Bullish Surpasses IPO Price Range Driven by Strong Institutional Demand

Bullish, a digital asset exchange operator and parent company of CoinDesk, has priced its initial public offering (IPO) at $37 per share, significantly above the expected range of $32 to $33 [1]. The company sold 30 million shares, resulting in a market capitalization of $5.4 billion, and now trades under the ticker BLSH on the New York Stock Exchange. The IPO attracted strong interest, with early signals of participation from subsidiaries of BlackRock and ARK Investment Management. Bullish cited growing institutional interest and rising digital asset market activity as key drivers of the timing of its public offering [1].

Pantera Capital, known for its early and accurate forecasts of Bitcoin’s 2025 price in 2022, has increased its exposure to crypto treasury companies [1]. According to Pantera executives, digital asset treasuries (DATs) can generate yield to grow net asset value per share, enabling greater token ownership over time. The firm has already invested over $300 million in DATs with exposure to Bitcoin, Ether, and Solana. These companies are leveraging their unique positions to accumulate more tokens in a per-share accretive manner [1].

BitMine Immersion Technology, one of the largest corporate holders of Ethereum, is planning to raise $24.5 billion through a stock offering to purchase more Ether. The company currently holds approximately 1.2 million ETH, valued at around $5.3 billion [1]. In July, BitMine appointed Tom Lee of Fundstrat as chairman, reflecting a broader trend of high-profile leadership in the crypto space. Ether’s price has surged by 55% in the past month, bringing it close to its all-time high, and fueling increased demand for the asset [1].

The U.S. banking lobby remains actively engaged in efforts to restrict yield-bearing stablecoins. Industry groups, including the Bank Policy Institute, are calling for amendments to the GENIUS Act to close a loophole that would allow stablecoin affiliates and exchanges to offer returns on stablecoin holdings [1]. While these groups publicly frame their concerns as related to financial stability, critics argue the deeper fear lies in the potential disruption of traditional banking models, which historically offer minimal returns to depositors [1].

The ongoing trends of IPOs, institutional treasury strategies, and stablecoin-related policy debates highlight the evolving landscape of the crypto industry. As digital assets gain broader acceptance, the interaction between regulation, innovation, and market dynamics will continue to shape the trajectory of the sector for investors and policymakers alike.

Source: [1] Crypto Biz: IPO fever, Ether wars and stablecoin showdowns (https://cointelegraph.com/news/bullish-ipo-pantera-crypto-bet-bitmine-ether-purchase-stablecoin-war)