Bitcoin Could Be Undergoing an Unofficial Initial Coin Offering (ICO), Says Analyst Jordi Visser
Bitcoin appears to be in the midst of an unofficial initial coin offering (ICO) as original coin holders rotate out and new investors step in to accumulate tokens. This shift is distributing Bitcoin’s supply across a broader base, according to macro analyst and Wall Street veteran Jordi Visser.
In a recent episode of entrepreneur Anthony Pompliano’s podcast and a detailed post on Substack, Visser noted that old Bitcoins that have been dormant for years are now moving. “Not all at once. Not in panic. But steadily,” he explained, adding that new investors are “accumulating on dips.”
Drawing an analogy to the traditional financial world, Visser said, “This moment is called an IPO. It’s when early believers cash out, founders become wealthy, and venture capitalists return money to their limited partners.” He described the current phase as a transition from concentration to durability in ownership: “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.”
Bitcoin Exhibits Sideways Consolidation
Over the past week, Bitcoin’s price has fluctuated between $106,786 and $115,957. Visser highlighted that when a company goes public, its stock often consolidates as early investors sell their shares—even amid broader market rallies. Similarly, new investors in Bitcoin are cautiously accumulating, waiting for the distribution process to broaden before becoming more aggressive buyers.
“The result? A sideways grind that drives everyone crazy,” Visser commented. “The fundamentals are fine. The broader market is rallying. But the stock just sits there.” He elaborated that this consolidation phase is typical after major IPOs when lock-up periods expire. Instead of crashing, the asset consolidates as early investors sell and new long-term holders accumulate. Ownership gradually transfers from visionaries to institutions.
Faith in Bitcoin Remains Strong Despite Price Pressure
Despite recent price stagnation, faith in Bitcoin’s fundamentals remains strong. The Crypto Fear & Greed Index has been signaling “fear” since Wednesday and averaged fear ratings the previous week. Nevertheless, Visser points to several positive indicators that suggest ongoing confidence in the asset.
These include continued approvals of Bitcoin exchange-traded funds (ETFs), the Bitcoin network’s hashrate reaching new highs, and expanding adoption of stablecoins. He explains, “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 also remarks on the apparent divergence between Bitcoin and risk assets, stating, “The fundamentals are stronger than ever. And the structure, the distribution of holdings from concentrated to fragmented, is exactly what Bitcoin needs to graduate from a revolutionary experiment to a durable monetary asset.”
The IPO Process Will Continue
According to Visser, this “IPO” phase is likely to continue for some time. Typically, IPO lock-up expirations and distribution processes last six to 18 months. While Bitcoin’s market moves faster than traditional assets, it is currently around the six-month mark in this timeline.
One expected outcome of this phase is reduced volatility as ownership spreads among many more participants, rather than remaining concentrated among early holders and founders.
“For now, expect continued consolidation,” Visser advises. “Expect Bitcoin to keep frustrating people by not rallying with risk assets. Expect 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.”
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