---------- Forwarded message --------- From: The Cryptonite Weekly Rap <cryptoniteventures@substack.com> Date: Sun, Mar 16, 2025, 7:55 PM Subject: Bulls are coming!—Top IPO prospects, the New World Order, living longer, and more rockin' stuff... To: <g@xny.io> BigTech stocks and cryptos head🔻 ͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏ ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏ ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏ ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏ ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏ ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏ ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­͏   ­ Forwarded this email? Subscribe here <https://substack.com/redirect/2/eyJlIjoiaHR0cHM6Ly9jcnlwdG9uaXRldmVudHVyZXMuc3Vic3RhY2suY29tL3N1YnNjcmliZT91dG1fc291cmNlPWVtYWlsJnV0bV9jYW1wYWlnbj1lbWFpbC1zdWJzY3JpYmUmcj0xcDV2MHombmV4dD1odHRwcyUzQSUyRiUyRmNyeXB0b25pdGV2ZW50dXJlcy5zdWJzdGFjay5jb20lMkZwJTJGYnVsbHMtYXJlLWNvbWluZ3RvcC1pcG8tcHJvc3BlY3RzIiwicCI6MTU5MjIxOTUyLCJzIjoxNjY1NDgxLCJmIjp0cnVlLCJ1IjoxMDI3MzAwNjcsImlhdCI6MTc0MjE2OTMzNiwiZXhwIjoxNzQ0NzYxMzM2LCJpc3MiOiJwdWItMCIsInN1YiI6ImxpbmstcmVkaXJlY3QifQ.KGxgxN4sRwQvg2NFsOLU0yoceNtIoi1IiCT3u8HP0Ok?> for more <https://substack.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.0on5mDs5CbYL0GaTLjXqFYAfcscL8iTQbOUFVK80I4I?> Bulls are coming!—Top IPO prospects, the New World Order, living longer, and more rockin' stuff... <https://substack.com/app-link/post?publication_id=1665481&post_id=159221952&utm_source=post-email-title&utm_campaign=email-post-title&isFreemail=true&r=1p5v0z&token=eyJ1c2VyX2lkIjoxMDI3MzAwNjcsInBvc3RfaWQiOjE1OTIyMTk1MiwiaWF0IjoxNzQyMTY5MzM2LCJleHAiOjE3NDQ3NjEzMzYsImlzcyI6InB1Yi0xNjY1NDgxIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.E4V8cDeACDlWV2V-sMp9kVmvD0_UvYQVMVzpJ2UvQnk> The Cryptonite Weekly Rap <https://substack.com/@cryptoniteventures> Mar 16 ∙ Preview <https://substack.com/@cryptoniteventures> <https://substack.com/app-link/post?publication_id=1665481&post_id=159221952&utm_source=substack&isFreemail=true&submitLike=true&token=eyJ1c2VyX2lkIjoxMDI3MzAwNjcsInBvc3RfaWQiOjE1OTIyMTk1MiwicmVhY3Rpb24iOiLinaQiLCJpYXQiOjE3NDIxNjkzMzYsImV4cCI6MTc0NDc2MTMzNiwiaXNzIjoicHViLTE2NjU0ODEiLCJzdWIiOiJyZWFjdGlvbiJ9.5LxpWWsvq_05UN7TdguQGSON9fE_zPsJy5YGPnKB_LY&utm_medium=email&utm_campaign=email-reaction&r=1p5v0z> <https://substack.com/app-link/post?publication_id=1665481&post_id=159221952&utm_source=substack&utm_medium=email&isFreemail=true&comments=true&token=eyJ1c2VyX2lkIjoxMDI3MzAwNjcsInBvc3RfaWQiOjE1OTIyMTk1MiwiaWF0IjoxNzQyMTY5MzM2LCJleHAiOjE3NDQ3NjEzMzYsImlzcyI6InB1Yi0xNjY1NDgxIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.E4V8cDeACDlWV2V-sMp9kVmvD0_UvYQVMVzpJ2UvQnk&r=1p5v0z&utm_campaign=email-half-magic-comments&action=post-comment&utm_source=substack&utm_medium=email> <https://substack.com/app-link/post?publication_id=1665481&post_id=159221952&utm_source=substack&utm_medium=email&utm_content=share&utm_campaign=email-share&action=share&triggerShare=true&isFreemail=true&r=1p5v0z&token=eyJ1c2VyX2lkIjoxMDI3MzAwNjcsInBvc3RfaWQiOjE1OTIyMTk1MiwiaWF0IjoxNzQyMTY5MzM2LCJleHAiOjE3NDQ3NjEzMzYsImlzcyI6InB1Yi0xNjY1NDgxIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.E4V8cDeACDlWV2V-sMp9kVmvD0_UvYQVMVzpJ2UvQnk> <https://substack.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.A5ip9yIp7XVA_7-vZ9lj5pNtLemYhVx2FzkpBoBFebU?&utm_source=substack&utm_medium=email> READ IN APP <https://open.substack.com/pub/cryptoniteventures/p/bulls-are-comingtop-ipo-prospects?utm_source=email&redirect=app-store&utm_campaign=email-read-in-app> <https://substack.com/redirect/8f3cbe9d-e59e-4611-bd69-1be60e5fcc9b?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> The bulls are running our way! BigTech stocks and cryptos head🔻 In our predictions for '25, we 'poetically' suggested it might be time to short Nvidia and Google and that tech stocks and cryptos were artificially high due to the AI bubble and the Trump Bump. It was a poetic expression because we are neither stock nor crypto jockeys, but we know a bubble when we see one. When our predictions post for '25 hit your email box on January 6, Nvidia was trading at just above $149, and 60 days later, it was $112 (🔻25%), Google was at $197, and today it was at $165 (🔻25%), which both are down 2x NASDAQ's fall of🔻11% in the same period. Similarly, Bitcoin was trading at $102,248 on January 6; today, it's $81,913 (20%🔻), down almost 3x the overall crypto market, which has fallen🔻7% drop overall in the same period. Apparently, nothing can deflate a Trump Bump faster than a Trump Tariff.🤔 Or at least proposed—or threatened—tariffs. ------------------------------ [image: Cryptonite's predictions for 2025—Short Google, Nvidia, & OpenAI?, the Elon/Zuck alliance, Robotaxis takeover, IPOs up...] <https://substack.com/redirect/3d29bca3-fcad-4fc0-bc90-f12859a722f6?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> Cryptonite's predictions for 2025—Short Google, Nvidia, & OpenAI?, the Elon/Zuck alliance, Robotaxis takeover, IPOs up... <https://substack.com/redirect/3d29bca3-fcad-4fc0-bc90-f12859a722f6?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> The Cryptonite Weekly Rap <https://substack.com/profile/146561965-the-cryptonite-weekly-rap> and Anthony Perkins <https://substack.com/profile/1338763-anthony-perkins> · Jan 6 Read full story <https://substack.com/redirect/3d29bca3-fcad-4fc0-bc90-f12859a722f6?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> ------------------------------ Tariffs, Tariffs, Tariffs…🙄 Strangely, we've noticed corporate business media is starting to act as emotional and irrational as their peers on the political beat. The Boogeyman is moving so fast that they can't scribble quickly enough to express all their fears. The 'tariffs scare' definitely accelerated the inevitable correction of tech stocks and cryptos, which have been way overvalued and need to be brought back into balance. It's better we took the hit early and, largely, all at once. This quick reset—which may not be over yet— is might save us from a recession. <https://substack.com/redirect/9c3e8125-813e-446b-9736-ede97d493d60?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> *It looks like the Boogeyman made a grown man cry <https://substack.com/redirect/39cfbc88-9cc1-473a-8c84-fcefaefe96fb?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> 😭 The status quo is hard to defend, and you can lose your job for doing nothing about it. Art courtesy xAI.* Zooming up 30,000 feet, there is much on the horizon to be optimistic about. The labor market and manufacturing job growth stats are up, including 30,000 new factory jobs and 151,000 new jobs overall in February <https://substack.com/redirect/2535fba0-958e-4df9-b759-2c6f6d0b63f0?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>, reflecting renewed optimism among US employers. Corporate profits (especially BigTech), the mother's milk of our economy, are still going up, while bond yields and mortgage rates are falling. The 30-year fixed mortgage rate decreased to 6.63% as of March 6, 2025, representing seven consecutive weeks of decline. Oil prices have also significantly gone down since the beginning of 2025, with crude oil dropping by 6.92% to $70 per barrel, a 4-year low. The bottom line is the Boogeyman's policies are profoundly pro-growth. Trump aims to re-privatize the US economy like never before by radically chainsawing bureaucracy overhead and random foreign aid projects, eliminating agencies such as the Education Department, and redistributing federal tax money and power back to the states and local communities. He has also promised to cut personal and business taxes *again* (the Boogeyman lowered business taxes from 35% to 21% <https://substack.com/redirect/13bda401-cb99-490a-96e5-37e567b8bac2?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> in his first term), rid businesses of unnecessary regulations, and boost domestic energy production. The DOGE <https://substack.com/redirect/ebd63636-2208-4224-bf7a-6b79017d73b8?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> crew might look like 100 bulls storming a china shop, but they are both clever budget scrubbers and offering high-level BigTech knowledge about how to leverage new technology efficiency and operate a modern enterprise. From what's being reported, the government is operating like it's 1999. DOGE <https://substack.com/redirect/ebd63636-2208-4224-bf7a-6b79017d73b8?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> has already saved taxpayers $115B ($715 per taxpayer) and found all sorts of crazy spending as displayed on the DOGE 'Wall of Receipts <https://substack.com/redirect/e6d2f132-0541-4147-a489-59ebde4481e8?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> .' Sixty-five percent of business leaders express confidence <https://substack.com/redirect/2535fba0-958e-4df9-b759-2c6f6d0b63f0?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>in national economic performance growth for 2025. We similarly see no slow down, or recession in the horizon. Keep your chin up and hold on to your quality assets—they will rise again. 📈 <https://substack.com/redirect/f1993aef-1d8c-42f0-b30b-b65a1f87450e?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> *The good old days at the USPS circa 1952.* "Fixing a broken organization that had experienced close to $100 billion in losses and is projected to lose another $200 billion without a bankruptcy proceeding is a daunting task. Fixing a heavily legislated and overly regulated United States Postal Service with a broken business model is even more difficult." —US Postmaster General Louis DeJoy's recent address to Congress, after agreeing to lay off 10,000 USPS employees as recommended by DOGE, who will also provide the USPS tech support to tackle the 'big problems.' The IPO window creaks open Based upon our optimistic outlook, we will stick with our prediction that there will be at least 25 new tech IPOs spinning out of the AI, blockchain, robotics, and other Web3 company sectors in 2025. The market will be further boosted by robust growth in AI revenues and pro-crypto policies, including a friendlier SEC. Many of the IPOs in '25 will be assets like *Cryptonite 300 <https://substack.com/redirect/d0d1b56e-9e57-42ba-99a7-9fb5c384df79?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>* companies xAI <https://substack.com/redirect/041f6140-9e4e-4fea-94f3-53201f9f5ffe?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>, Databricks <https://substack.com/redirect/f59e3526-9042-4627-b5c3-ee07744a95f0?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>, CoreWeave <https://substack.com/redirect/e4a3b555-eb3e-4f50-a380-79190f5a6bc9?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>, and Anduril <https://substack.com/redirect/7336469b-09ea-4ad6-aa99-46a48119ed43?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>, which are going to be must-own, long-term asset holdings. Below is a highlight of *Cryptonite*'s list of the top 25 IPO candidates we would bet on today in the sectors we follow. <https://substack.com/redirect/a50cb5be-b792-466f-933a-b1777e2acb80?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> *Our Cryptonite paid members can see a list of all our top IPO candidates and more data and inside information about out **Cryptonite 300 <https://substack.com/redirect/d0d1b56e-9e57-42ba-99a7-9fb5c384df79?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>** top Web3 companies.* We haven't included two IPO picks from our *Cryptonite 300 <https://substack.com/redirect/d0d1b56e-9e57-42ba-99a7-9fb5c384df79?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>* list that are popular with other analysts. OpenAI <https://substack.com/redirect/be7d82cb-100d-4409-8882-18b00d50427c?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>is not on our IPO list for 2025 because the GenAI leader continues to have legal structuring issues, and Elon's xAI <https://substack.com/redirect/8c364f8b-23b0-4686-aebb-0f953a7ff055?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> is not on the list either because we figure he has his hands full right now, 🤖🚕🚀 and the company has raised a ton of cash. CoreWeave <https://substack.com/redirect/e4a3b555-eb3e-4f50-a380-79190f5a6bc9?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>, a *Cryptonite 300 <https://substack.com/redirect/d0d1b56e-9e57-42ba-99a7-9fb5c384df79?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> *company and provider of data center technology and services for AI companies, is set to go public in the next few weeks. CoreWeave <https://substack.com/redirect/e4a3b555-eb3e-4f50-a380-79190f5a6bc9?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> investors include Nvidia, Cisco, Coatue Management, and BlackRock. The company's red herring shows that CoreWeave's <https://substack.com/redirect/e4a3b555-eb3e-4f50-a380-79190f5a6bc9?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> revenue in 2024 soared more than 700% to $1.92 billion, with 60 percent of sales coming from Microsoft <https://substack.com/redirect/4b6ad507-6bf0-43fc-a77c-aea4fc7ed0d5?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>, but this is still real-deal growth. CoreWeave <https://substack.com/redirect/e4a3b555-eb3e-4f50-a380-79190f5a6bc9?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> was valued at $23 billion in its last $1.1 billion equity round last May. Reuters reported <https://substack.com/redirect/c1e17a5a-7feb-4610-9542-5a9652046f46?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> in November that the company was targeting a valuation of more than $35 billion in its IPO. CoreWeave's <https://substack.com/redirect/e4a3b555-eb3e-4f50-a380-79190f5a6bc9?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> final IPO price and how its stock does out of the gate will be the first big indicator on how Wall Street feels about paying a premium over what we believe have been hyper-inflated valuations paid by later-stage investors in private AI companies. <https://substack.com/redirect/f787aaea-1ac2-40d1-93bd-6749b3f00a0c?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> *Cerebras' wafer-scale engine is the fastest AI processor on Mother Earth, thank you very much.* *Cryptonite 300 <https://substack.com/redirect/d0d1b56e-9e57-42ba-99a7-9fb5c384df79?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> (C300 <https://substack.com/redirect/d0d1b56e-9e57-42ba-99a7-9fb5c384df79?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>) *winner and AI chips and systems maker Cerebras Systems <https://substack.com/redirect/aeaa153e-8f14-4b46-97a2-30096616d0c5?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> is also currently preparing for an IPO, aiming to raise between $750 million and $1 billion for a value between $7 billion and $8 billion. The company's investors include Azure Ventures Group, Benchmark, Coatue, Eclipse Ventures, Altimeter Capital, Foundation Capital, Sequoia Capital, and SV Angel. ------------------------------ Who you know, what you know, and when you know it is the most valuable currency in the global Silicon Valley. Share <https://substack.com/app-link/post?publication_id=1665481&post_id=159221952&utm_source=substack&utm_medium=email&utm_content=share&utm_campaign=email-share&action=share&triggerShare=true&isFreemail=true&r=1p5v0z&token=eyJ1c2VyX2lkIjoxMDI3MzAwNjcsInBvc3RfaWQiOjE1OTIyMTk1MiwiaWF0IjoxNzQyMTY5MzM2LCJleHAiOjE3NDQ3NjEzMzYsImlzcyI6InB1Yi0xNjY1NDgxIiwic3ViIjoicG9zdC1yZWFjdGlvbiJ9.E4V8cDeACDlWV2V-sMp9kVmvD0_UvYQVMVzpJ2UvQnk> ------------------------------ Gong is kicking ass (and staying private) Even with spiking revenues, some AI companies are holding off on their IPOs. Another *C300 <https://substack.com/redirect/d0d1b56e-9e57-42ba-99a7-9fb5c384df79?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> *company, Gong <https://substack.com/redirect/b9588d26-76a1-4b5e-b489-9ac4e77225a4?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>, a startup that uses AI to help companies predict sales by analyzing customer interactions, has blown past the $300 million annualized revenue mark but is still cooling its IPO heels. It counts among its 4,500 corporate customers companies like Canva, Google, LinkedIn, and Square. <https://substack.com/redirect/0c03ef16-1f40-4ad0-9ffc-d6addd6cadc2?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> Gong cofounder and CEO Amit Bendov. Gong was last valued at $7.25 billion <https://substack.com/redirect/ef679003-20fd-44bb-a43c-e4e70fd66bae?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> when it raised a $250 million in 2021 in a deal led by Franklin Templeton and including Coatue, Salesforce Ventures, Sequoia, Thrive Capital, and Tiger Global. ‘An IPO is very interesting but not the most important thing. We are focusing on building amazing products,’ says Gong cofounder and CEO Amit Bendov. ‘We are nearly profitable and still have plenty of cash from our 2021 round which we almost haven't touched.' <https://substack.com/redirect/ff8b2894-d26a-4fa0-bd94-eea06ad243f3?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> *Google went public in 2004, six years after starting the company and with only three rounds of VC funding.* Is going public a dated strategy? We think so. In fact, we are confident there will be a time when very few companies, if any, go public. The bottom line is running a public company wastes a lot of valuable executive time and resources, and significantly boosts legal, accounting, and insurance expenses due to government compliance and regulation. This annual cost can get as high as $10 million <https://substack.com/redirect/8f412cdc-8bc7-4a6b-8a13-26cad5b1a1da?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>.😳 Worst of all, public companies face much higher litigation costs, particularly due to class-action suits🖕🏻😎🖕🏻and other securities law-related issues. A study from Stanford Law School <https://substack.com/redirect/d7248095-6619-4d87-b241-97e7e5d80680?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> estimated that 8-10 percent of public companies face securities class-action suits each year. Quarterly earnings reporting requirements also encourage companies to engage in unnatural acts <https://substack.com/redirect/c164c5de-9fe9-45cb-93e0-a3d24715a6cb?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> to please Wall Street and stockholders, such as earnings manipulation, cosmetic cost-cutting, stock buybacks, etc., which are often not in the best long-term interest of the enterprise. Over the last thirty years or so, private companies have largely gone public to gain liquidity for their investors, founders, and employees. Other than cases such as Tesla <https://substack.com/redirect/fbff2994-f293-4f87-9fab-1824c952ece6?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> and in the biotech space, VC-backed tech companies rarely go public because they need the money. More recently, there has been a trend to sprinkle later-stage VC investment dollars <https://substack.com/redirect/76a08bb8-1ef7-44b4-91e7-7ed32f2ec9c0?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> into founder and key employee pockets to keep their fires burning, and buy more time before the IPO. <https://substack.com/redirect/804f195a-be60-4c21-8d82-bd946f549d9b?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> *The VC investment token—Coming to a private blockchain near you! Art courtesy of xAI* Here are some brief bullet points on how the tokenization of private company equity <https://substack.com/redirect/4d75f034-8ebc-45fb-a491-d9db4cee6212?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> will spare founders and early investors from the nightmares of being a public company. - First, instead of physical stock certificates with entries in traditional databases, stockholders will hold digital tokens representing their shares. - These digital stakes will be managed on a 'private blockchain'—a permissioned network for authorized stockholders, executives, and regulators, to ensure security while still allowing transparency. Under this setup, stockholders will have real-time visibility to: - The complete history of their tokens (e.g., ownership transfers). - Associated rights (e.g., voting rights, dividends). - Legal documents, including shareholder agreements, voting and ownership rights, and dividend entitlements. - We recommend that companies that want to stay private offer their stockholders a regular 'dividend' once they reach certain profit goals. This dividend could be managed and distributed by a smart contract (coded agreements that execute automatically) based on the number of tokens they own. - The smart contract could also dramatically reduce paperwork and costs by automating administrative tasks and *e*nforcing voting rights tied to token ownership during shareholder decisions. These tokens will also be more portable, and easily transferred, traded, and managed, simplifying ownership tracking. - Over time, companies could open up their sales of private tokens to broader audiences to raise capital on an as-needed basis with little administration. Broadening the base of private investors also helps build the company's brand. We see a world where private companies seek angel and early-stage venture money from high-value, highly networked players and issue tokenized stock from the very beginning. As the company develops, hits its milestones, and typically seeks later-stage investment from non-value-added institutions, founders can open up these same rounds to broader audiences. These broader offerings could include fewer voter rights and reporting requirements than VCs and institutional investors require. *Google went public in 2004 after only three rounds of VC funding. Facebook did it in seven rounds in 2012, and Airbnb took in ten private rounds of capital before its 2020 IPO. The average number of rounds before an IPO today is somewhere between six and seven <https://substack.com/redirect/92af74e8-8c25-41a6-9acd-545918f87e1b?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>. The time from startup to IPO also rose from seven years in the 1990s to eleven years in the 2010s <https://substack.com/redirect/92af74e8-8c25-41a6-9acd-545918f87e1b?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>.* The value and benefits of tokenizing equity for company founders and their investors are so gigantic that the tokenization of equity is inevitable. The automation of the cap table and investor relations, the opportunity to sell equity for higher prices with fewer stockholder rights, and the ability to preserve ownership by not having to raise as much capital is a roadway to entrepreneurs’ heaven. Not to mention not having to live the life of a public company executive! *Full disclosure: Cryptonite is so thrilled about this new market opportunity that we are looking to build a program to help our Cryptonite 300 <https://substack.com/redirect/d0d1b56e-9e57-42ba-99a7-9fb5c384df79?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>+ companies take advantage of this trend and raise capital via equity tokens. We are tracking and building relationships with the top companies and continue to build our global Silicon Valley distribution network. We are looking for the best 'tokenization of assets' tech and blockchain partner. If that's you, contact Cryptonite founder Anthony Perkins <https://substack.com/redirect/c20b9db9-f6a6-44b9-988a-8496c93f221e?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> @ TheEditor@cryptoniteventures.com <https://substack.com/redirect/8aec9d80-087d-4749-9efd-41d5a1d6de13?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>* Seed capitalism Speaking of where AI meets sales, Tel Aviv-based Alta <https://substack.com/redirect/3da310a5-49fe-4321-95d5-20b9edb9cc70?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>, which automate sales with an AI' workforce,' just emerged from stealth-mode and closed a $7 million round led by Entrée Capital and Target Global, with additional funding from angel investor Ben Lang and others. Alta's <https://substack.com/redirect/3da310a5-49fe-4321-95d5-20b9edb9cc70?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> AI-powered platform wonderfully automates prospecting, research, outreach, meeting scheduling, and other repetitive tasks while integrating with existing sales data. Imagine that! 🤔 <https://substack.com/redirect/5bf5e51a-6d93-464c-97da-7d5c5cb83845?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> *Alta founders Tom Hoffen, CEO Stav Levi-Neumark and Mor Shabtai.* Alta was founded in 2023 by Tom Hoffen, Stav Neumark-Levi, and Mor Shabtai. Fascinatingly, the startup found users engage better with AI agents that are transparent about not being human. 'When people know they're speaking to AI, they expect it to be fast, accurate, and efficient,' says Alta CEO Stav Neumark-Levi. 'The moment it tries to act 'human' but gets something wrong, trust is lost.' VC Whispers Quantum computing <https://substack.com/redirect/8274b4a3-9d44-4b6c-aac1-721b312bea01?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> is now the new fashion at VC cocktail parties all over Silicon Valley. According to Crunchbase, quantum startups raised $1.9 billion in 62 rounds during 2024—a new high. Clearly, the sector got a massive boost from the quantum computing breakthroughs in 2024, including the announcements of Google's Willow chip and IBM's Heron R2 chip <https://substack.com/redirect/e665287a-99b4-46f9-a7f7-3c26ce949683?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> . <https://substack.com/redirect/401e4a34-3bfa-4332-89cd-3a689b266201?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> And the money is still coming into the sector in quantum leaps. Recently funded *C300 <https://substack.com/redirect/d0d1b56e-9e57-42ba-99a7-9fb5c384df79?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> *companies include QuEra Computing <https://substack.com/redirect/302db3bd-7f58-40f8-bee0-c6f8b83adf6a?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI> which raised $230 million last month from SoftBank's Vision Fund and Google Quantum AI, Israel-based <https://substack.com/redirect/3356fcd4-687a-4fbd-932c-2b2624bd6b52?j=eyJ1IjoiMXA1djB6In0.5Szn4CYVluYxbDPnqVhSiylyhBLFmwyRmnG-VvbUuSI>