Bitcoin falls as lawmakers grapple with crypto regulation bills: CNBC Crypto World
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Yahoo
39 minutes ago
- Yahoo
Crypto exchange Bullish raises its stock price target as IPO date nears
Cryptocurrency exchange Bullish has updated its stock price target ahead of its initial public offering, the company said in a regulatory filing on Monday. Here's what you need to know about the changes to one of the most closely watched IPOs of the year. These no-fee travel cards are gunning for Amex Platinum and Chase Sapphire Underwater mortgages are climbing in Florida and Texas housing markets Housing market shift: This map shows where home sellers are cutting prices the most What's happened? Bullish, a cryptocurrency exchange and owner of the CoinDesk crypto news site, has filed an amendment to its Form F-1 with the Securities and Exchange Commission (SEC). In that amendment, Bullish revealed that it is upping both the number of shares it will be offering in its IPO as well as increasing its estimated offering share price. The amendment was filed with the SEC on Monday. In the amendment, Bullish revealed that it now plans to offer 30 million ordinary shares of Bullish stock. Previously, Bullish said it expected to issue 20.3 million shares in its IPO. Bullish has also raised its expected IPO price. Now the company says it expects to price shares between $32 and $33 each. Previously, Bullish said its shares would be offered for $28 to $31 each. Bullish stock will trade under the ticker BLSH. IPO calendar websites and a number of media outlets have reported that Bullish is expected to list it shares tomorrow (Wednesday, August 13) on the New York Stock Exchange (NYSE). Fast Company reached out to Bullish for more details on the timeline. Why is Bullish increasing its share price and offering? In its amended Form F-1, Bullish didn't explicitly state the reason that it was increasing both its share price range and the total number of shares it is offering in its IPO. However, whenever a company that is going public raises its share price or the number of shares it has on offer, it suggests a higher demand for its stock than once thought. As Fast Company previously reported, Bullish originally planned a 20.3 million share offering of $28 to $31 each, which would have valued Bullish at approximately $4.2 billion. But as noted by CNBC, under its new offering, Bullish now stands to be valued at $4.8 billion. The company is expected to raise about $990 million from its IPO. Bullish's IPO will be closely watched How investors react to Bullish's IPO will be closely watched by Wall Street. If Bullish has a successful IPO and shares surge after trading begins, it will suggest a growing investor appetite for initial public offerings heading into the second half of the year. Other private cryptocurrency companies will also be watching the Bullish IPO closely. Already this year, the markets have seen a number of high-profile crypto and fintech IPOs. Circle Internet Group, an issuer of stablecoins, went public in June and shares (NYSE: CRCL) soared a staggering 750%. However, after eToro went public in May, its shares (Nasdaq: ETOR) briefly spiked, before falling back some. Currently, ETOR shares are up about 6.3% for the year. Investors will be hoping that BLSH shares behave more like CRCL than ETOR. This post originally appeared at to get the Fast Company newsletter: 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
CBS News
an hour ago
- CBS News
Pennsylvania House committee rejects Republican plan for SEPTA funding as "doomsday" deadline looms
A Pennsylvania House committee on Wednesday voted down a bill passed in the Republican-controlled Senate that included mass transit funding, meaning it's likely back to square one for SEPTA hours before what the transit authority says is a "doomsday scenario." The vote was 18-15 along party lines in the Democratic-controlled House Rules Committee, and comes one day before SEPTA's deadline for when it will start the process of implementing 20% service cuts. Senators passed an amendment to the bill, introduced by Republican state Sen. Joe Picozzi of Northeast Philadelphia, with a 27-22 vote along party lines Tuesday. Republicans wanted to draw around $300 million a year for the next two years from the Pennsylvania Transit Trust Fund. Picozzi claimed the bill would be a "bridge" to fund SEPTA for the next two years while lawmakers work on a long-term solution. House Democrats, SEPTA leaders and PennDOT Secretary Mike Carroll came out against the plan Wednesday, arguing the GOP-backed plan would move capital dollars to operating, taking away funding for things like infrastructure upgrades. SEPTA also pointed to a need to replace its aging rail cars, which general manager Scott Sauer said are more than 50 years old. House Democrats said sides need to get back to the table, while Republican leaders believe this was the right deal. "We have said many times that we will look at a blend of revenues. We're not saying anything is off the table," Democratic state Rep. Matt Bradford of Montgomery County said. "But the test of the times we're dealing with is what does SEPTA need to make sure it can continue to operate safely and securely. The idea that we're going to cannibalize through stealing of capital money, the safety and security of the system, is foolhardy." "The idea that dollars can't be flexed. The governor proved that," Republican Rep. Jesse Topper said. "You know how many shovel-ready projects were ready in rural Pennsylvania when those dollars got flexed to bail out SEPTA? We all acknowledge that mass transit is vital to the Commonwealth of Pennsylvania. But it has to be done within the context of an entire budget product." In a statement released after Tuesday's vote, a spokesperson for Shapiro slammed Picozzi's proposal. "While Gov. Shapiro appreciates Senate Republicans finally acknowledging the need to fund mass transit systems across the Commonwealth, this is clearly not a serious, long-term proposal that can pass both chambers," Shapiro's spokesperson said. "It's time to get back to the table and keep working at it." This is a developing story and will be Sylves contributed to this report.
CNBC
2 hours ago
- CNBC
Crypto exchange Bullish surges in public debut: CNBC Crypto World
On today's episode of CNBC Crypto World, ether inches closer to its 2021 all-time high while bitcoin reclaims the $120,000 level. Plus, crypto exchange Bullish soars after its public debut on the New York Stock Exchange. And, Ben Gagnon, CEO of Bitfarms, breaks down the crypto miner and AI infrastructure company's second quarter earnings.
