Gemini能否承接Bullish的上市神话？

Core Insights - The recent IPOs of Circle and Bullish indicate a growing interest in the cryptocurrency sector, with Circle's stock surging 168.48% on its first day and Bullish's initial pricing being significantly raised due to high demand [2][7] - Gemini, founded by the Winklevoss twins, has also filed for an IPO, with expectations of raising around $400 million, further highlighting the trend of cryptocurrency exchanges entering traditional capital markets [2][3][8] Company Summaries - Circle's IPO marked a significant event in the fintech startup space, with its stock price reaching a high of $298.99 before experiencing a pullback [2][7] - Bullish, which had an initial share price range of $28 to $31, saw its final IPO price set at $37, reflecting a strong demand with a subscription rate exceeding 20 times [2][6] - Gemini, established in 2014, serves over 523,000 monthly trading users and has a platform asset size exceeding $18 billion, with a cumulative trading volume of over $285 billion [3][5] Performance and Valuation - In the first half of 2025, Gemini reported revenues of $67.91 million, with 65.5% derived from trading fees, but also faced a net loss of $282 million [6][7] - Bullish's estimated revenue for Q1 2025 was $46.82 million, with a net loss of $349 million, and its current market valuation is approximately $10.2 billion [6][7] Industry Trends - The surge in IPOs from Circle, Bullish, and Gemini reflects a broader trend of the cryptocurrency industry embracing traditional financial markets, despite ongoing challenges such as regulatory uncertainty and market volatility [7][8] - The potential for continued interest in new cryptocurrency stocks is anticipated, especially with institutional investments expected to increase following legislative changes [8]