Crypto Innovation in Canada Stifled by the 'Idiot King' Trudeau: Kevin O'Leary
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
an hour 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 12% on Thursday before the bell, reaching $78, 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 process looking for a price between $28 and $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 served 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 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," Bullish CEO Thomas Farley, previously COO and president of the NYSE Group, wrote 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
Los Angeles Times
4 hours ago
- Los Angeles Times
Trump tax law could cause Medicare cuts if Congress doesn't act, CBO says
WASHINGTON — The federal budget deficits caused by President Trump's tax and spending law could trigger automatic cuts to Medicare if Congress does not act, the nonpartisan Congressional Budget Office reported Friday. The CBO estimates that Medicare, the federal health insurance program for Americans over age 65, could potentially see as much as $491 billion in cuts from 2027 to 2034 if Congress does not act to mitigate a 2010 law that forces across-the-board cuts to many federal programs once legislation increases the federal deficit. The latest report from CBO showed how Trump's signature tax and spending law could put new pressure on federal programs that are bedrocks of the American social safety net. Trump and Republicans pledged not to cut Medicare as part of the legislation, but the estimated $3.4 trillion that the law adds to the federal deficit over the next decade means that many Medicare programs could see cuts. In the past, Congress has always acted to mitigate cuts to Medicare and other programs, but it would take some bipartisan cooperation to do so. Democrats, who requested the analysis from CBO, jumped on the potential cuts. 'Republicans knew their tax breaks for billionaires would force over half a trillion dollars in Medicare cuts — and they did it anyway,' Rep. Brendan Boyle of Pennsylvania, the top Democrat on the House Budget Committee, said in a statement. 'American families simply cannot afford Donald Trump's attacks on Medicare, Medicaid and Obamacare.' Hospitals in rural parts of the country are already grappling with cuts to Medicaid, which is available to people with low incomes, and cuts to Medicare could exacerbate their shortfalls. As Republicans muscled the bill through Congress and are now selling it to voters back home, they have been critical of how the CBO has analyzed the bill. They have also argued that the tax cuts will spur economic growth and pointed to $50 billion in funding for rural hospitals that was included in the package. Groves writes for the Associated Press.
Business Insider
5 hours ago
- Business Insider
CNFinance announce ADS ratio change
CNFinance (CNF) announced that it plans to change the ratio of its American depositary shares to its Class A ordinary shares, par value $0.0001 per share, from the current ratio of one ADS to 20 Class A ordinary shares to a new ratio of one one ADS to 200 Class A ordinary shares. For the company's ADS holders, the change in the ADS Ratio will have the same effect as a one-for-ten reverse ADS split. A post-effective amendment to the ADS Registration Statement on Form F-6 will be filed with the SEC to reflect the change in the ADS Ratio. The company anticipates that the change in the ADS Ratio will be effective on or about September 5, subject to the effectiveness of the post-effective amendment to the ADS registration statement on Form F-6 on or before that date. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
