A crypto tycoon and a VC funded an experiment to literally block sunlight in California.
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- Yahoo
Circle Insiders Rush to Lock In 349% Surge With Early Share Sale
(Bloomberg) — As investors trampled over each other to buy into this week's hot crypto initial public offering, executives at Circle Internet Group Inc. were working to quickly capitalize on the stunning gains in its own shares since the stablecoin issuer went public in early June. The US-Canadian Road Safety Gap Is Getting Wider Sunseeking Germans Face Swiss Backlash Over Alpine Holiday Congestion To Head Off Severe Storm Surges, Nova Scotia Invests in 'Living Shorelines' Five Years After Black Lives Matter, Brussels' Colonial Statues Remain For Homeless Cyclists, Bikes Bring an Escape From the Streets The company on Tuesday announced a sale of 10 million shares — 2 million from Circle, the rest from shareholders including Chief Executive Officer Jeremy Allaire — worth about $1.4 billion at current market prices, just a day before digital assets exchange Bullish soared 84% in its debut session. Circle is off to a hot start itself: The stock is up 349% and it reported solid quarterly numbers earlier this week. The offering comes far sooner than expected, just two months after Circle's debut — well within lock-up arrangements that would otherwise restrict insider selling until the end of the year. But JPMorgan Chase & Co., the lead bank on the IPO and the decision-maker on whether those lockups can be waived, isn't standing in the way of the sale. 'It's an opportunistic move by them that makes sense and that's how risk gets transferred into public market,' said Josef Schuster, the founder of Chicago-based IPO index firm IPOX Schuster. The two-day marketed offering was oversubscribed and on track to price on Thursday, according to people familiar with the matter. A representative for Circle didn't immediately respond to a request for comment. Even after shares trade at less than half their peak of $298.99 on June 23, a deal raising close to $1.4 billion would be more than the amount raised in the IPO. 'It is a cash-in exercise but with the stock up 400% since the IPO, it stands to reason they should be able to sell,' said David Erickson, an adjunct professor in Columbia Business School's finance department and a former co-head of global equity capital markets at Barclays Plc. 'That said, it will probably price at a significant discount to where the stock was trading before the deal was filed.' Return offerings within 60 or 90 days of an IPO were common in the dot-com era boom of 1999 and 2000, and Erickson said it was surprising that more companies that have surged since their IPOs this year had not done the same to help manage the overhang of selling shareholders. However, Circle isn't the first 2025 IPO to bring a return offering inside a lock-up period. Last month, Karman Holdings Inc.'s existing shareholders sold 21 million shares for more than double the IPO price, nearly six months after the company went public in February. Some of last year's biggest IPOs, among them cruise line Viking Holdings Ltd., industrial safety standards firm UL Solutions Inc., and aircraft engine maker StandardAero Inc., also did these deals before their lockups expired. Circle's return was much speedier than those exercises. But with appetite for its shares still seemingly robust, investors appear relatively unfazed by the rapidity of the sell-down. 'After such an enthusiastic IPO debut and two months of steady, high-volume trading at elevated levels, the market has had time to price the company rationally,' said Jeff Zell, the senior analyst at research firm IPO Boutique. Americans Are Getting Priced Out of Homeownership at Record Rates What Declining Cardboard Box Sales Tell Us About the US Economy Dubai's Housing Boom Is Stoking Fears of Another Crash Bessent on Tariffs, Deficits and Embracing Trump's Economic Plan Why It's Actually a Good Time to Buy a House, According to a Zillow Economist ©2025 Bloomberg L.P. Se produjo un error al recuperar la información Inicia sesión para acceder a tu portafolio Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información Se produjo un error al recuperar la información
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an hour ago
- Yahoo
Bullish Stock Roars in Latest Crypto IPO, Tripling Offering Price
Shares of crypto exchange Bullish more than tripled the offering price Wednesday, signaling continued interest in digital asset companies going public. The shares—BLSH—rose as high as $118 after being offered at $37 in the IPO. Shares were recently trading for about $84 a pop after dipping from the early afternoon peak, currently up 126% on the day. Bullish's market value was $12.2 billion, based on the outstanding shares listed in its filing. The firm's platform allows clients to buy, sell, and bet on the future price of digital coins and tokens, with Bullish more focused on institutional investors rather than retail traders. The firm's debut comes as other major companies in the space have also hit traditional markets: San Francisco-based Circle, which issues the USDC stablecoin, had a roaring June NYSE debut where its stock tripled from its original IPO price of $31 per share before soaring to a peak of $299. It was recently trading at $153. And brokerage platform eToro's stock closed 29% higher following its Nasdaq debut in May. Bullish CEO Tom Farley, who previously was NYSE's president, said in August that the firm intended to IPO as "the digital assets industry is beginning its next leg of growth." Back in 2021, the Peter Thiel-backed firm—which is also now the parent company of crypto publication CoinDesk—agreed to go public via merger with special purpose acquisition company (SPAC) Far Peak in a merger that valued the firm around $9 billion. But the plans fell apart a year later due to "time constraints and market conditions" during a brutal bear market and the collapse of several top crypto companies. Circle Stock Pumps 11% on Q2 Report of Major Revenue Leap, New L1 Blockchain Now, though, the crypto space has a far more friendly regulatory environment: The SEC last year approved spot Bitcoin and Ethereum ETFs, and President Trump has employed crypto-friendly staff. The Republican campaigned on a ticket to help the space and received money from Silicon Valley entrepreneurs. Under Trump, the SEC has scrapped nearly all of its high-profile lawsuits and investigations against firms in the space. 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
Yahoo
an hour ago
- Yahoo
Cathie Wood's Ark Invest Buys $177 Million in Bullish Shares After Big Crypto IPO
Tech investor Cathie Wood's investment firm Ark Invest added to its crypto exposure on Wednesday, purchasing more than 2.5 million shares of crypto exchange Bullish (BLSH) valued around $177 million at the close of trading. Ark Invest added 2,532,693 shares of BLSH in total across three of its actively managed ETF funds—ARKK, ARKW, and ARKF—as shares hit the market at the conclusion of the Bullish IPO. Bullish, which operates a cryptocurrency exchange and owns crypto media publication CoinDesk, offered shares in its firm for $37 as part of its IPO yesterday. But the stock quickly rose after trading began, reaching as high as $118 in the first afternoon of trading. The feat mirrors the explosive debut of USDC stablecoin issuer Circle, which completed its IPO in June and quickly gained nearly 4x when it hit the market—outpacing IPOs from noted tech firms like Meta and Airbnb when they made their debuts. Invest in Gold Thor Metals Group: Best Overall Gold IRA Priority Gold: Up to $15k in Free Silver + Zero Account Fees on Qualifying Purchase American Hartford Gold: #1 Precious Metals Dealer in the Nation Ark Invest maintains exposure to Circle too, holding more than 4.2 million shares of CRCL across its ETFs, now valued at more than $626 million. Bullish Stock Roars in Latest Crypto IPO, Tripling Offering Price It maintains exposure to crypto in other ways too, with combined holdings of more than $1.5 billion in shares of crypto exchange Coinbase (COIN) and brokerage Robinhood (HOOD), both of which fall inside its top 10 holdings overall. It also holds around $17 million worth of shares in crypto exchange eToro (ETOR). Ark also has its own Bitcoin ETF, ARKB, which added $36.6 million in funds on Wednesday and holds more than $2 billion in assets according to data from Farside Investors. The success of Bullish's IPO adds fuel to the accelerating trend of crypto firms seeking entwinement with public markets. Other exchanges like Gemini and OKX have signaled their interest in IPOs, with the former confidentially filing its intentions in June. Others, like FalconX and Kraken, are rumored to be in the mix as well. Shares of BLSH are up once more on Thursday, jumping nearly 10% to $74.60, bringing ARK's holdings to nearly $189 million.
