继稳定币发行方Circle之后，今年美股上市的又一"币圈"新贵首秀亮眼。 Bullish此次37美元的发行价意味着，IPO募资规模11亿美元、公司估值由此达到54.1亿美元，而且上市 发行价远超指导区间，凸显机构投资者对加密行业制度化进程的强烈信心。 作者：李丹，华尔街见闻 美东时间8月13日周三，知名加密货币行业媒体CoinDesk的母公司、数字资产交易平台Bullish以BLSH为 股票交易代码在纽交所上市，上市首日股价盘中翻倍大涨，成为继"稳定币第一股"Circle之后今年美股 又一热门"币圈"新股。 Bullish股票开盘价报90美元，较37美元的IPO发行价大涨143%，随后股价一度触及118美元，涨幅接近 219%，公司市值飙升至逾170亿美元。该个股因波动剧烈多次临时暂停交易，到收盘报68美元，日内涨 近84%，市值接近100亿美元。 为防止股价过度波动，Bullish将约20%的发行份额分配给个人投资者，高于通常不到10%的比例。公司 在发行前已获得贝莱德和ARK Invest等知名机构总计2亿美元的认购意向，展现了华尔街对加密交易平 台的浓厚兴趣。 加密企业IPO热潮持续升温 Bullish ...

Core Insights - Bitcoin price reached a historic high of $123,500, surpassing the previous peak of $123,200 set on July 14, indicating a strong risk appetite among global investors [1] - The S&P 500 index also hit a record high, reflecting a broader bullish sentiment in the market, with the index continuing its summer rally [1] - The rise in Bitcoin's price is attributed to a favorable legislative environment in the U.S. since President Donald Trump's administration, along with companies like MicroStrategy adopting a strategy of accumulating Bitcoin [1] Group 1 - The correlation between cryptocurrency and stock markets is evident, with Ethereum showing a stronger correlation to the stock market than Bitcoin [1] - Recent U.S. inflation data met expectations, strengthening market bets on a potential interest rate cut by the Federal Reserve in September, which could shift funds from blue-chip stocks to more volatile digital tokens [1] - The demand for Ethereum has been driven by active treasury management companies, while Bitcoin's rise is supported by continued inflows into exchange-traded funds (ETFs) despite facing technical resistance [1] Group 2 - Factors such as slowing inflation, rising expectations for interest rate cuts, and unprecedented institutional participation through ETFs have created a strong bullish environment for cryptocurrencies [2] - The current price surge is characterized by a mature demand base, indicating that the buying activity is not solely driven by retail investors but also includes structural purchases from asset management firms, corporations, and sovereign funds [2]

Core Viewpoint - Bullish, the parent company of CoinDesk, had a strong debut on the US stock market, closing up nearly 84% on its first day of trading [1] Company Summary - Bullish listed on the New York Stock Exchange at an initial price of $37, opening with a 143% increase and reaching a peak intraday gain of over 200%, ultimately closing at $68 [1] - The company is led by former NYSE president Tom Farley and focuses on serving institutional investors [1] - Since its launch in 2021, Bullish has achieved a total trading volume exceeding $1.25 trillion on its platform [1] - Bullish's successful listing reflects market recognition of the potential of blockchain technology-driven financial services, despite previous failed attempts at a SPAC merger in 2021-2022 [1] - In 2023, Bullish acquired the cryptocurrency media outlet CoinDesk and received backing from notable investors such as Peter Thiel [1] Industry Summary - Bullish is part of a wave of cryptocurrency companies going public in the US stock market this year, with other companies like stablecoin issuer Circle also experiencing significant stock price increases on their debut [1] - The entry of institutional investors into the cryptocurrency market is seen as an inevitable trend according to CEO Tom Farley [1]

Core Viewpoint - Bullish's IPO has significantly outperformed expectations, reflecting strong institutional interest in the cryptocurrency sector, with a notable increase in stock price on its debut [2][5][10]. Group 1: IPO Performance - Bullish's IPO raised $1.1 billion with an initial offering price of $37, which was 12.1% to 15.6% higher than the revised guidance range of $32 to $33 [5][8]. - The stock opened at $90, a 143% increase from the IPO price, and reached a peak of $118, marking a 219% increase during trading [2][3]. - The closing price was $68, reflecting an 84% increase on the first day, with the company's market capitalization nearing $10 billion [2][3]. Group 2: Institutional Interest - Major institutional investors, including BlackRock and ARK Invest, expressed interest in purchasing up to $200 million in shares, indicating strong confidence in the cryptocurrency market [6][9]. - The allocation of approximately 20% of shares to retail investors was higher than the typical allocation of less than 10%, aimed at stabilizing stock price volatility [9]. Group 3: Market Context - Bullish is part of a growing trend of cryptocurrency companies going public, following the successful IPO of Circle, which raised over $1 billion and saw a 168% increase on its first day [10]. - The overall IPO market in the U.S. has shown robust performance, with a 58% year-on-year increase in the number of IPOs valued over $50 million [10]. Group 4: Company Background - Bullish, led by former NYSE president Tom Farley and backed by billionaire Peter Thiel, focuses on serving institutional investors and has a trading volume exceeding $1.25 trillion since its launch in 2021 [7][13]. - The company acquired CoinDesk in 2023, enhancing its position in the digital asset space [12][13].

Group 1 - Bullish successfully went public on the NYSE, becoming the first cryptocurrency company to do so after the signing of the stablecoin bill by Trump, raising $1.1 billion at an IPO price of $37 per ADS [1][2] - The company was founded in 2021 by Block.one and notable investors including Peter Thiel, with a focus on transparency and compliance in the digital asset industry [2][3] - Bullish's business is divided into two main segments: the cryptocurrency exchange Bullish and the recently acquired data and media business Coindesk, holding over 24,000 bitcoins [2][3] Group 2 - As of Q1 2023, Bullish's total trading volume exceeded $1.25 trillion, with a daily average trading volume of over $2.5 billion, ranking among the top five in Bitcoin and Ethereum spot trading [3] - The company reported a projected net profit of $80 million for 2024, but a net loss of $349 million for Q1 2025, despite maintaining a positive adjusted EBITDA of $13 million [3][5] - Bullish is actively pursuing regulatory licenses in various regions, having obtained licenses in Germany and Hong Kong to expand its services [6]

藍港互動集團有限公司 （於開曼群島註冊成立的有限公司） （股份代號：8267） 自願公告 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而產生或因 倚賴該等內容而引致的任何損失承擔任何責任。 Linekong Interactive Group Co., Ltd. 有關加密貨幣的持有量及LK Crypto 資產管理及募資計劃 本公告乃由藍港互動集團有限公司（「本公司」，連同其附屬公司統稱「本集團」） 自願刊發，以知會本公司股東（「股東」）及潛在投資者有關本公司業務的最新 發展。 本集團加密貨幣持有情況 本公司董事（「董事」）會（「董事會」）謹此向股東及潛在投資者提供加密貨幣資 產最新資料。 截至本公告日期，本集團持有： – 1 – — 97.08單位的比特幣，平均成本約為每單位比特幣73,015美元。此外，本集 團的參股公司亦持有96單位的比特幣。因此，本集團連同其參股公司合共 持有193.08單位的比特幣； — 913.63單位的以太坊，平均成本約為每單位以太坊3,155美元。此外，本集 團的參股公司亦 ...

Upexi (UPXI) FY Conference Summary Company Overview - Upexi has transitioned from a consumer products company to a Solana-focused treasury company, backed by 15 top digital asset VC firms [2][10] - The company has accumulated over 2,000,000 Solana tokens [2] Core Business Strategy - Upexi aims to become a leading company in the Solana space by utilizing capital markets to efficiently accumulate Solana and stake it for yields [2][10] - The company has raised significant capital, including a $100 million PIPE and a subsequent $200 million capital raise, bringing its portfolio to approximately $400 million [10][11] - Upexi has been acquiring Solana at a discount, particularly from institutions that previously held assets through FTX, which has been beneficial for shareholders [12] Financial Strategy and Yield Generation - Upexi's strategy involves raising capital above book value to expand its treasury, similar to MicroStrategy's approach [20][32] - The company is currently generating an 8% yield on its staked Solana, with additional gains from purchasing locked Solana at a 15% discount [32][33] - Upexi plans to use staking yields to support potential dividends and maintain shareholder value [28][31] Innovative Financial Instruments - Upexi has introduced a unique convertible note structure that allows investors to pledge Solana, providing downside protection while offering potential upside in Upexi stock [61][66] - This structure minimizes credit risk for Upexi, as it does not involve borrowing in dollars, thus avoiding basis risk associated with price fluctuations [66] Market Position and Future Outlook - Upexi is focused on expanding its shareholder base and institutional interest, aiming to reach a billion-dollar portfolio as quickly as possible [31][24] - The company is committed to a buy-and-hold strategy for Solana, intending to stake all acquired tokens and reinvest rewards [51][52] - Upexi's management emphasizes creativity in financial strategies, looking to replicate successful models from established players in the crypto space [29][32] Additional Insights - The management team includes experienced professionals from traditional finance, enhancing Upexi's strategic direction [14][16] - Upexi is actively working on building its market presence and increasing exposure to potential investors [72][74] Conclusion - Upexi's pivot to a Solana-focused treasury model positions it uniquely in the market, leveraging innovative financial strategies to maximize shareholder value while navigating the evolving landscape of digital assets [2][10][74]

Core Viewpoint - Thumzup (TZUP), a US social media company, has completed a secondary public offering raising approximately $50 million to expand into cryptocurrency mining and acquire a diversified digital asset reserve including BTC, ETH, SOL, XRP, and LTC [1] Group 1 - The secondary public offering was executed under an effective shelf registration arrangement [1] - The company expects to net approximately $46.5 million after expenses from this offering [1] - Donald Trump Jr. was one of the largest individual selling shareholders, holding about 350,000 shares prior to the offering [1] Group 2 - The funds raised will be used for acquisitions in the cryptocurrency mining sector [1] - The diversified digital asset reserve will include major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Ripple (XRP), and Litecoin (LTC) [1]

Core Insights - Cryptocurrency concept stocks experienced a strong surge, with DeFi Development (DFDV.US) rising over 22%, BIT Mining (BTCM.US) increasing over 11%, and Bitmine Immersion Technologies (BMNR.US) up over 10% [1] - Bitcoin reached a price of $121,072.3, marking a 1.87% increase in the past 24 hours, while Ethereum rose to $4,700.73, reflecting a 7.9% increase in the same timeframe [1] Company Performance - DeFi Development (DFDV.US) saw a significant increase of over 22% [1] - BIT Mining (BTCM.US) experienced an increase of over 11% [1] - Bitmine Immersion Technologies (BMNR.US) rose by over 10% [1] - Bit Digital (BTBT.US) increased by nearly 6% [1] - SharpLink Gaming (SBET.US) saw an increase of over 4% [1] Market Trends - The overall cryptocurrency market showed positive momentum, with Bitcoin and Ethereum both experiencing notable price increases [1]

Group 1 - The recent surge in the Hong Kong cryptocurrency ETF market, particularly for Ethereum ETFs, has drawn significant attention, with multiple ETFs recording substantial gains [1] - On August 13, four Ethereum ETFs saw notable increases, with the Jiashi Ethereum ETF (03179.HK) leading at an 8.32% rise, followed by Huaxia Ethereum ETF (03046.HK) at 7.8%, and others also performing well [1] - Ethereum's price surpassed $4600 for the first time since December 2021, driven by institutional support and favorable regulatory expectations [1][5] Group 2 - The development of stablecoins and Real World Asset (RWA) tokenization is providing support to the Ethereum ecosystem, with about half of the stablecoin supply and trading volume concentrated within it [5] - Major players like Coinbase and Robinhood are building layer-2 networks on Ethereum, enhancing its transaction processing capabilities [5] - Recent institutional buying, including large transactions of several hundred million dollars, has significantly increased demand in the spot market, contributing to the passive increase in ETF shares and net inflows [5] Group 3 - The marginal improvement in U.S. regulatory attitudes and the potential for future ETF staking yield have bolstered market bullish sentiment [6] - The current market dynamics show Ethereum leading the charge, with Bitcoin and other major cryptocurrencies following suit, indicating a reassessment of the long-term value of crypto assets [8] - The signing of an executive order by U.S. President Trump allowing alternative assets, including cryptocurrencies, into 401(k) retirement plans has structurally enhanced demand for virtual currencies [8] Group 4 - Ethereum is currently in a "strong trend + high volatility" upward phase, with expectations for cautious accumulation after potential pullbacks [8] - Short-term price movements for Ethereum may depend on the continuation of institutional buying and ETF inflows, alongside stable regulatory policies [9] - The future trajectory of cryptocurrencies will be influenced by macro policies, market sentiment, and the ongoing integration of virtual currencies into the traditional financial system [9]