The 2024–2025 crypto bull market can be remembered for a lot of issues: the runaway success of Bitcoin exchange-traded funds, the surge in institutional adoption, and a wave of business IPOs.
Digital asset change operator Bullish is the newest crypto-native firm to hitch the IPO rush, aiming to copy the general public market success of stablecoin issuer Circle and Bitcoin-friendly design platform Figma, which lately went public.
Bullish’s case stands out: The firm has raised its IPO value a number of instances, signaling robust investor demand. Its Securities and Exchange Commission (SEC) submitting revealed early curiosity from subsidiaries of BlackRock and ARK Investment Management.
This week’s Crypto Biz e-newsletter dives into Bullish’s IPO frenzy, Pantera Capital’s wager on crypto treasury firms, Ethereum’s rising institutional foothold and the US banking foyer’s persevering with combat towards stablecoin yields.
Bullish goes public
After weeks of studies suggesting Bullish would elevate its IPO value, the corporate priced its debut at $37 per share on Wednesday — effectively above the anticipated vary of $32 to $33. The crypto change operator and CoinDesk proprietor reportedly elevated its fundraising goal amid robust investor demand.
Bullish bought 30 million shares on the providing value, giving the corporate a complete market capitalization of $5.4 billion. The inventory now trades on the New York Stock Exchange beneath the BLSH ticker.
In its SEC filings, Bullish cited rising digital asset market exercise and rising institutional curiosity as key drivers behind the timing of its IPO.
Pantera makes huge wager on crypto treasury firms
Pantera Capital, which appropriately predicted Bitcoin’s 2025 value again in 2022, is ramping up its publicity to crypto treasury performs amid rising ETF adoption.
Pantera executives Cosmo Kiang and Erik Lowe defined that digital asset treasuries (DATs) “can generate yield to develop web asset worth per share, leading to extra underlying token possession over time than simply holding spot.”
Following this technique, the corporate has invested greater than $300 million in crypto treasury firms with publicity to Bitcoin (BTC), Ether (ETH), Solana (SOL) and different belongings.
“These DATs are profiting from their distinctive conditions to make use of methods to develop their digital asset holdings in a per-share accretive method,” the executives mentioned.
BitMine targets $24.5 billion elevate for Ether purchases
BitMine Immersion Technology, a publicly traded Bitcoin mining firm, has introduced plans to lift $24.5 billion by a inventory sale to accumulate extra Ether — underscoring the intensifying race to build up the cryptocurrency because it nears report highs.
Already the most important company holder of Ethereum, BitMine owns about 1.2 million ETH valued at roughly $5.3 billion, in keeping with business information.
In July, BitMine appointed Fundstrat’s Tom Lee as chairman of the board — a transfer seemingly aimed toward mirroring the high-profile company crypto technique of Strategy and its Bitcoin evangelist, Michael Saylor.
The plan comes as Ether’s value has surged 55% over the previous month, placing it inside placing distance of its all-time excessive.
US banking foyer’s battle on stablecoins continues
Less than three months after Cointelegraph reported on the US banking foyer “panicking” over yield-bearing stablecoins, business teams at the moment are urging the federal government to shut a perceived loophole within the GENIUS Act. The loophole, they argue, may enable stablecoin issuers and their associates to supply yields on stablecoin holdings.
Several banking associations, led by the Bank Policy Institute, famous that whereas the GENIUS Act prohibits stablecoin issuers from paying curiosity to digital greenback holders, the ban doesn’t explicitly prolong to associates or crypto exchanges.
Publicly, the teams declare their concern is that stablecoins may undermine the banking system. However, critics say the extra urgent worry could also be that stablecoins will erode their enterprise mannequin — particularly given banks’ lengthy historical past of providing minimal returns to depositors.
Crypto Biz is your weekly pulse on the enterprise behind blockchain and crypto, delivered on to your inbox each Thursday.
