Company Overview - Bullish stock surged after its IPO, initially priced at $37 per share, and now trades at approximately $70 per share, with potential to double to $140 based on growth factors [1][4] - The company focuses on institutional investors, combining decentralized finance protocols with centralized platform safeguards, differentiating itself from retail-heavy competitors like Coinbase [4][5] Financial Performance - Revenues increased from $39 million in 2023 to $97 million in 2024, representing over 140% growth [4] - Trading volumes rose significantly to $250 billion in 2024 from $72.7 billion in 2022, with Q1 2025 volumes up another 78% [4] - The company has seen over $1.25 trillion in total trading activity since launch [4] - Despite a net loss in Q1, Bullish projects net income between $106 million and $109 million for Q2, indicating a potential shift to profitability [4] Market Potential - The institutional crypto market is expected to grow significantly, with institutional trades accounting for over 70% to 80% of turnover in equities and bonds [5][6] - The trend is shifting from retail-driven crypto adoption to institutional involvement, aided by the rollout of crypto ETFs and clearer regulations [5][6] - Bullish's focus on Bitcoin and Ethereum trading positions it well to attract long-term investors, potentially reducing volatility compared to retail-focused exchanges [6] Valuation and Future Projections - If revenues grow by about 50% annually over the next four years, Bullish could reach around $500 million by 2028, translating to approximately $200 million in net income [7] - At a valuation of 100x earnings, Bullish could trade at around $20 billion, equating to roughly $140 per share [8] - Comparatively, Coinbase's revenue and net income figures highlight the potential for Bullish to achieve similar margins and valuations in the future [7][8] Timeline for Growth - The projected timeline for achieving the high-return scenario is around four years, with stock price responding positively to revenue expansion and margin improvements [9]

Market Trend Prediction - Industry anticipates Bitcoin reaching $1 million by 2030 [1] Supporting Factors - Emerging regulatory clarity is a positive sign [1] - The US government maintaining a BTC reserve signals confidence [1] - Growing interest in crypto ETFs is driving demand [1]

And welcome back to halftime with your we have your ETF edge. We're seeing two big pushes in the industry this week getting very different receptions. Let's jump right into it.Joining me now is independent ETF expert Dave Natig. Dave, thanks for joining us. Thanks for having me.All right, let's start off first. I get back to those two big players diving into the active management arena. We got billionaire investor Ron Baron launching his own fund and lowcost king Vanguard filing for a new fundamentals fund ...

Regulatory Developments - SEC has delayed decisions on crypto ETFs [1] - One proposed ETF is from Donald Trump's media company and aims to track Bitcoin and Ethereum [1]

Crypto ETF Market Dominance - Crypto ETFs占据过去一年推出ETF中前20名的半数（50%）[1] - Crypto ETFs包揽前四名 [1] Types of Crypto ETFs Launched - 已推出5只比特币现货ETF [1] - 已推出2只以太坊现货ETF [1] - 已推出2只Mstar ETF [1] - 已推出1只杠杆以太坊ETF [1] ETF Market Overview - 过去一年已推出超过1300只ETF [1]

Read SnapShot Issue 217 now:📥 SEC approves in-kind crypto ETFs redemptions in BTC & ETH🏦 Cboe proposes INJ & SOL ETFs with staking🏢 SUI & SOL in Corp Treasuries’s crypto diversification plans🚀 https://t.co/4Pwuihn1CU surpasses https://t.co/TC3cIq6Ack in Solana token launches🏛️ White House urges clearer trading rules for digital assets— and more ...

Market Trends - Crypto ETFs saw record $12.8 billion inflows in July [1] - Market rallies to new highs [1]

today at Coinbase uh backed off a little bit, but what are we expecting. Yeah, Mike, analysts anticipating a weak quarter of trading following that exuberance that we saw in Q1 as traders were of course still celebrating the new pro crypto Trump administration and all of the policies that would be to come. Come April, however, as Washington's focus shifted to tariffs, uh we saw speculative trading by retail slowed across centralized exchanges, including Coinbase, and it was inflows into crypto ETFs and buyi ...

US Exchanges Ask SEC to Consider Rule Change to Speed Up Crypto ETFs► https://t.co/BeTBWrMc4w https://t.co/BeTBWrMc4w ...

Crypto ETF Market - BlackRock's crypto ETFs AUM has surpassed $20 billion [1] - CoinShares launched a staked SEI ETP, contributing to the expansion of regulated crypto products globally [1] - Canary Capital filed for a U.S-listed staked SEI ETF, following European ETPs [1] Regulatory Landscape - The SEC acknowledged staking in the approval of the ETH ETF amendment [1] Cryptocurrency Focus - The report highlights Sei, indicating its market activity and potential [1]