To The Moon

Trump's policies are fueling a wave of crypto IPOs: $Bullish(BLSH)$ is sprinting for a US IPO, led by a former NYSE president, backed by 24,000 BTC and valued at $4.82 billion. Meanwhile, $Circle Internet Corp.(CRCL)$ has seen its stock price rise nearly 420% since its IPO this year.

Trading Outlook:

• Book Closing: Subscription orders will cease at 4:00 PM ET on Tuesday, August 12 (4:00 AM BST on August 13).

• IPO Pricing: On the evening of Tuesday, August 12, the final price range was raised from $28–31 to $33 (possibly further upward).

• Trading: Officially opens on the New York Stock Exchange on Wednesday, August 13, 2025, under the ticker symbol BLSH.

• Lead underwriters are $Goldman Sachs(GS)$ , $Jefferies Financial Group Inc.(JEF)$ , and $Citigroup(C)$ , with a 15% greenshoe.

• Market rumors suggest cornerstone investors include Founders Fund, Nomura, and Mike Novogratz, with a 180-day lockup period.

In short, the final window for secondary market investors in Bullish's IPO is today's post-market dark trading sessions.

1. Macro Catalyst: The Benefits of Trump 2.0's "Crypto-Friendly" Policies

After returning to the White House in January 2025, Trump quickly fulfilled his campaign promises:

• On March 6, he signed an executive order officially establishing the "U.S. Strategic Bitcoin Reserve"—the government converted over 200,000 BTC confiscated over the years into national assets;

• On March 7, the inaugural White House Crypto Summit was held, and Commerce Secretary Lutnick publicly stated that "blockchain and Bitcoin will propel the dollar's hegemony into the future";

• On June 17, the Senate passed the "U.S. Stablecoin National Innovation Act," completing the world's first national stablecoin legislation;

• On August 10, the latest executive order allowed 401(k)s to directly allocate crypto assets.

Clarifying regulations and the establishment of a national strategic reserve have removed the biggest hurdle for crypto companies to go public in the United States.

2. Bullish: Striving for a Listing on the NYSE with a "Golden Spoon"

• Trading Data:

  Average daily spot trading volume in Q1 2025 reached $2.5 billion, placing it among the top four global Bitcoin/Ethereum spot exchanges.

  Less than two years after its launch, cumulative trading has exceeded $1.25 trillion.

• Assets and Valuation:

  The company holds 24,000 BTC (currently valued at approximately $2.8 billion) on its balance sheet, providing investors with dual exposure to a "spot Bitcoin ETF + exchange."

  The latest prospectus shows that Bullish has increased its IPO fundraising to $990 million, with a target valuation of $4.82 billion. The ticker symbol has been confirmed as BLSH, and it plans to list on the New York Stock Exchange.

• Leadership and Compliance:

  CEO Tom Farley, former President of the New York Stock Exchange Group (NYSE 2014-2018), has experience in traditional exchange regulation.

  He holds a Gibraltar DLT license, is audited by Deloitte, and has a KYC/AML system comparable to top investment banks. Having long been absent from the US domestic market, he is awaiting immediate entry upon issuance of a federal license.

3. Investment Logic Analysis

• Policy Beta: Trump's crypto bill boosted industry valuations, with trading multiples rapidly approaching those of traditional brokerages.

• Asset Alpha: 24,000 BTC in a leveraged long position in Bitcoin (BTC.USD.CC) on the CME Bitcoin Main Connect 2508 (BTCmain). For every 10% increase in the price, the company's net assets increase by approximately $280 million.

• Liquidity Premium: If successfully listed on the NYSE, it would become a rare "compliant, spot, and proprietary" crypto asset in the US stock market, following Coinbase Global, Inc. (COIN) and Galaxy Digital Holdings Ltd. (GLXY).

4. $Bullish(BLSH)$ vs $Circle Internet Corp.(CRCL)$

5. Risk Warning

• High Price Volatility: If BTC retraces 30% in the short term, Bullish's net assets will evaporate by approximately $840 million.

• Regulatory Pace: Although the Gibraltar license has been obtained, US operations still require dual approval from the SEC and CFTC.

• Competitive Landscape: Binance and Coinbase have already dominated the retail market, while Bullish focuses on the institutional market. Its customer acquisition costs and market share remain to be determined.

Conclusion: Driven by the trifecta of Trump's policies, the implementation of the national strategic reserve, and the scarcity of compliant exchanges, Bullish's IPO is expected to become the hottest new crypto stock in the US stock market in 2025. For investors seeking to simultaneously bet on Bitcoin's beta and the alpha of compliant exchanges, BLSH is worth investing in at the lower end of the pricing range.

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