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2 hours ago
- CNA
Crypto exchange Bullish valued at nearly $13.2 billion in blowout NYSE debut
Cryptocurrency exchange operator Bullish was valued at about $13.16 billion after its shares surged more than 143 per cent in their NYSE debut on Wednesday, underscoring investor confidence in the sector and lifting prospects for future U.S. listings by other digital asset firms. The stock opened at $90 versus an initial public offering price of $37. The 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 trillion. "Bullish 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. 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. Exchange 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 interview. Bullish 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 said. The BitLicense requires companies to comply with requirements related to know-your-customer, anti-money laundering and capital. Peter 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 cryptocurrencies. INSTITUTIONAL FOCUS Bullish's debut marks a rare U.S. listing by a crypto exchange, joining larger retail-focused rival Coinbase, which became the first crypto player to be included in the benchmark S&P 500 index in May. Founded 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 Management. Bullish CEO Tom Farley was previously the president of NYSE.
CNA
3 hours ago
- CNA
Crypto exchange Bullish's shares set to more than double in debut
Bullish's shares were indicated to open at more than double their initial public offering price on Wednesday, signaling growing investor confidence in the sector and boosting prospects for future U.S. listings by other digital asset firms. If the Peter Thiel-backed crypto exchange starts to trade at the last indicated range of $85 to $88 on the NYSE, it could potentially value the company at more than $12.86 billion. The parent of crypto news website CoinDesk raised $1.11 billion in an IPO priced at $37 apiece, valuing it at $5.4 billion, as mainstream crypto adoption accelerates in a sector that recently surpassed $4 trillion in value. "Bullish 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. 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. Exchange 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 interview. Bullish 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 said. The BitLicense requires companies to comply with requirements related to know-your-customer, anti-money laundering and capital. 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 cryptocurrencies. INSTITUTIONAL FOCUS Bullish's debut marks a rare U.S. listing by a crypto exchange, joining larger retail-focused rival Coinbase, which became the first crypto player to be included in the benchmark S&P 500 index in May. Founded 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 Management. Bullish CEO Tom Farley was previously the president of NYSE.
CNA
3 hours ago
- CNA
New York sues Zelle, says security lapses led to $1 billion consumer fraud losses
NEW YORK :Zelle was sued on Wednesday by New York Attorney General Letitia James, who said the electronic payment platform's refusal to adopt critical safety features enabled fraudsters to steal more than $1 billion from consumers. The lawsuit in a New York state court in Manhattan followed the U.S. Consumer Financial Protection Bureau's decision in March to drop a similar case. That agency has ended most enforcement activity following U.S. President Donald Trump's return to the White House. Zelle was launched in 2017, and competes with apps such as PayPal's Venmo and Block's Cash App. Its parent, Early Warning Services, is owned by seven large U.S. banks: Bank of America, Capital One, JPMorgan Chase, PNC, Truist, US Bank and Wells Fargo. James said Zelle's parent and the banks knew for years that the platform was vulnerable to fraudsters but resisted basic safeguards, with the banks sometimes ignoring customer complaints while Zelle let fraudsters stay on the platform. The result was "rampant" fraud that Zelle sometimes refused to address even after it occurred, despite its assurances it was a safe alternative to cash and checks and "backed by the banks, so you know it's secure," the complaint said. In a statement, Zelle said more than 99.95 per cent of transactions on its platform are completed without reported fraud, leading the industry. "This lawsuit is a political stunt to generate press, not progress," Zelle said. "The Attorney General should focus on the hard facts, stopping criminal activity and adherence to the law, not overreach and meritless claims.' Early Warning Services is based in Scottsdale, Arizona. The seven banks were not named as defendants. PUPPY, UTILITY BILL SCAMS James said typical scams involved hacking into users' accounts and making unauthorized transfers, convincing users to send money for nonexistent goods and services, and impersonating banks, government offices and utilities. According to the complaint, one victim was told his electricity would be shut off unless he paid Con Edison $1,477 via Zelle, to an account named "Coned Billing." Another victim said Chase and Zelle wouldn't help him after he sent $2,600 in two installments via Zelle to buy a puppy, and realized he had been scammed when the purported seller demanded more money. James said it wasn't until 2023, after the CFPB and several members of Congress began probes, that Zelle adopted "basic" safeguards it had proposed four years earlier. While reported fraud losses plummeted, the safeguards were "too little too late" for consumers who had lost money, and despite those safeguards Zelle still facilitates "substantial fraudulent activity," the complaint said. "No one should be left to fend for themselves after falling victim to a scam," James said in a statement. The lawsuit seeks to require Zelle to beef up anti-fraud protections, and pay restitution and damages to defrauded New Yorkers. James sued Capital One in May for allegedly cheating savings depositors out of millions of dollars in interest, and in June settled claims against MoneyGram over remittance transfer lapses. The CFPB abandoned similar cases earlier in the year.
