Bitpanda Raises $170M at a $1.2B Valuation; SEC Publishes VanEck’s Bitcoin ETF Application; Kraken Could IPO Next Year

Hey ?? Blockchain & Cryptocurrency aficionados! Trust you had a wonderful week. This is the best Weekly Blockchain & Crypto Digest thus far. Enjoy!

P.S. Before we dive into what happened in Blockchain & Crypto last week, check out my Connecting the Dots Newsletter, where you will get much more. Every Week (the newest issue is already OUT!)????

Last week (15-21 March) was another BIG week in Blockchain & Cryptocurrency space. Crypto firm Bitpanda has raised a massive $170M Series B round and became Austria’s first unicorn ??????; SEC is getting closer to approving the US first Bitcoin ETF ??; while Kraken could go public via direct listing as early as next year ??, and other super interesting news and developments.

Without further ado, let us dive into what has happened in the financial technology sector this week. Let’s connect the dots.

Bitpanda Raises $170M at a $1.2B Valuation

Austria-based cryptocurrency firm Bitpanda has closed a $170 million funding round to further the firm's international growth.

Bitpanda is based in Vienna, Austria, and says that this equity round makes it the country’s first “unicorn” — the first startup to pass the $1 billion valuation mark.

The latest Series B funding round was led by Valar Ventures — a venture capital firm backed by PayPal co-founder Peter Thiel and featured partners from Yuri Milner’s investment firm DST Global, which is known as a major investor in the United States-based crypto-friendly stock trading app Robinhood. While DST is a new investor in Bitpanda, Valar previously led a $52 million Series A round in September 2020.

In addition to Austria, Bitpanda is live in France, Spain, Turkey, Italy, and Poland, with plans to expand to more markets this year, building hubs in Madrid, Barcelona, London, Paris, and Berlin.

THE TAKEAWAY

Bitpanda has been profitable for 4 years. The newest funding round isn’t for business operations as usual - rather the goal is to become THE investment platform for the whole of Europe. Strong numbers and a massive war-chest are definitely a big step towards achieving that.

SEC Publishes VanEck’s Bitcoin ETF Application, Starting the Decision Clock

The SEC now has 45 days to approve or deny the application by VanEck or extend the review period. 

The U.S. Securities and Exchange Commission has acknowledged VanEck’s 19b-4 Form for its Bitcoin exchange-traded fund (ETF) application on Monday, formally kicking off its 45-day window to make an initial decision on the proposal. 

Unlike Canada, which has launched three Bitcoin ETFs to date, the United States is still waiting for its first Bitcoin ETF. 

THE TAKEAWAY

If approved, the ETF would be the first bitcoin ETF in the U.S., and its approval would send a strong signal to the global investment community that the market has finally matured.

Kraken to Go Public Next Year

Crypto exchange Kraken could go public next year via a direct listing, according to various sources.

Direct listing means Kraken won't choose the traditional IPO or the special purpose acquisition company (SPAC) routes.

Fox Business reporter Charles Gasparino tweeted Tuesday that Kraken could go public in 2022 either via a SPAC or an IPO.

Kraken's plans of going public were first revealed earlier this year when its CEO Jesse Powell said he'd make the exchange go public at a valuation of above $10 billion. Kraken is reportedly in talks to raise funds in a move that could see its valuation reach that level.

THE TAKEAWAY

Kraken is one of the leading players in the industry. One must note that Kraken is also the first regulated “crypto bank” after receiving a bank charter from the state of Wyoming. Going public would not only be interesting in terms of digging deeper into their financials - it would be a further stepping stone towards a mature and grown industry.

Extra Reads & Quick Bites for Curious Minds??:

• A new investor note penned by Morgan Stanley's wealth management unit Wednesday outlined a case for cryptocurrency as an emerging investable asset class.
• Grayscale adds five new crypto investment trusts including Chainlink and Filecoin.
• Latin America's first bitcoin ETF receives approval in Brazil.

??Money Moves??

• NFT marketplace OpenSea raises $23M in Series A round led by a16z. The funding round included participation from a wide range of VC firms, investors and creators including Naval Ravikant, Mark Cuban, and 3LAU. 

Quote of the Week/??Food for Thought??

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Graph of the Week

The NFT market has not stopped growing fast and has hit another record.

Week in Brief

Austria-based cryptocurrency firm Bitpanda has closed a $170M funding round to further the firm's international growth.

The SEC now has 45 days to approve or deny the application by VanEck or extend the review period. 

Crypto exchange Kraken could go public next year via a direct listing, according to various sources.

Continue reading by subscribing to Connecting the Dots Newsletter. You will receive fresh news about Blockchain & Cryptocurrency with hot takeaways every week (the newest issue is already OUT!)

P.S. You might enjoy my earlier pieces as well:

?? Making Sense of Tesla's $1.5B Bitcoin Buy

?? Robinhood: Robbing the Poor to Give to the Rich? A Story about the Fragility of the Brand

?? Cutting Through the Noise: Bitcoin Fundamentals & Why it Was Created

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About: I am a business developer, sales professional, FinTech strategist, as well as Cryptocurrency and Blockchain enthusiast. I'm highly passionate about Financial Technology and Digital Innovation, and strongly believe that it will change the world for the better. Apart from my daily job at a global payments startup where I'm leading the company's expansion into Europe, I'm an active member of the FinTech community and a TechFin evangelist.

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