Cryptocurrency firm Bullish confidentially files for US IPO, FT reports
June 10 (Reuters) - Peter Thiel-backed crypto exchange Bullish has confidentially filed for an IPO with the U.S. Securities and Exchange Commission in recent weeks, the Financial Times reported on Tuesday.
A unit of blockchain software company Block.one, Bullish had attempted to go public through a special purpose acquisition company deal in 2021 but that fell through in 2022 amid a regulatory crackdown and a sudden rise in interest rates that rattled the equities market.
The Trump administration, in contrast to predecessor Joe Biden's, has taken a softer stance on crypto regulation and backed the industry's policy priorities, with the SEC dropping several investigations.
Bullish is seeking to capitalise on renewed investor interest in digital assets under the current administration, the FT said.
Bullish did not immediately respond to a Reuters request for comment. Reuters could not immediately verify the FT report.
The company's reported filing follows that of Gemini's, a crypto exchange run by billionaire twins Tyler and Cameron Winklevoss, which last week disclosed it had confidentially filed for a U.S. initial public offering.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Independent
21 minutes ago
- The Independent
US producer prices rise modest 2.6% in May with inflationary pressures still mild
U.S. wholesale prices rose modestly last month from a year earlier, another sign that inflationary pressures remain mild. The Labor Department reported Thursday that its producer price index — which measures inflation before it its consumers — rose 2.6% in May 2024. Producer prices rose 0.1% from April to May after dropping 0.2% the month before. Excluding volatile food and energy prices, wholesale costs were up 0.1% from April and 3% from May 2024. The readings were slightly lower than economists had forecast. The report came out a day after the Labor Department said that consumer prices rose a modest 0.1% last month from April and 2.4% from a year earlier. Since returning to the office, Trump has rolled out 10% tariffs on nearly every country in the world as well as specific levies on steel, aluminum and autos. Importers in the United States pay the taxes and pass them along to consumers via higher prices when they can. For that reason, economists expect inflation to pick up later this year. So far, his tariffs don't seem to have had much of an impact on prices overall. Wholesale prices can offer an early look at where consumer inflation might be headed. Economists also watch it because some of its components, notably health care and financial services, flow into the Federal Reserve's preferred inflation gauge — the personal consumption expenditures, or PCE, index. Inflation began to flare up for the first time in decades in 2021, as the economy roared back with unexpected strength from COVID-19 lockdowns. That prompted the Fed to raise its benchmark interest rate 11 times in 2022 and 2023. The higher borrowing costs helped bring inflation down from the peaks it reached in 2022, and last year the Fed felt comfortable enough with the progress to cut rates three times. But it has turned cautious this year while it waits to see the inflationary impact of Trump's trade policies. The central bank is expected to leave rates unchanged at its meeting next Tuesday and Wednesday.
The Independent
21 minutes ago
- The Independent
The number of Americans filing for jobless claims last week remains at the highest level in 8 months
U.S. filings for jobless benefits were unchanged last week, remaining at the higher end of recent ranges as uncertainty over the impact of trade wars lingers. New applications for jobless benefits numbered 248,000 for the week ending June 7, the Labor Department said Thursday. Analysts had forecast 244,000 new applications. A week ago, there were 248,000 jobless claim applications, which was the most since early October and a sign that layoffs could be trending higher. Weekly applications for jobless benefits are considered representative of U.S. layoffs and have mostly bounced around a historically healthy range between 200,000 and 250,000 since COVID-19 throttled the economy five years ago, wiping out millions of jobs. The four-week average of jobless claims, which evens out some of the weekly ups and downs during more volatile stretches, rose by 5,000 to 240,250. The total number of Americans receiving unemployment benefits for the week of May 31 jumped by 54,000 to 1.96 million, the most since November of 2021.
Daily Mail
25 minutes ago
- Daily Mail
GM to invest $4B in US plants amid tariffs for Mexican-produced cars
America's best-selling carmaker is putting US factories back in the spotlight. General Motors announced plans to invest $4 billion in American manufacturing capacity that will help shift vehicle production from Mexico to the United States. The company said late Tuesday that the investment will be made over the next two years and is for its gas and electric vehicles. CEO Mary Barra said in a statement on Tuesday that GM is committed to making two million vehicles annually in the US and supporting American jobs. Last year, GM built 889,072 cars in Mexican factories, including the gas and electric Chevy Equinox and Blazer. Soon, freshly-built gas-powered Chevrolet Blazer and Chevrolet Equinox models will roll out of American plants. Both are expected to come state-side starting in 2027. The Blazer will be produced at GM's Spring Hill, Tennessee plant, while the Equinox will be made at its Kansas City, Kansas facility. GM will also begin making gas-powered full-size SUVs and light duty pickup trucks at its Orion Township, Michigan plant. The move is a bit of an about-face: the company was exclusively producing high-rolling EVs from the plant , including the GMC Hummer, Cadillac Lyriq, and the Chevy Silverado EV. It's the second recent rejigging for GM's EV plants in a month. The company recently announced plans to invest over $800 million to build new V-8 engines in a Buffalo, New York plant that was building batteries. Electric vehicles will remain a major focus for GM, which just reported a record sales month for its Chevy EVs . But GM's manufacturing shift is the automaker's latest move to navigate President Donald Trump's automotive tariffs. In April, the President signed an executive order that partially relaxed his previously-set 25 percent import levies on all cars and their parts. But, despite the relaxed rules, the tariffs loomed heavily over automakers that chose not to bring manufacturing back to the US. Barra recently warned that the company expected a $4 to $5 billion line item to pay for the tariffs this year alone. She didn't say if the automaker would pass those costs on to consumers. However, independent analysts say the tariffs will raise prices, reduce sales and make US production less competitive worldwide . Moving production back to the US still might not shield American consumers from higher prices, experts warned. 'The challenge for GM will be the higher labor costs,' David Whiston, an automotive analyst at Morningstar, told 'The higher costs might need to be passed down to dealers and consumers.' Still Whiston said the company will likely remain profitable this year, despite the major investments and tariff costs. The company agrees. But it recently slashed its earnings forecast because of President Trump's policies. It could also force other major carmakers — namely Stellantis — to bring more manufacturing capacity back to the US. The bigger intrigue, Whiston said, will be the impact on Korean and Japanese automakers like Toyota , Honda, Nissan , Hyundai, and Kia. 'If their governments can't get a carveout for autos, then they have to decide between two difficult options,' he said. 'Do they eat tariffs for a few years and hope they go away once Trump leaves office, or do they take the expensive and more permanent route of adding plants?'
