eToro CEO: The future of all assets is to become digital assets
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Bloomberg
7 minutes ago
- Bloomberg
Stock Movers: Deere, Bullish, Tapestry
On this episode of Stock Movers: - Deere (DE) fell in the premarket after the agricultural-equipment giant trimmed its net income forecast for the full year. The midpoint of the new range is below analysts' expectations. The builder of the iconic green and yellow machines used to plant and harvest crops estimated 2025 net income between $4.75 billion and $5.25 billion. That's down from a forecast in May for between $4.75 billion and $5.50 billion, and compares to a Bloomberg estimate for $5.08 billion. - Cisco (CSCO) is lower after the maker of networking equipment reported earnings that were largely in line with expectations. The company gave a cautious forecast for the current fiscal year. - Bullish (BLSH) is moving to the upside, jumping from the IPO price after the digital-asset exchange operator raised $1.1 billion in an initial public offering. The company's CEO, Tom Farley, says "credibility matters a lot" in the crypto industry and being a public company listed on the New York Stock Exchange gives additional credibility. - Tapestry (TPR) is down with the company's EPS outlook includes a negative impact of 60 cents from higher duties, according to a statement, with Chief Financial Officer Scott Roe saying the "new information" on tariffs will have a "significant" effect. Tapestry is forecasting revenue of nearly $7.2 billion in the current fiscal year, which is slightly above analysts' expectations, with revenue at Coach rising 13% and falling 13% at Kate Spade in the most recent quarter.
Yahoo
an hour ago
- Yahoo
Trump-fueled crypto frenzy sparks rush to Wall Street IPOs
By Manya Saini and Niket Nishant (Reuters) -After years of sitting on the sidelines, U.S. crypto companies are lining up to go public, buoyed by friendly policies under President Donald Trump's second administration that have pushed the value of global cryptocurrencies to a record $4.2 trillion. Bullish, a cryptocurrency exchange operator that counts billionaire Peter Thiel among its backers, was the latest to tap U.S. public markets on Wednesday, raising over $1.1 billion. Analysts point to rising mainstream adoption and deep-pocketed corporate backers as forces reshaping the sector's fundraising landscape and boosting demand for new crypto stocks. INDUSTRY BELLWETHER Circle went public in June in a blowout NYSE debut, with shares more than doubling at the open to value the stablecoin issuer at about $18 billion. Stablecoins are a type of cryptocurrency pegged to a fiat currency, usually the dollar. "More than anything, Circle's trading has really been the biggest green light for the industry," said Matt Kennedy, senior strategist at IPO-focused research and ETFs provider Renaissance Capital. Days after that IPO, the U.S. Senate passed the landmark Genius Act establishing a regulatory framework for stablecoins, fueling a rally in the stock. Circle's shares closed the previous session at $153.16, versus its IPO price of $31 apiece. The company is now worth around $35 billion, according to LSEG-compiled data. "Positive trading and a friendly regulator make for a powerful combo," Kennedy added. CRYPTO MARKET MOMENTUM The growing roster of IPO candidates underscores how far the sector has come since the 2022 collapse of crypto exchange FTX triggered a crypto winter, crushing valuations and investor confidence. After years of write-downs and retrenchment, the rebound in prices and sentiment is driving companies to tap public markets. "Private investors are likely seeking liquidity. Many VCs and private equity firms have held these positions for years," said Kat Liu, vice president at IPO research firm IPOX. "These are no longer purely speculative businesses." The passage of the Genius Act, coupled with Circle's blockbuster market debut, has spurred a wave of other crypto firms to press ahead with listing plans. BitGo, Grayscale and Gemini are among those that have already submitted confidential filings to list their shares. Analysts also view crypto exchange Kraken as a potential IPO candidate in the sector. SPAC DEALS While a handful of crypto companies have gone public via IPOs, many are opting to merge with special purpose acquisition companies, which typically undergo less scrutiny. A SPAC is a publicly-listed shell company with a pool of capital. A private company can list its shares via a merger with a SPAC. The SPAC route has mostly been popular among smaller startups aiming to emulate Michael Saylor's Strategy, which pioneered the "crypto holding company" model. By holding tokens such as bitcoin and ether on their balance sheets, these companies position themselves as an indirect vehicle for investors to gain crypto exposure. Bitcoin, the world's largest cryptocurrency, is forecast to continue climbing and end the year at $200,000. Standard Chartered expects ether, the second-largest, to finish 2025 at $7,500. Bitcoin closed at $120,181.98 and ether at $4619.73 on Tuesday. "These treasury strategy trades are going to continue for a while. And as long as they trade at a premium, you're going to see people raise money," said Joe Nardini, head of investment banking at B. Riley Securities. US IPO REBOUND The broader U.S. IPO market has also steadily recovered this year, after stalling briefly in April due to uncertainty created by Trump's sweeping tariffs. There have been 216 IPOs on U.S. exchanges so far this year, the most since 2021, raising a total of $39.83 billion, compared with 118 offerings in the same period a year ago, according to Dealogic data. Bankers expect a strong fall IPO window, with high-profile startups such as buy now, pay later lender Klarna and software firm Genesys set to hit the market. Firefly Aerospace's soaring space-tech debut alongside Chime's and Figma's first-day surges have injected fresh momentum into a market hungry for standout new offerings. Still, bankers warn the IPO market remains highly sensitive to shifts in sentiment and broader volatility. Sign in to access your portfolio
Yahoo
2 hours ago
- Yahoo
Bullish stock ends first day at $70 with 90% gain, giving crypto exchange market cap above $10 billion
Cryptocurrency exchange operator Bullish (BLSH) rose 8% on Thursday before the bell, reaching $75, doubling its IPO price of $37 and valuing the company at more than $10 billion. Still, this marked around a 16% drop from where the stock opened for trade. Bullish stock opened for trade at $90 near 1:00 p.m. ET on Wednesday, and the stock traded hands as high as $118 per share shortly after, a more than 215% gain. The stock was halted for trade due to volatility at least twice within the first few minutes of trading. The company, which operates a crypto exchange and owns the prominent trade publication CoinDesk, priced its IPO at $37 per share on Tuesday, above the $32 to $33 range the company had expected in its second shot at making a public market debut. Bullish began its IPO processes looking for a price between $28 to $31 per share. At 30 million shares offered, the IPO price saw Bullish raise $1.1 billion and value the fintech company at $5.41 billion. Bullish first attempted to go public via a SPAC merger in 2021 that would have valued the company at $9 billion, but the deal fell through after regulatory scrutiny and Bullish withdrew its registration. The company's debut rode the outsized success of recent go-publics like Figma (FIG) and Circle (CRCL) and serve as the latest sign that the IPO window remains wide open after a few challenging years for investors. Through Wednesday, 2025 has so far seen 133 IPOs come to market worth more than $50 million, up more than 58% from the same time last year, according to IPO tracker and ETF operator Renaissance Capital. Ahead of its IPO, Bullish also garnered major institutional interest. Asset management giant BlackRock and Cathie Wood's investment firm fund Ark Invest expressed interest in purchasing up to $200 million worth of shares in the offering, according to securities filings. "We now intend to IPO because we believe that the digital assets industry is beginning its next leg of growth," said Bullish CEO Thomas Farley, previously COO and president of the NYSE Group, in a letter to investors about Bullish's offering. "I believe that the digital assets industry is at the inflection point of institutional adoption and Bullish is uniquely positioned at the center of this market. The compliant, institutional- focused market infrastructure model is time-tested and works, and Bullish is proud to be the one bringing this proven framework to the crypto landscape." Read more: Can you buy crypto with a credit card? See the pros and cons. Bullish's main business comes from its Bullish Exchange, a digital assets spot and derivative exchange geared toward institutional-sized clients. The operator processed an average $2.6 billion in daily volume through Q1, according to the company's prospectus. When USDC stablecoin manager Circle Internet Group went public in June, its shares soared by 168% in their first day of trading. And while the price has come down, the stock is still up more than 120% since inception. Design software maker Figma popped even higher in its end-of-July offering, rocketing upward by more than 250% in its first day, though its price has now come back to earth, down more than 3% since inception. AI infrastructure provider CoreWeave (CRWV) is up more than 200% since its March debut after losing more than 20% on Wednesday. Digital assets and blockchain services firm Galaxy Digital (GLXY) is up more than 20% since its own May offering. Bullish is also riding a rally in major cryptocurrencies this year. Bitcoin (BTC-USD) is up more than 30% since the beginning of the year, and ETH (ETH-USD) is up more than 40%. Ripple's XRP (XRP-USD) is up more than 57%. The public offering comes as the latest sign that Wall Street's prediction for a lethargic IPO market in 2025 was off the money. Jake Conley is a breaking news reporter covering US equities for Yahoo Finance. Follow him on X at @byjakeconley or email him at Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
