$Coinbase Global, Inc.(COIN)$
Omg, you guys, have you heard about Bullish?! This major IPO is about to shake things up! Founded in 2021 and led by former NYSE president Tom Farley (total Wall Street rockstar ), this guy knows all the rules and how to navigate the financial world like a pro. Think of him as a captain steering through the crypto seas, dodging regulatory waves and riding the capital currents. On June 17, just two months after Trump signed the Genius Act, Bullish filed for its IPO. Coincidence?
I think not! This is next-level strategy and timing. Backed by a fancy lineup of investors like Peter Thiel, Nomura Securities, and crypto legend Mike Novogratz, Bullish is basically a dream team. They dropped their latest filing this week, planning to issue ~20.3M shares at $28-$31 each, aiming for a $4B valuation and raising up to $629M. Big names like BlackRock and Cathie Wood’s ARK Invest are already on board, so you know it’s legit! Bullish isn’t just another crypto platform—it’s playing two major games:
Global trading infrastructure: They’re building a full-on exchange engine with clearing, margin, liquidity, risk control, and even options trading. It’s like the ultimate playground for big institutional players. With 115+ trading pairs (BTC, ETH, you name it!) and partnerships with 20+ liquidity providers, they’re all about depth and stability.
Data & media empire: Bullish scooped up a top crypto news site and CCData, owning news, data, and tradable indices. It’s a genius loop—media creates buzz, data gives insights, and indices turn into tradable products. Talk about a traffic machine! Unlike Coinbase (more of a retail vibe), Bullish is aiming to be the Nasdaq of crypto—controlling trading, clearing, data, and the narrative. The competition is fierce! They’re up against heavyweights like Coinbase and Robinhood, plus DeFi platforms with super low fees. Their edge? A full-stack ecosystem to keep institutions and active traders hooked.
Financially, they’re killing it with sales—$72.89B in 2022, $116.49B in 2023, and a massive $250B in 2024.
But profits? Total rollercoaster. They lost $4.246B in 2022, made $1.3B in 2023, then dropped to $79.56M in 2024. Q1 2025 was a $348M loss, but Q2 flipped to a $106-$109M profit. Their 24K+ BTC holdings can be a blessing or a curse depending on the market.
Risks? They’re super tied to market vibes and asset prices, and their new acquisitions need time to gel. But the opportunity? If they nail compliance, scale their ecosystem, and stay profitable through market swings, they could totally dominate.
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