Bending Spoons lists on NASDAQ at $25.7B valuation as tokenized shares bridge crypto and traditional equity

An Italian company most people have never heard of just pulled off one of 2026’s biggest IPOs, and the crypto world got a front-row seat. Bending Spoons, the Milan-based tech holding company behind brands like Evernote, Vimeo, and AOL, debuted on Nasdaq on July 1 under the ticker BSP, with shares surging nearly 40% on their first day of trading to close at $40.50.

The stock priced at $29 per share, above the anticipated range of $26 to $28, raising approximately $1.68 billion in total. Of that, roughly $953.9 million went directly to the company. The debut pushed Bending Spoons’ market capitalization to around $25.7 billion, more than doubling its $11 billion private valuation from October 2025.

From digital diary app to $25.7B empire

Bending Spoons started as a digital diary app called Evertale back in 2013. Over the past decade-plus, co-founders Luca Ferrari and Matteo Danieli transformed the business into a serial acquirer of digital properties. The portfolio includes AOL, Evernote, WeTransfer, Vimeo, and Eventbrite. The result is a company claiming over 1 billion registered users and hundreds of millions of monthly active users across its portfolio.

Both Ferrari and Danieli are now billionaires.

Why crypto investors should care: tokenized shares

Bending Spoons itself has no direct involvement in crypto or blockchain technology. But the IPO matters for crypto markets because of what happened alongside the traditional listing. Tokenized versions of Bending Spoons shares, trading under the symbol BSPx, became available through platforms like Kraken’s xStocks and Backed.fi. These tokens offer 1:1 exposure to the company’s actual equity without requiring a traditional brokerage account.

The risk is regulatory. Tokenized equities exist in a gray zone in many jurisdictions. The SEC has been cautious about products that blend securities with crypto infrastructure, and any enforcement action against tokenized stock platforms could dampen enthusiasm quickly. Investors holding BSPx tokens should understand they’re exposed not just to Bending Spoons’ business performance but also to the evolving regulatory landscape around tokenized securities.

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