OpenAI’s confidential IPO filing with the Securities and Exchange Commission (SEC) is having a ripple effect on crypto assets. Artificial intelligence (AI) coins usually move in line with activities of top firms and major market updates.
OpenAI IPO Gives AI Coins Little Hope
Like major crypto assets, AI coins declined rapidly in recent months due to unfavorable market conditions. While still in the red zone, several assets are showing signs of a breakout after positive trading over the last 24 hours.
This comes on the heels of OpenAI, the company behind ChatGPT, kickstarting plans to become a publicly traded institution. Daily trading volumes for these assets soared above $3 billion, the first time in weeks.
Bittensor (TAO) jumped 2% after the news, while Unibase (UB) soared 2.9%. In market context, TAO lost 13% of its value last week and declined by 31% over the month. This lowered the asset’s price below $215 with little momentum for traders, igniting a short-term rebound.
On the other hand, Unibase posted much larger 40% weekly losses and has struggled to push through liquidations. Last week was more chaotic for the assets due to hurdles faced by major coins like Bitcoin, Ethereum, and Solana. Top crypto have a direct impact on AI coins as they move with both on-chain and macro activities.
 
The general outlook still shows the tightening red wave in most assets. Despite the AI sector surge, Internet Computer, Render, Near Protocol, etc still dipped today. Positively, losses were significantly smaller than last week’s average, signaling better market performance.
Analysts noted that this needed lifeline for AI coins can bolster their market cap, which currently sits above $21 billion. Broadly, OpenAI’s decision to go public is expected to be a significant boost for the company and related assets.
The firm joins Anthropic to file confidential documents, setting the stage for two huge IPOs in coming months. OpenAI is currently valued above $850 billion and looks to “feel and act” like a public company, according to its CFO Sarah Friar.
“We recently submitted a confidential S-1. We expect it to leak so we’re just announcing it. We have not decided on timing yet; it may be a while because there are things we want to do that are likely easier as a private company. But it’s a complicated set of tradeoffs and this gives us the option to go public sooner if that ends up being best,” the company stated after the filing.
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