RegulationBitcoinMarkets
|4 min ReadBitcoin is having its IPO moment
Jax Morales
Senior Analyst
Published
Jan 16, 2026
Bitcoin might be moving sideways, but Jordi Visser believes there's still strong faith in the asset, shown by ongoing ETF approvals and Bitcoin’s network hashrate hitting new highs.
In a recent podcast episode and a post on Substack, Visser compared Bitcoin’s current state to that of a traditional IPO. As original Bitcoin holders rotate out, new investors are stepping in, accumulating on dips and spreading the ownership across a broader market.
“In the traditional world, this moment is called an IPO,” Visser explained. “It’s when early believers cash out, when founders become wealthy, and when venture capitalists return money to their limited partners. The excitement of concentration is being replaced by the durability of distribution. The early believers are passing the torch to long-term holders who bought at higher prices and have different motivations. This is what success looks like. This is Bitcoin having its IPO.”
Source: Jordi Visser
Bitcoin Going Sideways in Consolidation Move
Bitcoin has been fluctuating between 115,957 over the last week. According to Visser, when a company goes public and early investors begin to sell, the stock often consolidates even during broader market rallies. This consolidation pattern is exactly what is happening with Bitcoin right now.
"New hands are stacking Bitcoin but they are moving cautiously, waiting for the distribution among a broader market to be complete before getting more aggressive," Visser said. "The result? A sideways grind that drives everyone crazy. The fundamentals are fine. The broader market is rallying. But the stock just… sits there."
“This is the exact pattern you see after a major IPO when lock-up periods expire. The stock doesn’t crash. It consolidates. Early investors sell. New long-term holders accumulate. Ownership transfers from the visionaries to the institutions,” he added.
Faith Still Going Strong, Despite Price Pressure
Despite the ongoing consolidation and the Crypto Fear & Greed Index signaling "fear" in the market, Visser believes the faith in Bitcoin remains intact. He pointed to the growing Bitcoin network hashrate, ETF approvals, and increasing stablecoin adoption as signs that the underlying asset is still strong.
"In a bear market, there are no buyers. Price collapses because everyone wants out and nobody wants in. But look at what’s actually happening: Bitcoin is consolidating, not collapsing. Every dip gets bought. The price isn’t making new lows, it’s holding a range," Visser said.
Source: Willy Woo
The IPO Process Will Keep Playing Out
Visser expects the "IPO" phase for Bitcoin to continue for a while longer. Typically, IPO phases last for six to 18 months, and although Bitcoin moves faster than standard assets, the process is still on track for about a six-month timeline.
When the process concludes, one likely outcome will be reduced volatility, as Bitcoin ownership gets distributed among many more people, rather than remaining concentrated among early holders and founders.
"For now, expect continued consolidation. Expect Bitcoin to keep frustrating people by not rallying with risk assets. Expect the sentiment to remain poor for a little while longer but be wary because there will be no signal. It will just start because the good news is already present," Visser concluded.
Disclaimer: This document is intended for informational and entertainment purposes only. The views expressed in this document are not, and should not be taken as, investment advice or recommendations. Recipients should do their own due diligence, taking into account their specific financial circumstances, investment objectives and risk tolerance, which are not considered here, before investing. This document is not an offer, or the solicitation of an offer, to buy or sell any of the assets mentioned.