[LukaAl]

Going public by taking over a publicly traded company is a legit way to avoid the costs and complexity of an IPO. There are examples in the past, the most famous is probably Berkshire Hathaway, Warren Buffett's company.

That said, a proper IPO allows for more scrutiny and it is probably better to read the SEC filings before investing in a company you don't know (and also in one you know). Everyone pretending Crypto is not a bubble should justify this kind of behavior where people are investing based on keyword instead of knowledge...