During the previous year, the aspirations of cryptocurrency companies to go public were thwarted by increased scrutiny from the Securities and Exchange Commission (SEC), which came at a time when the volatile industry was plagued by widespread financial hardship and bankruptcies.
Companies with a concentration on cryptocurrencies, such as Bullish Global, Circle Internet Financial, and eToro Group Ltd., have been unable to obtain the approvals from the SEC that are necessary for companies to become publicly traded. The companies were trying to get listed on stock exchanges by merging with special-purpose acquisition companies, which was an alternate route to going public that was very successful in the years 2020 and 2021 before increased regulatory checks and market volatility put an end to the SPAC boom.