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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]