct. And a DIFFERENT Index provider this week added DATCOs to a US Advisory Panel Meeting Agenda Wednesday.


Index Consultation on DATCos Means MORE Selling Likely, and Another Index Questionable

<ul>
<li>BillionToOne priced above range at $60.00 and opened at $100.00, closing up 81.6% at $108.94.</li>
<li>The deal was more than 20x oversubscribed, driven by strong long-only and healthcare demand</li>
<li>Backed by top-tier investors and partnerships with Johnson &amp; Johnson, BLLN’s profitability and precision platform stood out in a choppy IPO market.</li>
</ul>


BillionToOne priced above range at $60.00 and opened at $100.00, closing up 81.6% at $108.94.
The deal was more than 20x oversubscribed, driven by strong long-only and healthcare demand
Backed by top-tier investors and partnerships with Johnson &amp; Johnson, BLLN’s profitability and precision platform stood out in a choppy IPO market.


BillionToOne, Inc. (BLLN): Precision Diagnostics Firm Soars 82% in One of 2025’s Best IPO Debuts

<ul>
<li>Global Index Provider M _ _ _ announced an index consultation on Digital Asset Treausry Companies on 27 August. Friday, they extended til year-end, but gave a clear proposal update. </li>
<li>They propose to exclude companies where digital asset holdings represent &gt;50% of assets. They seek input. They also seek input on whether a company self-defines as a DAT...</li>
<li>And also look at stated reasons for capital raising. A preliminary list suggests <a href="https://www.smartkarma.com/entities/strategy-inc" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Strategy (MSTR US)</a>  and <a href="https://www.smartkarma.com/entities/metaplanet-inc" target="_blank" data-smartkarma-citation="entities:2130:1" rel="noopener">Metaplanet (3350 JP)</a> are obvious targets. Others will be too. </li>
</ul>


Global Index Provider M _ _ _ announced an index consultation on Digital Asset Treausry Companies on 27 August. Friday, they extended til year-end, but gave a clear proposal update. 
They propose to exclude companies where digital asset holdings represent &gt;50% of assets. They seek input. They also seek input on whether a company self-defines as a DAT...
And also look at stated reasons for capital raising. A preliminary list suggests Strategy (MSTR US)  and Metaplanet (3350 JP) are obvious targets. Others will be too. 


[Quiddity Index] Index Consultation Anncmt Suggests The Big M Will Delete 1 LargeCap, 5 Small.

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Bullish US (BLSH US)

BitGo Holdings, Inc.(BTGO): Digital Asset Company Sets Terms for IPO, Seeking $2.0b Valuation

BitGo resumes IPO plans, aiming for $1.7B–$2.0B valuation, offering 11.8M shares at $15–$17 to support growth and strategic investments.

IPO Boutique

Grayscale Investments (GRAY): Peeking at the IPO Prospectus of a Digital Asset Focused Platform

Grayscale plans for 2025 IPO as top U.S. digital-asset investment platform, targeting $4 trillion market with diversified ETPs and institutional...

IPO Boutique

Index Consultation on DATCos Means MORE Selling Likely, and Another Index Questionable

Global Index Provider M updated its list of Digital Asset Treasury Cos at the end of October. Index constituents on that list are down. They could...

Travis Lundy

BillionToOne, Inc. (BLLN): Precision Diagnostics Firm Soars 82% in One of 2025’s Best IPO Debuts

BillionToOne's successful IPO debut at $108.94 reflects strong demand from investors and partnerships with industry leaders like Johnson & Johnson.

IPO Boutique

[Quiddity Index] Index Consultation Anncmt Suggests The Big M Will Delete 1 LargeCap, 5 Small.

Global Index Provider M* announced a Digital Asset Treasury Company consultation in late August. Friday they extended the consultation. I expect it...

Travis Lundy

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

BitGo Holdings, Inc.(BTGO): Digital Asset Company Sets Terms for IPO, Seeking $2.0b Valuation

​BitGo resumes IPO plans, aiming for $1.7B–$2.0B valuation, offering 11.8M shares at $15–$17 to support growth and strategic investments.

IPO Boutique

Grayscale Investments (GRAY): Peeking at the IPO Prospectus of a Digital Asset Focused Platform

​Grayscale plans for 2025 IPO as top U.S. digital-asset investment platform, targeting $4 trillion market with diversified ETPs and institutional...

IPO Boutique

Index Consultation on DATCos Means MORE Selling Likely, and Another Index Questionable

Global Index Provider M updated its list of Digital Asset Treasury Cos at the end of October. Index constituents on that list are down. They could...

Travis Lundy

BillionToOne, Inc. (BLLN): Precision Diagnostics Firm Soars 82% in One of 2025’s Best IPO Debuts

​BillionToOne's successful IPO debut at $108.94 reflects strong demand from investors and partnerships with industry leaders like Johnson & Johnson.

IPO Boutique

[Quiddity Index] Index Consultation Anncmt Suggests The Big M Will Delete 1 LargeCap, 5 Small.

Global Index Provider M* announced a Digital Asset Treasury Company consultation in late August. Friday they extended the consultation. I expect it...

Travis Lundy

BitGo resumes IPO plans, aiming for $1.7B–$2.0B valuation, offering 11.8M shares at $15–$17 to support growth and strategic investments.

Grayscale plans for 2025 IPO as top U.S. digital-asset investment platform, targeting $4 trillion market with diversified ETPs and institutional...

BillionToOne's successful IPO debut at $108.94 reflects strong demand from investors and partnerships with industry leaders like Johnson & Johnson.