Cathie Wood bets on AI stock over Bitcoin again

Key Points

• Bullish (BLSH) IPO: Cryptocurrency exchange operator Bullish is set to go public at a valuation of $5.41 billion, pricing its IPO at $37 per share, above the expected range of $32 to $33, raising $1.1 billion.**
• Previous Attempt: This is Bullish's second attempt at going public, after a failed 2021 SPAC merger valued at $9 billion was withdrawn due to regulatory scrutiny.**
• Institutional Interest: Major investors like BlackRock and Ark Invest have shown interest in purchasing up to $200 million worth of shares in the offering.**
• Market Context: Bullish aims to capitalize on a strong IPO market in 2025, with 133 IPOs worth over $50 million, a 58% increase from last year, and a rally in cryptocurrencies like Bitcoin (+28%) and XRP (+57%).**
• Business Focus: Bullish operates a digital assets exchange for institutional clients, processing $2.6 billion in daily volume in Q1, and owns CoinDesk, a prominent trade publication.**

Summary

Bullish (BLSH), a cryptocurrency exchange operator, is set to go public with a valuation of $5.41 billion, pricing its IPO at $37 per share, surpassing the anticipated $32-$33 range, and raising $1.1 billion. This marks the company's second attempt at a public debut after a failed 2021 SPAC merger valued at $9 billion was halted by regulatory issues. The IPO has attracted significant institutional interest, with BlackRock and Ark Invest eyeing up to $200 million in shares. Bullish, which also owns CoinDesk, operates a digital assets exchange for institutional clients, handling $2.6 billion in daily volume in Q1. CEO Thomas Farley believes the digital assets industry is at a growth inflection point, positioning Bullish as a key player with a compliant, institutional-focused model. The IPO comes amid a robust 2025 market, with 133 IPOs worth over $50 million, up 58% from last year, and a cryptocurrency rally, including Bitcoin (+28%) and XRP (+57%). Bullish aims to follow the success of recent fintech IPOs like Circle (+130% since debut) and Figma (+2% since debut), signaling a strong recovery in the IPO landscape after challenging years.

Key Points

• Bags, a new memecoin launchpad on Solana, has gained traction by paying royalties to meme creators and artists, amassing over $1 billion in trading volume in the last 30 days.
• Despite competition from market leaders like Pump.fun and LetsBonk, Bags is the fastest-growing memecoin launchpad on Solana by revenue, having launched in May.
• Bags requires creators to designate royalty recipients, often the original artists or meme creators, distinguishing it from other platforms that allow unrestricted token creation.
• While some creators earn significant royalties, Bags’ top memecoins, BTH and NYAN, have recently dropped by 20% and 32%, respectively, impacting traders.
• The memecoin market is experiencing a resurgence, with a sector value of $77 billion and an 11% increase in the last 30 days, alongside a 45% rise in trading volume.

Summary

Bags, a Solana-based memecoin launchpad launched in May, is carving a niche by paying royalties to meme creators and artists, a strategy that sets it apart from competitors like Pump.fun and LetsBonk. With over $1 billion in trading volume in the past 30 days, Bags is the fastest-growing platform of its kind on Solana by revenue, despite being dwarfed by market leaders. Its model requires creators to specify royalty recipients, often the original artists, addressing ethical concerns around copyright seen in other platforms. However, while some creators earn six-figure payouts, Bags’ top tokens, BTH and NYAN, have plummeted by 20% and 32% in 24 hours, leaving traders with losses. This comes amid a broader memecoin market resurgence, with the sector’s value hitting $77 billion, up 11% in 30 days, and trading volume rising 45%. Solana remains a key blockchain for memecoin activity, seeing a surge in new tokens. Bags’ creator-first approach offers a fresh perspective, but the volatile nature of memecoins continues to pose risks for investors.

Key Points

• Bullish, a cryptocurrency exchange operator, is set to open nearly 62% above its IPO price, indicating strong investor confidence in the digital asset sector.
• The IPO, priced at $37 per share, raised $1.11 billion, valuing Bullish at $5.41 billion, with potential to reach $8.77 billion if shares trade at the indicated range of $55 to $60.
• Backed by billionaire Peter Thiel, Bullish's listing is the largest U.S. IPO by a digital assets company this year, following stablecoin giant Circle's successful $1.05 billion IPO.
• A pro-crypto White House, regulatory wins, and corporate adoption have fueled mainstream acceptance, with the crypto market surpassing $4 trillion in value.
• Bullish's success, alongside other crypto firms like Gemini and Grayscale planning IPOs, signals a revived IPO window amid favorable economic conditions.

Summary

Bullish, a cryptocurrency exchange operator backed by billionaire Peter Thiel, is poised to open nearly 62% above its IPO price of $37 per share on the NYSE, potentially valuing the company at $8.77 billion. The IPO raised $1.11 billion, marking the largest U.S. listing by a digital assets firm this year. This follows stablecoin giant Circle's successful $1.05 billion IPO, reflecting growing mainstream adoption of cryptocurrencies, with the sector's market value recently exceeding $4 trillion. Bullish, which acquired CoinDesk in 2023, benefits from a pro-crypto White House, regulatory wins, and corporate treasury adoption, alongside ETF inflows and bitcoin's record highs. The company's debut signals strong investor confidence and boosts prospects for future U.S. listings by other crypto firms like Gemini and Grayscale, who are eyeing public offerings during a revived IPO window driven by robust tech earnings and expectations of easing tariffs and interest rates. J.P. Morgan and Jefferies led the underwriting for Bullish's IPO, underscoring the sector's increasing integration into traditional financial markets.