Securities Regulation Daily Wrap Up, IPO TRACKER—Crypto industry sees IPO filing by Grayscale Investments, (Nov 18, 2025)
Organizations Mentioned:Alussa Energy Acquisition Corp. II | Blueport Acquisition Ltd. | Breeze Acquisition Corp. II | Evolution Global Acquisition Corp. | Grayscale Investments Ltd. | Klook Technology Ltd. | Launchpad Cadenza Acquisition Corp. I | Nasdaq | Off The Hook YS Inc. | Phaos Technology Holdings (Cayman) | Praetorian Acquisition Corp. | Subversive Bitcoin Acquisition Corp. | THAI YEE HONG TECHNOLOGY HOLDINGS | Terra H Inc. | Tribeca Strategic Acquisition Corp.
A snapshot of the week’s IPO activity, including completed deals, new preliminary filings and IPO withdrawals.
The crypto industry continues to see its participants move into the public markets. After several high-profile debuts in the summer, investors will now have a chance to buy shares of Grayscale Investments, creator of Bitcoin Investment Trust. The operator of a digital asset-focused investment platform, which will continue to be controlled by Digital Currency Group, publicly filed its IPO plans last week. In advance of the offering, Grayscale raised $250 million through a private placement of preferred shares. Grayscale grabbed the headlines in a week when only five issuers completed IPOs, three of which were blank check companies. Singapore’s Phaos Technology (Cayman) Holdings began trading 11 months after registering. This year’s new issuers are averaging 121 days in public registration. North Carolina-based yacht and boat dealership Off The Hook YS raised $15 million in its public market debut. The deal was the first since August 2022 for SIC 3730 (Ship and Boat Building & Repairing). SPACs Blueport Acquisition, Evolution Global Acquisition, and Alussa Energy Acquisition also went public last week. Evolution and Alussa hail from Texas, which now claims 20 (six percent) of 2025's IPO companies.
New registrants. The week’s activity included nine preliminary filings. Joining Grayscale Investments were Klook Technology and THAI YEE HONG TECHNOLOGY HOLDINGS, both of which operate out of Singapore. Klook’s platform connects travelers with merchants providing access to activities, tours, attractions, and other travel services around the world. THAI YEE offers a live-streaming system that features AI-generated virtual anchors, multilingual translation, and interactive data analytics. Renewable energy company Terra H also registered. The company is headquartered in South Africa, which has not seen a U.S. IPO since August 2013. Terra H is developing a hydrogen-based ecosystem to drive green energy transition for industries, governments, and communities. It will not consummate its IPO unless its shares are approved for listing on the Capital Market Tier of Nasdaq. NYC-based Tribeca Strategic Acquisition and Subversive Bitcoin Acquisition joined the list of 2025 blank check preliminary filers. Tribeca will focus on target businesses in the software, technology, AI, digital asset, and clean energy sectors. Subversive Bitcoin intends to pursue crypto and blockchain businesses, including exchanges, custody companies, and market makers. Launchpad Cadenza Acquisition I, Praetorian Acquisition, and Breeze Acquisition II also publicly registered last week. Launchpad will pursue technology and software infrastructure companies, while Breeze II is focused on the healthcare, biotech, manufacturing, robotics, and AI sectors. Praetorian will seek to combine with a partner in traditional industries that can be transformed through the application of automation and AI.
Withdrawals. No companies chose to withdraw their pending IPO registration statements last week.
The information reported in IPO Tracker is gathered using IPO Vital Signs, a Wolters Kluwer Regulatory U.S. database that includes all SEC registered IPOs, including REITs and those non-U.S. IPO filers seeking to list in the U.S. markets. IPO Vital Signs does not track closed-end funds, best efforts or non-underwritten deals, or IPO offerings for amounts less than $5 million.
Companies: Blueport Acquisition Ltd.; Evolution Global Acquisition Corp.; Alussa Energy Acquisition Corp. II; Off The Hook YS Inc.; Phaos Technology Holdings (Cayman); Klook Technology Ltd.; Launchpad Cadenza Acquisition Corp. I; Terra H Inc.; Tribeca Strategic Acquisition Corp.; Subversive Bitcoin Acquisition Corp.; THAI YEE HONG TECHNOLOGY HOLDINGS; Grayscale Investments Ltd.; Breeze Acquisition Corp. II; Praetorian Acquisition Corp.
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