Crypto exchange Bullish valued at nearly $13.2 billion in blowout NYSE debut
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.
Bullish's debut marks a rare U.S. listing by a crypto exchange, joining larger retail-focused rival Coinbase (COIN.O), opens new tab, which became the first crypto player to be included in the benchmark S&P 500 (.SPX), opens new tab 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.
"For a sector still overcoming reputational headwinds, that kind of leadership experience can be a differentiator in securing institutional mandates," Hall said.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
The Sun
8 minutes ago
- The Sun
See if someone is spying on your exact location & watching every move with little-known phone setting
Sean Keach, Head of Technology and Science Published: Invalid Date, MILLIONS of iPhones have a must-know feature that can expose and block anyone spying on your location. It's built into your iPhone as standard but it's tucked away in the Settings app – so it's easy to miss. You can use it to review who your location is being shared with, including specific people or apps. The feature is called Safety Check and it's on any iPhone running iOS 16 software or later. You can check if you've got that by going to Settings > General > Software Update. Then you can dive into Safety Check to see if you're being snooped on. HOW DOES LOCATION SPYING WORK? Your location can be accessed in two main ways on an iPhone. The first is with location sharing through Find My. That's when your exact location is being shared with another person in real-time – viewable as a dot on a map. There are two ways this might be happening without your knowledge. One is that you set it up for someone years ago – maybe an ex partner – and simply forgot to switch it off. The other is that someone with access to your iPhone set it up without your knowledge. The second way your location can be shared on an iPhone is with an app. iPhone 16e review – I've secretly tested Apple's cheapest mobile and I love the new button but that's not the best bit Loads of apps will be making good use of your location. Think Uber for taxis, Google Maps for driving, or WhatsApp for sharing your location on the way to an event. But some apps might use your location for nefarious means. If you've ever downloaded a dodgy app by accident, it could be a ploy by crooks to track you. So if you've installed an obscure calculator app that never seemed to work properly, always seems to "crash", and has constant access to your location, that's a red flag. 4 On top of that, someone else with access to your phone might have installed a location-spying app. So if there's an app that you don't recognise with access to your location, that's also a very worrying sign. Similarly, you'll also want to make sure that your app accounts are locked down. If someone else has access to an app that can track your location, they might also be able to find out where you are. WHAT CAN SAFETY CHECK LIMIT? You can switch off access to the following... Bluetooth Calendars Camera Contacts Files and Folders Health Local Network Location Services Media and Apple Music Microphone Motion & Fitness Photos Reminders Research Speech Recognition Picture Credit: Apple / The Sun HOW TO USE SAFETY CHECK Safety Check is a way to quickly check up on all of your location sharing, and then shut it off if you like. Just go into Settings > Privacy & Security > Safety Check. You'll be guided through a process that shows you all of the ways that you're sharing your location (and other important info, like photos) with people. And you'll be given the option to deny access – to both people and apps. 4 There's also a more extreme Emergency Reset option that immediately stops sharing all info. And if you're trying to do all of this quietly, there's a Quick Exit button in the corner. That immediately saves your progress and closes the Settings app. Then you can pick it up again later when you're able to. 4
Geeky Gadgets
37 minutes ago
- Geeky Gadgets
Meet ChatGPT's Agent Mode and Save Hours Every Day
What if you could transform hours of tedious work into minutes of seamless productivity? With ChatGPT's Agent Mode, that vision becomes a reality. Imagine automating your email drafts, generating in-depth research reports, or even designing professional presentations, all with just a few clicks. This innovative feature, tailored for premium users, is more than just a tool; it's a fantastic option for professionals, researchers, and organizations looking to streamline their workflows. But here's the catch: unlocking its full potential requires a clear understanding of its capabilities and limitations. That's where this step-by-step guide by Tutorials by Manizha & Ryan comes in, offering everything you need to master this powerful feature. In this walkthrough by Manizha & Ryan, you'll discover how to access and activate Agent Mode, connect external tools like Gmail or Slack, and use its advanced research and task automation capabilities. Whether you're looking to save time on repetitive tasks or produce polished, professional-grade outputs, this guide will show you how to make Agent Mode work for you. Along the way, you'll uncover its unique strengths, such as accurate citations and seamless tool integration, as well as practical tips to navigate its limitations. By the end, you'll not only understand how to use Agent Mode but also how to integrate it into your daily routine for maximum impact. Sometimes, the right tool doesn't just save time, it transforms the way you work. Overview of Agent Mode Agent Mode is exclusively available to users subscribed to ChatGPT's premium plans, such as the Plus or Pro tiers, which start at $20 per month. This feature is not accessible to free-tier users, making sure it remains a premium offering for those seeking advanced functionality. Once subscribed, you will find Agent Mode integrated into your dashboard, ready to assist with a wide range of tasks. This exclusivity ensures that premium users benefit from a high-performance tool tailored to meet demanding professional needs. What Makes Agent Mode Stand Out? Agent Mode is equipped with a suite of features that elevate its utility for professional and research-intensive tasks. Its capabilities are designed to save time, improve accuracy, and enhance productivity. Here's what sets it apart: In-Depth Research: Generate comprehensive, well-structured responses to complex queries, making sure accuracy and depth in every output. Generate comprehensive, well-structured responses to complex queries, making sure accuracy and depth in every output. Tool Integration: Seamlessly connect with platforms like Gmail, Slack, Teams, and HubSpot to streamline workflows and centralize task management. Seamlessly connect with platforms like Gmail, Slack, Teams, and HubSpot to streamline workflows and centralize task management. Task Automation: Automate repetitive tasks, such as drafting emails, scheduling meetings, or organizing data, to free up valuable time. Automate repetitive tasks, such as drafting emails, scheduling meetings, or organizing data, to free up valuable time. Content Creation: Produce polished reports, presentations, and other professional materials with minimal effort, making sure high-quality results. Produce polished reports, presentations, and other professional materials with minimal effort, making sure high-quality results. Accurate Citations: Guarantee that outputs are properly sourced and referenced, enhancing credibility and reliability. These features make Agent Mode a versatile and powerful tool for tackling demanding tasks that require precision, structure, and efficiency. How to Use New ChatGPT Agents Watch this video on YouTube. Expand your understanding of ChatGPT Agents with additional resources from our extensive library of articles. Step-by-Step Guide to Using Agent Mode Activating and using Agent Mode is a straightforward process. Follow these steps to unlock its full potential: Log in to your premium ChatGPT account and navigate to your dashboard. Locate and click on the 'plus' icon to activate Agent Mode. Connect external tools, such as email, project management platforms, or cloud storage services, to expand its functionality. Input your task or query, specifying the desired output format (e.g., a detailed report, presentation, or email draft). Once activated, Agent Mode processes your inputs to deliver detailed, actionable results. Its intuitive interface and advanced capabilities make it an ideal choice for professionals seeking to optimize their workflows and achieve high-quality outputs. Real-World Applications of Agent Mode Agent Mode excels in scenarios that demand precision, depth, and efficiency. Its versatility allows it to adapt to a wide range of professional and academic applications. Here are some examples of its capabilities: Report Generation: Create comprehensive analyses, such as a study on unemployment trends among master's degree holders, complete with regional data, visualizations, and citations. Create comprehensive analyses, such as a study on unemployment trends among master's degree holders, complete with regional data, visualizations, and citations. Presentation Development: Design visually engaging slides on topics like emerging fashion trends or market forecasts, incorporating relevant data and graphics. Design visually engaging slides on topics like emerging fashion trends or market forecasts, incorporating relevant data and graphics. Email Automation: Draft, send, and even search for specific emails, significantly reducing the time spent on repetitive communication tasks. Draft, send, and even search for specific emails, significantly reducing the time spent on repetitive communication tasks. Data Analysis: Process and interpret large datasets to generate actionable insights, such as identifying sales trends or customer behavior patterns. These use cases demonstrate how Agent Mode can adapt to diverse professional needs, delivering high-quality outputs tailored to your specific requirements. Performance Insights and Limitations While Agent Mode offers unparalleled functionality, it is essential to understand its limitations to use it effectively. Here are some key considerations: Processing Speed: Due to the complexity of its outputs, Agent Mode operates slower than standard ChatGPT queries. This trade-off ensures higher-quality results but may require additional time for completion. Due to the complexity of its outputs, Agent Mode operates slower than standard ChatGPT queries. This trade-off ensures higher-quality results but may require additional time for completion. Query Limits: Premium plans include 40 Agent Mode queries per month, with options to upgrade for higher usage. Planning your queries strategically can help you maximize this allocation. Premium plans include 40 Agent Mode queries per month, with options to upgrade for higher usage. Planning your queries strategically can help you maximize this allocation. Best Use Cases: Agent Mode is optimized for tasks requiring detailed and structured responses. For simpler or time-sensitive queries, standard ChatGPT may be a more suitable option. By understanding these limitations, you can better align Agent Mode's capabilities with your specific needs, making sure it delivers maximum value. How Does Agent Mode Compare to Standard ChatGPT? The primary distinction between Agent Mode and standard ChatGPT lies in their focus and functionality. Agent Mode is designed for depth, structure, and professional-grade outputs, making it ideal for research, task automation, and content creation. In contrast, standard ChatGPT emphasizes speed and simplicity, often producing quicker but less detailed responses. This differentiation allows you to choose the right tool based on the complexity and urgency of your task, making sure optimal results in every scenario. Maximizing the Potential of Agent Mode ChatGPT's Agent Mode is a robust feature tailored to meet the demands of professionals and researchers. By offering advanced capabilities such as external tool integration, in-depth research, and automated content creation, it enables users to tackle complex tasks with ease and efficiency. While its slower processing speed and query limits may require careful planning, the quality and depth of its outputs make it an invaluable tool for premium users. Whether you're drafting detailed reports, creating polished presentations, or automating repetitive tasks, Agent Mode equips you with the tools to achieve your goals effectively and efficiently. Media Credit: Tutorials by Manizha & Ryan Filed Under: AI, Top News Latest Geeky Gadgets Deals Disclosure: Some of our articles include affiliate links. If you buy something through one of these links, Geeky Gadgets may earn an affiliate commission. Learn about our Disclosure Policy.
The Guardian
38 minutes ago
- The Guardian
Trump hiked tariffs on US imports. Now he's looking at exports – sparking fears of ‘dangerous precedent'
Apple CEO Tim Cook visited the White House bearing an unusual gift. 'This box was made in California,' Cook reassured his audience in the Oval Office this month, as he took off the lid. Inside was a glass plaque, engraved for its recipient, and a slab for the plaque to sit on. 'The base was made in Utah, and is 24-karat gold,' said Cook. Donald Trump appeared genuinely touched by the gift. But the plaque wasn't Cook's only offering: Apple announced that day it would invest another $100bn in US manufacturing. The timing appeared to work well for Apple. That day, Trump said Apple would be among the companies that would be exempt from a new US tariff on imported computer chips. The Art of the Deal looms large in the White House, where Trump is brokering agreements with powerful tech companies – in the midst of his trade war – that are reminiscent of the real estate transactions that launched him into fame. But in recent days, this dealmaking has entered uncharted waters. Two days after Cook and Nvidia CEO Jensen Huang had a closed-door meeting with Trump at the White House. The president later announced Nvidia, along with its rival Advanced Micro Devices (AMD), will be allowed to sell certain artificial intelligence chips to Chinese companies – so long as they share 15% of their revenue with the US government. It was a dramatic about-face from Trump, who initially blocked the chips' exports in April. And it swiftly prompted suggestions that Nvidia was buying its way out of simmering tensions between Washington and Beijing. Trade experts say such a deal, where a company essentially pays the US government to export a good, could destabilize trading relations. Martin Chorzempa, a senior fellow at the Peterson Institute for International Economics, said that it creates 'the perception that export controls are up for sale'. 'If you create the perception that licenses, which are supposed to be determined on pure national security grounds, are up for sale, you potentially open up room for there to be this wave of lobbying for all sorts of really, dangerous, sensitive technologies,' Chorzempa said. 'I think that's a very dangerous precedent to set.' Though the White House announced the deal, it technically hasn't been rolled out yet, likely because of legal complications. The White House is calling the deal a 'revenue-sharing' agreement, but critics point out that it could also be considered a tax on exports, which may not be legal under US laws or the constitution. The 'legality' of the deal was 'still being ironed out by the Department of Commerce', White House press secretary Karoline Leavitt told reporters this week. Nvidia and AMD's AI chips are at the heart of the technological arms race between the US and China. Nvidia, which became the first publicly traded company to reach a $4tn valuation last month, creates the essential processing chips that are used to run and develop AI. The US government has played a role in this arms race over the last several years, setting regulations on what AI chips and manufacturing equipment can be sent to China. If China has less computing power, the country will be slower to develop AI, giving a clear advantage to the US. But despite the restrictions, China has been catching up, raising questions on how US policy should move forward. 'They haven't held them back as far as the advocates had hoped. The US has an enormous computing advantage over China, but their best models are only a few months behind our best models,' Chorzempa said. For US policymakers, 'the question they've had to grapple with is: Where do you draw the line?' The AI chips Nvidia and AMD can now sell to China aren't considered high-end. While they can be used for inference on trained models, they aren't powerful enough to train new AI models. When announcing the deal with Nvidia and AMD, Trump said the chip is 'an old chip that China already possesses … under a different label'. This is where a major debate on AI policy comes in. Those who take a hardline stance on the US's relationship with China say that allowing Chinese companies to purchase even an 'old chip' could still help the country get an advantage over the US. Others would say a restriction on such chips wouldn't be meaningful, and could even be counterproductive. To balance these two sides, the Trump administration is asking companies to pay up in order to export to China – a solution that people on both sides of the AI debate say is a precarious one. 'Export controls are a frontline defense in protecting our national security, and we should not set a precedent that incentivizes the government to grant licenses to sell China technology that will enhance AI capabilities,' said John Moolenaar, a Republican US representative from Michigan, in a statement. But Trump's gut-reaction to dealmaking seems focused on the wallet. On Wednesday, US treasury secretary Scott Bessent praised the arrangement and suggested it could be extended to other industries over time. 'I think that right now this is unique, but now that we have the model and the beta test, why not expand it?' he told Bloomberg. Julia Powles, executive director of the Institute for Technology, Law and Policy at the University of California, Los Angeles, said the deal opens up questions of whether similar pressure can be applied to other tech companies. 'What other quid pro quo might be asked in the future? The quid pro quo that would be of great concern to the [tech] sector is anything that reduces their reputation for privacy and security,' Powles said. 'That's thinking of government like a transactional operator, not like an institution with rules about when, how and for what it can extract taxes, levies and subsidies.' But that seems to be how the White House runs now. When explaining to the press how he made the deal, Trump said he told Huang: 'I want 20% if I'm going to approve this for you'. 'For the country, for our country. I don't want it myself,' the president added. 'And he said, 'Would you make it 15?' So we negotiated a little deal.'
