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India Today
35 minutes ago
- India Today
Bullish crypto exchange soars to $13.2B in NYSE debut
Cryptocurrency exchange operator Bullish BLSH.N was valued at about $13.16 billion after its shares more than doubled in their NYSE debut on Wednesday, underscoring investor confidence in the sector and lifting prospects for future U.S. listings by other digital asset parent of crypto news website CoinDesk raised $1.11 billion in its IPO, valuing the company at $5.4 billion — another sign of mainstream adoption in a market that recently topped $4 came out with an attractive initial valuation, and investors responded by aggressively bidding it up during the pre-IPO process," said Jeff Zell, senior research analyst at IPO Boutique. The stock opened at $90 and was trading over 150% its IPO price of $37 in afternoon trading. It went as high as $118, before paring gains slightly to trade at $92.60.A string of regulatory wins under a pro-crypto White House, corporate treasury adoption and ETF inflows have prompted investors to embrace the once-scorned digital asset class, driving bellwether bitcoin BTC= to record operator Gemini and asset manager Grayscale are also among the crypto firms that have confidentially filed to go public."We've gone public today, and there's a slew of others that are going to follow us, and I think that is net beneficial, because it gives people more options in terms of how they access this asset class," Bullish President Chris Tyrer told Reuters in an is close to concluding a two-year process to obtain a virtual currency license known as a "BitLicense" in New York, which would allow the company to operate in the state, Tyrer BitLicense requires companies to comply with requirements related to know-your-customer, anti-money laundering and Thiel-backed Bullish plans to convert a significant portion of the IPO proceeds to stablecoins — a slice of the crypto space that has boomed since U.S. President Donald Trump signed the Genius Act, creating a regulatory regime for the dollar-pegged FOCUSBullish's debut marks a rare U.S. listing by a crypto exchange, joining larger retail-focused rival Coinbase COIN.O, which became the first crypto player to be included in the benchmark S&P 500 .SPX index in in 2020, Bullish targets institutional clients, whose crypto holdings are expected to rise as a new White House order aims to allow alternative investments in 401(k) retirement plans."A pure institutional strategy positions Bullish for more stable, recurring revenue than exchanges reliant on retail volumes, which tend to be cyclical and sentiment-driven," said Michael Hall, co-chief investment officer and founding partner at Nickel Digital Asset CEO Tom Farley was previously the president of the a sector still overcoming reputational headwinds, that kind of leadership experience can be a differentiator in securing institutional mandates," Hall said.- Ends
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Business Standard
5 hours ago
- Business Standard
CoinDesk owner Bullish shares indicated to open 62% above IPO price
Shares of cryptocurrency exchange operator Bullish were indicated to open nearly 62% above their IPO on Wednesday, signaling growing investor confidence in the sector and boosting prospects for future U.S. listings by other digital asset firms. If the stock starts to trade at the last indicated range of $55 to $60 on the NYSE, it could potentially value the billionaire venture capitalist Peter Thiel-backed company at nearly $8.77 billion. Bullish raised $1.11 billion in the largest U.S. listing by a digital assets company this year, marking another sign of mainstream adoption in a sector that recently topped $4 trillion in market value. Bullish, which acquired cryptocurrency website CoinDesk in 2023, had priced the IPO at $37 per share â€' above an already upsized range, and was valued at $5.41 billion. A string of regulatory wins under a pro-crypto White House, corporate treasury adoption, and ETF inflows have prompted investors to embrace the once-scorned digital asset class, driving bellwether bitcoin to record highs. Several crypto firms, including exchange Gemini and asset manager Grayscale, are now aiming to go public during an IPO window revived by robust tech earnings, along with expectations of easing tariffs and interest rates.
Economic Times
a day ago
- Economic Times
Circle stock soars 14% as Q2 revenue smashes Wall Street expectations after going public for the first time
Reuters Circle (CRCL) made a powerful Wall Street debut, with its first post-IPO earnings smashing expectations and sending the stock up 14% on surging USDC growth. Circle Internet Group Inc. (NYSE: CRCL) delivered a blockbuster debut earnings report on Tuesday, sending its shares surging as much as 14% in early trading after revenue and stablecoin growth easily topped Wall Street forecasts. The results mark the first time the stablecoin giant has reported as a public company following its June IPO — one of the most closely watched tech listings of the year — and investors appear convinced that Circle is setting the pace for the digital payments sector. Circle reported second-quarter revenue of $658 million, a 53% jump from a year earlier and well above the $646 million analysts were expecting, according to LSEG data. Adjusted EBITDA climbed 52% to $126 million, also surpassing consensus estimates. ALSO READ: XRP price prediction: slipping nearly 8% in four days — is this sharp dip the calm before a $12.60 storm after the SEC win? The company credited the surge to explosive growth in the circulation of USD Coin (USDC), its flagship dollar-backed stablecoin, which rose 90% year-over-year to $61.3 billion at the end of Q2 and has since swelled to $65.2 billion as of August 10. USDC's rapid adoption has become the centerpiece of Circle's growth strategy. The stablecoin is now widely used across crypto exchanges, fintech platforms, and global payment providers — a trend fueled in part by new regulatory clarity in the U.S. Passage of the Genius Act, which sets guardrails for stablecoin issuance, has given Circle and its competitors firmer legal footing. 'We believe the Genius Act represents a watershed moment for digital dollar adoption,' CEO Jeremy Allaire said in a statement. 'It allows us to expand globally with confidence while ensuring the highest standards of trust and compliance.' Despite its strong top-line performance, Circle reported a net loss of $482 million for the quarter. The red ink was driven largely by one-off items tied to its IPO: $424 million in stock-based compensation and a $167 million loss linked to convertible debt valuation adjustments. Excluding those charges, Circle said it remains on a 'clear path to sustained profitability' as operational margins improve and transaction volumes climb. Shares of Circle jumped sharply at the opening bell, trading between 6% and 14% higher during the session. The rally adds to what has already been a remarkable run — CRCL stock has climbed more than 450% since its IPO, placing it among the best-performing new listings of 2025. Market analysts say the earnings beat, coupled with Circle's accelerating role in the payments ecosystem, is fueling speculative momentum. 'Circle is positioning itself not just as a crypto player, but as an infrastructure backbone for the future of money,' said Dan Ives, senior equity analyst at Wedbush Securities. The company is pushing deeper into financial infrastructure with the planned launch of Arc, a proprietary Layer-1 blockchain aimed at supporting large-scale payments and settlements. Public testing is expected to begin this fall. Circle is also rolling out its Circle Payments Network and expanding partnerships with major players such as Binance, FIS, Corpay, and OKX — moves designed to cement its dominance as stablecoins enter the mainstream. For now, the market's verdict is clear: Circle's first act as a public company has exceeded expectations, setting a high bar for the quarters ahead.Q1. Why did Circle stock jump after Q2 earnings? Circle stock climbed sharply because its first earnings as a public company easily beat Wall Street's revenue estimates, driven by strong USD Coin (USDC) growth and expanding market adoption, even though it reported IPO-related losses. Q2. How much has USDC circulation grown? USDC circulation has surged 90% year-over-year, reaching $65.2 billion, reflecting growing global demand for stablecoins and Circle's expanding role in the digital payments space.
