Core Insights - A recent survey by Kraken indicates that trust is a significant factor for American crypto users, with 79% willing to pay higher fees for trusted exchanges [1][2] - The survey reveals that U.S. crypto users prioritize long-term confidence and security over low fees, with 26% citing trustworthiness as the most important factor [3] - The aftermath of the FTX collapse has heightened awareness of trust and security among users, as evidenced by the survey results [4] User Preferences - Among survey respondents, 16% identified fees as the most important factor for choosing an exchange, while 26% prioritized trustworthiness and 14% focused on security features [3] - Regulatory compliance is not a primary concern for most users, with only 6% ranking it as their top factor for selecting an exchange [6] - Customer support is also a low priority, with only 7% of respondents citing it as a key factor [6] Market Dynamics - Kraken is reportedly preparing for an IPO, and its reliance on transaction fees for revenue remains unclear [5] - In comparison, Coinbase disclosed that transaction revenue constituted 53% of its total revenue, amounting to $764 million in Q2 [5] - The survey found that many U.S. crypto users maintain accounts on multiple platforms, with 44% using two exchanges and 26% using more than two [6]

Group 1 - Bullish, a crypto exchange backed by Peter Thiel, successfully raised over $1 billion in its IPO, with shares more than doubling from the initial offering price of $37 to a peak of about $118 [1][2] - The IPO was priced at $37, exceeding the expected range of $32 to $33, and significantly higher than the initial range of $28 to $31 [2] - Following the IPO, Bullish's market valuation surged from approximately $5.4 billion to over $13 billion shortly after trading began, reaching above $17 billion at its peak [2] Group 2 - Trading for Bullish's stock, listed under the ticker BLSH, was halted multiple times due to volatility, with trading interruptions occurring at 1:02 p.m., 1:12 p.m., and 1:18 p.m. [3] - Major shareholders include Brendan Blumer, who is expected to hold about 30.1% of shares, and Kokuei Yuan, likely holding 26.7% [4] - Investment firms BlackRock and ARK Investment Management have shown interest in purchasing up to $200 million of shares at the IPO price [4]