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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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CompleteBankData.com founder and chief executive officer Nate Tobik recently joined Benzinga’s #PreMarket Prep show to talk about what could be this year’s biggest initial public offering, and it’s not Alibaba.
Citizens Bank will begin trading on the New York Stock Exchange today under the ticker CFG. It’s been quite a while since the last bank IPO, Tobik said, and banks have really been pushed down for years since 2008.
Citizens Bank is a $130 billion retail bank currently owned by the Royal Bank of Scotland Group plc (ADR) (NYSE: RBS), and this is the biggest bank IPO since Goldman Sachs in 1999.
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“This is going to be potentially one of the biggest IPOs of the year,” Tobik said, “maybe even bigger than Alibaba.”
He said shareholders won’t get anything in this IPO, but they will gain some independence.
“I think what investors are going to get here is Citizens is going to be a little bit like spinoff,” Tobik said. “You’ve got a CEO who’s now motivated. The bank’s going to be partially owned by shareholders, and they’re going to work to increase profitability. They’re going to start to grow … if that happens, there’s no way this is going to be trading at 1x tangible book (value per share).”
Tobik said he plans to sit back and wait a few days after the stock begins trading to see what happens.
“I would be surprised if this rises too much after the open,” he said.
He also talked about Goldman Sachs, Wells Fargo and merger and acquisition activity in banks under $100 million in assets.
Check out his full interview here:
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.