Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>MNTN, Inc. (pronounced "mountain"), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.</li>
<li>Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.</li>
<li>I like the company’s leadership position,  high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.</li>
</ul>


MNTN, Inc. (pronounced "mountain"), leader in OTT advertising software and first mover of PTV in the United States, filed to go public.
Founder-Led adtech company was backed by Fidelity, BlackRock, Greycroft, SV Angel, Qualcomm Ventures, and Baroda Ventures, among others.
I like the company’s leadership position,  high growth, FCF positive business and $60B+ near-term market opportunity centering around SMBs in the United States.


MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

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Private Capital Markets

Layer2 Financial / Private Capital Markets

<ul><li>Stablecoins are evolving from "carnival tickets" for crypto speculation to legitimate digital money for global transactions, with double-digit month-over-month growth, particularly in cross-border payments and remittances.</li><li>COVID-19 accelerated the adoption of stablecoins as companies looked for faster and cheaper ways to move money cross-border in the wake of disrupted supply chains, and as cross-border workers increasingly used stablecoins to send money home to their families.</li><li>The stablecoin ecosystem is becoming increasingly fragmented, with various types including yield-bearing tokens like Paxos's Lift Dollar, centralized fiat-backed coins like USDC and BUSD, algorithmic stablecoins like DAI, and tokenized deposits like JPMorgan’s stablecoin.</li></ul>

Stablecoins are evolving from "carnival tickets" for crypto speculation to legitimate digital money for global transactions, with double-digit month-over-month growth, particularly in cross-border payments and remittances.COVID-19 accelerated the adoption of stablecoins as companies looked for faster and cheaper ways to move money cross-border in the wake of disrupted supply chains, and as cross-border workers increasingly used stablecoins to send money home to their families.The stablecoin ecosystem is becoming increasingly fragmented, with various types including yield-bearing tokens like Paxos's Lift Dollar, centralized fiat-backed coins like USDC and BUSD, algorithmic stablecoins like DAI, and tokenized deposits like JPMorgan’s stablecoin.

<ul><li>Kapital ( has seen product-market fit around their stablecoin treasury product that lets companies deposit money and hold it in Circle's USD-denominated stablecoin USDC, with "almost every company" using it to de-risk against the high volatility of local currencies like the Colombian peso.</li><li>As payment rails, Kapital uses USDC to settle international transfers for their customers fast (in minutes) and cheaply (~$0.0037 per transaction) vs. paying ~$50 to send a wire and 1-3% on currency exchange fees.</li><li>While incumbent banks move money slowly & expensively and monetize on each transaction, Kapital is aiming to be fast & cheap and drive volume through value-added products like Kapital Flex (buy-now-pay-later for B2B procurement) and engagement & retention for its core subscription SaaS platform.</li></ul>

Kapital ( has seen product-market fit around their stablecoin treasury product that lets companies deposit money and hold it in Circle's USD-denominated stablecoin USDC, with "almost every company" using it to de-risk against the high volatility of local currencies like the Colombian peso.As payment rails, Kapital uses USDC to settle international transfers for their customers fast (in minutes) and cheaply (~$0.0037 per transaction) vs. paying ~$50 to send a wire and 1-3% on currency exchange fees.While incumbent banks move money slowly & expensively and monetize on each transaction, Kapital is aiming to be fast & cheap and drive volume through value-added products like Kapital Flex (buy-now-pay-later for B2B procurement) and engagement & retention for its core subscription SaaS platform.

<ul><li>Stablecoins are on track to eclipse Visa (NYSE: V) on total payments volume (TPV) in Q2’2024, propelled by their extreme product-market fit for cross-border money movement.</li><li>Stablecoins like Tether (USDT, 2014) and Circle’s USD Coin (USDC, 2018), on-chain assets pegged to the value of the U.S. dollar, emerged to enable traders to move in and out of crypto positions without the high-fee and high-wait experience of offramping into fiat.</li><li>During COVID circa 2020, cross-border money movement exploded with the rise in international migration and corporates like Apple diversifying more of their supply chains to Vietnam and India, with total cross-border payment volume hitting $156 trillion in 2022 (up from $128 trillion in 2018).</li></ul>

Stablecoins are on track to eclipse Visa (NYSE: V) on total payments volume (TPV) in Q2’2024, propelled by their extreme product-market fit for cross-border money movement.Stablecoins like Tether (USDT, 2014) and Circle’s USD Coin (USDC, 2018), on-chain assets pegged to the value of the U.S. dollar, emerged to enable traders to move in and out of crypto positions without the high-fee and high-wait experience of offramping into fiat.During COVID circa 2020, cross-border money movement exploded with the rise in international migration and corporates like Apple diversifying more of their supply chains to Vietnam and India, with total cross-border payment volume hitting $156 trillion in 2022 (up from $128 trillion in 2018).

United States

Circle Internet Group, Inc. provides financial technology solutions. The Company provides a digital asset platform and network utility systems that enables businesses of all sizes to harness the power of digital currencies and public blockchains for payments, commerce, and financial applications. Circle Internet Group serves customers worldwide.

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Circle Internet Group (CRCL US)

MNTN IPO Preview: Fidelity-Backed Category Creator of Performance TV, Watch This Offering Closely

MNTN, inc., an adtech software platform provider and category creator of Performance TV, plans to go public in the United States. The company was...

Andrei Zakharov

Stablecoins And Fintech Infrastructure

During and after COVID, stablecoins like USDC and USDT became a key way for companies in emerging markets to transact cross-border, allowing them...

Sacra

Stablecoin Diplomacy

TL;DR: As B2B neobanks in the U.S. raced to offer FDIC insurance and treasury products in the wake of SVB's collapse, a parallel trend has played...

Sacra

Stablecoins > Visa

TL;DR: Stablecoins are on track to eclipse Visa (NYSE: V) on total payments volume (TPV) in Q2’2024, propelled by their extreme product-market fit...

Sacra

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