国际律所 White & Case 合伙人 Laura Katherine Mann 表示，2025 年只是加密企业 IPO 的"试运行"， 2026 年才是真正的考验，届时市场将判断加密 IPO 是否能成为可持续的资产类别，还是仅在牛市中成 立的周期性交易。她预计，2026 年的 IPO 结构将发生变化：从偏重"数字资产储备型公司（DAT）"转 向更符合传统金融逻辑的企业，包括受监管的交易所和经纪商、托管与基础设施服务商，以及稳定币支 付和资金管理平台。（CoinDesk） 来源：市场资讯 （来源：吴说） ...

Core Viewpoint - Bullish has significantly raised its IPO price range and fundraising target, reflecting strong investor interest in cryptocurrency companies [3][4]. Group 1: IPO Details - Bullish has increased its IPO price range from $28-$31 to $32-$33, with plans to issue 30 million shares, potentially raising $990 million, a nearly 60% increase from the previous target of $629 million [3][4]. - The company's market capitalization is expected to rise from approximately $4.2 billion to $4.8 billion based on the new price range [3]. - The IPO is underwritten by major financial institutions including JPMorgan, Jefferies, and Citigroup, with plans to list on the New York Stock Exchange under the ticker "BLSH" [3][4]. Group 2: Institutional Interest - The IPO has attracted significant interest from institutional investors, with BlackRock and ARK Investment Management indicating intentions to purchase up to $200 million worth of shares at the IPO price [4]. - Bullish operates a digital asset platform for institutional clients across over 50 jurisdictions, excluding the U.S. [4]. Group 3: Market Context - The surge in IPO activity among cryptocurrency companies is notable, with other firms like BitGo and Kraken also planning public offerings [5][6]. - The recent success of Circle's IPO, which raised nearly $900 million, has set a precedent for strong institutional demand in the crypto sector [6]. - The regulatory environment in the U.S. is evolving positively for digital assets, highlighted by recent legislative actions supporting stablecoins and market structure [6].

机构投资者踊跃认购 Bullish的IPO吸引了重量级机构投资者的关注。文件显示，BlackRock和ARK Investment Management旗 下投资账户管理公司已表示有意以IPO价格购买最多2亿美元的股票，这一基石投资为此次发行提供了 强有力的支撑。 该公司运营着面向机构客户的数字资产平台，业务覆盖50多个司法管辖区，但不包括美国。2023年11 月，Bullish以7260万美元从Digital Currency Group收购了CoinDesk，进军加密媒体领域。CoinDesk是 全球第二大加密媒体，2024年平均月独立访问量达490万。 公司计划将部分IPO募集资金转换为以美元计价的稳定币。Bullish此前曾于2021年宣布计划通过与特殊 目的收购公司合并上市，当时合并后公司估值约90亿美元，但该交易于2022年被取消。 加密平台CoinDesk母公司Bullish大幅上调IPO发行价格和募资规模，潜在募资额从约6.29亿美元激增至 9.9亿美元，增幅近60%，反映出投资者对加密公司的强烈兴趣。 根据周一提交给美国证券交易委员会的文件，Bullish现计划发行3000万股股票，发行价区 ...

Core Viewpoint - The successful IPO of Circle is seen as a pivotal moment for the cryptocurrency industry, potentially marking 2025 as the year of crypto IPOs, as it opens the door for other digital asset companies to pursue public listings [2][3]. Group 1: Market Dynamics - Following Circle's IPO, several cryptocurrency firms, including Bullish and Gemini, have initiated their own IPO plans, indicating a shift in the relationship between digital assets and traditional financial markets [2][3]. - Bullish, a subsidiary of Block.one, has submitted an IPO application and has a significant trading volume in USDC, which is a stablecoin issued by Circle [3]. - Gemini has also filed for an IPO with the SEC, supported by the resolution of regulatory investigations, which may facilitate its listing on the NYSE [4]. Group 2: Financing Needs - The primary motivation for cryptocurrency companies to pursue IPOs is the need for capital to support operations, including investments in mining equipment, security, and compliance systems [4][5]. - Companies like Galaxy Digital and American Bitcoin are looking to alleviate financial pressures and expand operations through public listings or private placements [4]. Group 3: Challenges and Regulatory Environment - Despite the IPO enthusiasm, cryptocurrency firms face significant challenges, including unstable revenue structures and regulatory scrutiny from the SEC, which complicates the IPO process [5][6]. - The regulatory landscape has been a barrier for many digital asset companies, but recent changes, including the establishment of a dedicated SEC review team for digital assets, have provided a more favorable environment for IPOs [6][7]. Group 4: Mergers and Acquisitions - Alongside the IPO trend, there has been a surge in mergers and acquisitions within the cryptocurrency sector, with over 40 deals reported this year, indicating a consolidation phase in the market [7][8]. - Major acquisitions include Kraken's $1.5 billion purchase of Ninja Trader and Ripple's $1.25 billion acquisition of Hidden Road, reflecting the growing interest in integrating traditional financial services with cryptocurrency operations [7]. Group 5: Future Outlook - The cryptocurrency industry is at a critical juncture, transitioning from a niche market to mainstream acceptance, with both opportunities and risks magnified during this transformation [9]. - The ongoing evolution of regulatory frameworks, such as the GENIUS Act in the U.S. and the Stablecoin Regulation in Hong Kong, aims to create a more structured environment for digital assets, although challenges remain due to fragmented global regulations [9].