Cathie Wood’s Ark Invest is increasing its bet on Bullish Holdings, the crypto exchange backed by billionaire Peter Thiel, with a new $11.98 million share purchase this week. The latest buy marks Ark’s continued accumulation of Bullish stock (BLSH) following its public debut in August. According to Ark’s Monday trading disclosure, the investment firm acquired a total of 238,346 Bullish shares across three of its actively managed exchange-traded funds. The flagship ARK Innovation ETF (ARKK) picked up 164 ...

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Core Viewpoint - Bullish (BLSH) stock surged over 20% following the acquisition of a crucial New York license, enabling its entry into the US market, which is seen as vital for its business model [1][2]. Group 1: Company Developments - CEO Tom Farley announced that the company received the New York State Department of Financial Services BitLicense, which was a prerequisite for launching its exchange in the US [2]. - Bullish's crypto exchange is focused on institutional investors and already holds licenses in Hong Kong and Germany, enhancing its regulatory standing [2][3]. - The company reported second-quarter revenue of $57 million, down from $60.7 million year-over-year, and earnings per share of $0.93, compared to a loss of $1.03 per share last year [4]. Group 2: Market Reactions - Analysts from Wall Street responded positively to the news, with Compass Point raising its price target to $56, reflecting a more optimistic outlook on US expansion [3]. - Bernstein maintains a price target of $60 and a Market Perform rating, indicating confidence in the company's growth potential in the US market [4]. Group 3: Historical Context - Bullish initially attempted to go public through a SPAC merger in 2021, but the deal was abandoned due to regulatory scrutiny [5]. - The company is among a select group of crypto-related firms that have gone public this year, including Gemini, Circle, and eToro [5].

Core Insights - Wall Street has seen a significant rebound in initial public offerings (IPOs), with seven companies going public in a week, raising over $100 million each, totaling $4.4 billion, the highest since November 2021 [1][2] IPO Activity - The total proceeds from traditional IPOs this year have reached $25 billion, marking the highest level since 2021 [2] - The recent IPOs include a variety of companies such as a Swedish buy now, pay later lender, a blockchain mortgage platform, a coffee chain, and a crypto exchange founded by the Winklevoss twins [3] Recent Listings - Notable recent IPOs include Gemini Space Station, Black Rock Coffee Bar, Via Transportation, and Legence, with Gemini raising $425 million and its stock up 18% [5][6] - Black Rock Coffee Bar, Via, and Legence raised $294 million, $493 million, and $728 million respectively, with their stocks increasing by 45%, 3%, and 8% [6] Market Trends - The IPO market has become very active post-Labor Day, with road shows being the busiest since mid-2021 [7] - Earlier in the week, Klarna and Figure Technology Solutions went public, raising $1.37 billion and $787.5 million respectively, with their stocks showing mixed performance [8] Future Projections - Renaissance Capital projects about three to five IPOs per week for the next two months, although they do not expect another week with as many large deals [4]

Core Viewpoint - Gemini, the crypto exchange founded by the Winklevoss twins, is set to begin trading with an IPO price of $28 per share, indicating strong market interest and a potential for significant first-day gains [2][3]. Group 1: IPO Details - The IPO price of $28 per share is above the previously expected range of $24 to $26, suggesting strong demand [2]. - Gemini sold 15.1 million Class A shares, raising a total of $425 million [2]. - The company is expected to have a market value of approximately $3.3 billion following its public debut [3]. Group 2: Market Demand and Investment - There was a $50 million private placement investment from Nasdaq, indicating confidence in Gemini's market potential [2]. - Demand for Gemini's shares was reported to be more than 20 times higher than the available shares, reflecting strong investor interest [2]. Group 3: Company Overview - Gemini operates one of the well-known crypto exchanges in the U.S. and offers a credit card with crypto rewards and a stablecoin [4]. - Although Gemini's trading volumes are significantly lower than those of Coinbase, the company sees growth potential in tokenization and card payments [4].

Industry Overview - Nine crypto startups raised over $869 million this week, bringing total funding for crypto companies to just shy of $16 billion in 2025, outpacing 2024's total by about $6 billion [1] - Twenty-two industry players have raised just under $1 billion in September alone [1] - PitchBook predicts the industry will raise $18 billion this year, with expectations from investors that it could exceed $25 billion in 2025 [2] Major Fundraising Events - Figure Technology raised $787.5 million in a US initial public offering, selling 31.5 million shares at $25 each, valuing the firm at $5.29 billion [3] - The IPO reflects growing investor appetite for crypto firms, with Stanley Druckenmiller's Duquesne Family Office eyeing up to $50 million in shares [4] - Gemini Space Station plans to list on Nasdaq, potentially raising up to $317 million, with Nasdaq investing $50 million via a private placement [5] - Gemini holds $21 billion in assets and has processed $285 billion in trades, becoming the third publicly listed crypto exchange after Coinbase and Bullish [6] - Inversion Labs raised $26.5 million in a seed round led by Dragonfly Capital, valuing the company at $100 million [7]

Core Insights - Gemini, the crypto exchange founded by Cameron and Tyler Winklevoss, is preparing for a significant initial public offering (IPO) with an increased price range of $24 to $26 per share, indicating strong investor demand [2][3] - The company plans to offer approximately 16.7 million shares, which would result in a market capitalization exceeding $3 billion at the upper end of the price range [3][4] - Nasdaq has committed to a $50 million private investment in Gemini, further supporting the IPO and reflecting confidence in the company's prospects [4][6] Company Overview - Gemini operates as a prominent crypto exchange in the U.S. and has expanded into a credit card business, highlighting its diverse revenue streams [6] - Despite having a trading volume significantly lower than Coinbase Global, Gemini identifies tokenization and card payments as areas with substantial growth potential [6] IPO Details - The initial price range for the IPO was previously set at $17 to $19 per share, which has now been revised upward due to strong market interest [3][4] - The company is expected to list on the Nasdaq under the ticker symbol "GEMI" [4] - A portion of the Class A shares, up to 30%, will be allocated for retail investors through platforms like Robinhood and SoFi [5]

IPO Market & Bullish - The IPO market is heating up, with crypto exchange Bullish set to price its IPO [1] - Bullish aims to raise $990 million by offering 30 million shares priced between $32 and $33, giving it a total market value of $4.8 billion [1] - Demand for the Bullish IPO has grown, with the company originally marketing about 20 million shares in a proposed range that began at $28 a share [2] - BlackRock and Kathy Wood's ARK have indicated interest in buying up to $200 million of the shares [3] - Bullish is making its second attempt at going public, looking to take advantage of the previous administration's crypto-friendly stance [3] Bullish Company Overview - Bullish launched in 2021 and is a crypto exchange and the parent of the crypto news and data site CoinDesk [4] - The exchange is headquartered in the Cayman Islands and focused on institutional investors, blending DeFi offerings with centralized security [4] - Bullish plans to convert a significant portion of the IPO proceeds to US dollar-denominated stablecoins [6] Crypto Market Trends - Stablecoins continue to be a hot topic, with increasing interest from brands and big institutions [7] - Circle launched a proprietary blockchain to further the stablecoin ecosystem [7] - ETH hit a new December 2021 high, inching closer to its record, and is the backbone of a lot of the stablecoin activity [8]