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Time of India
4 days ago
- Business
- Time of India
CoinDesk-Bullish IPO, Stablecoin-Circle successes pave way for crypto firms like Gemini, Grayscale to go public
Bullish IPO has hit the jackpot and so was Stablecoin giant Circle's initial public offering. With these successes, several crypto firms, including exchange Gemini and asset manager Grayscale, are now aiming to go public during an IPO window revived by robust tech earnings, along with expectations of easing tariffs and interest rates. Gemini IPO Finance Value and Valuation Masterclass - Batch 4 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals Batch 2 By Ansh Mehra View Program Finance Value and Valuation Masterclass - Batch 3 By CA Himanshu Jain View Program Artificial Intelligence AI For Business Professionals By Vaibhav Sisinity View Program Finance Value and Valuation Masterclass - Batch 2 By CA Himanshu Jain View Program Finance Value and Valuation Masterclass Batch-1 By CA Himanshu Jain View Program Gemini, the Winklevoss‑founded cryptocurrency exchange, has confidentially filed for a U.S. IPO with the SEC, though share count and pricing remain undecided. The move follows Circle's blockbuster listing and reflects a broader surge of crypto firms seeking public-market entry amid improving regulatory sentiment and renewed investor demand. Gemini operates a trading platform enabling investors to buy, sell and store more than 70 crypto tokens. The surge in cryptocurrency IPOs signals a turning point for the industry, reflecting growing confidence among digital asset firms to attract mainstream investors and bringing increased transparency, regulatory scrutiny and capital that could help solidify crypto's place in traditional financial markets. As the crypto sector matures financially and gains regulatory footing, firms are becoming more integrated into traditional markets. Live Events This marks a sharp turnaround for an industry that spent more than a decade under intense regulatory scrutiny worldwide. After the collapse of crypto exchange FTX in 2022, many institutional investors retreated from the digital asset market. Prices later recovered, and the sector gained fresh momentum when U.S. President Donald Trump voiced support during his campaign, pledging to be a "crypto president." Grayscale IPO Grayscale Investments, a leading crypto asset manager overseeing over $33 billion across more than 35 products, has confidentially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The filing, submitted via a draft Form S‑1, keeps critical details—such as share count and pricing—undisclosed for now. Coming amid Bitcoin's rally above six‑figure levels and a pro-crypto regulatory climate under the current U.S. administration, the move follows in the footsteps of crypto firms like Circle, Gemini, and Kraken also eyeing public listings. Bullish IPO Shares of cryptocurrency exchange operator Bullish were indicated to open nearly 62 per cent above their IPO on Wednesday, signaling growing investor confidence in the sector and boosting prospects for future U.S. listings by other digital asset firms. If the stock starts to trade at the last indicated range of $55 to $60 on the NYSE, it could potentially value the billionaire venture capitalist Peter Thiel-backed company at nearly $8.77 billion. Bullish raised $1.11 billion in the largest U.S. listing by a digital assets company this year, marking another sign of mainstream adoption in a sector that recently topped $4 trillion in market value. Bullish, which acquired cryptocurrency website CoinDesk in 2023, had priced the IPO at $37 per share — above an already upsized range, and was valued at $5.41 billion. Circle IPO Stablecoin giant Circle had raised $1.05 billion in its initial public offering in June, before a blowout debut. As of last close, Circle shares were trading more than five times above their IPO price. 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. FAQs Q1. Who is 'Crypto President'? A1. Donald Trump is Crypto President. Q2. What do we know about Bullish IPO? A2. Shares of cryptocurrency exchange operator Bullish were indicated to open nearly 62 per cent above their IPO on Wednesday, signaling growing investor confidence in the sector and boosting prospects for future U.S. listings by other digital asset firms. If the stock starts to trade at the last indicated range of $55 to $60 on the NYSE, it could potentially value the billionaire venture capitalist Peter Thiel-backed company at nearly $8.77 billion.
Arabian Post
11-06-2025
- Business
- Arabian Post
Trump-Backed Truth Social Launches Spot Bitcoin ETF Bid
Trump Media & Technology Group, owner of the Truth Social platform, has submitted a Form S‑1 registration to the U.S. Securities and Exchange Commission for its proposed Truth Social Bitcoin ETF, aiming to list on NYSE Arca. The application states the fund will hold Bitcoin directly, with serving as custodian, prime execution agent and liquidity provider, and Yorkville America Digital listed as sponsor. NYSE Arca has separately filed a Form 19b‑4 to list the fund should it receive regulatory approval. The filing highlights an unprecedented disclosure linking the fund's prospects to President Trump's crypto-related initiatives. For the first time in a crypto-ETF filing, the risk section cites creation of an SEC crypto task force in January and the March executive order establishing a Strategic Bitcoin Reserve. It warns that the impact of these policies on the sponsor, the fund, TMTG, or affiliates 'is not possible to fully predict'. Bloomberg's Eric Balchunas noted this is likely 'the first time ever the advisor is in the risk section'. If approved, the ETF would become part of a growing cohort of spot Bitcoin funds currently active in the U.S., including BlackRock's iShares Bitcoin Trust, which has amassed over US $70 billion in assets, BlackRock having initially launched the product in January 2024. Other major asset managers—Fidelity, Bitwise—also offer similar instruments, making the market highly competitive. ADVERTISEMENT TMTG's proposed fund is closely tied to the broader ambitions of Trump's crypto policy platform. The earlier executive order in March 2025 mandated creation of a Strategic Bitcoin Reserve using government-forfeited assets, effectively integrating Bitcoin into sovereign reserves. The order also created a U.S. Digital Asset Stockpile, requiring federal agencies to centralise digital asset holdings and obliging the Secretaries of Treasury and Commerce to evaluate further acquisitions at no cost to taxpayers. The regulatory backdrop has shifted markedly. January's executive directive established a Presidential Working Group on Digital Asset Markets and directed the SEC to create a crypto task force. Gary Gensler resigned as SEC chair on the eve of Trump's inauguration and was succeeded by Paul Atkins, a noted crypto advocate. The SEC has since dropped several previous enforcement cases and eased accounting rules, paving the way for more crypto-product filings. Trump Media's broader strategy involves securing a substantial Bitcoin treasury. SEC filings indicate its Form S‑3 shelf registration allows issuance of up to 85 million shares tied to its $2.3 billion private placement, earmarked to purchase roughly 23,000 Bitcoin—potentially placing the company among the top public corporate holders. Custody of these assets is expected to be shared between Anchorage Digital and Yorkville America Digital's dual role—as sponsor of the ETF and partner to TMTG—has raised questions of conflicts of interest. The risk disclosure notes Yorkville affiliates are also involved in an investing platform tied to Trump's 'America First' agenda, and have made up to $2.5 billion in equity commitments to TMTG. The same affiliate acted as co-placement agent for the $2.44 billion private placement. Financial markets have responded with mixed signals. While Bitcoin briefly surpassed US $111,000 following Trump's return to the executive and policy shifts, it has since retreated to the US $105,000–$101,000 range. TMTG's own stock dropped around 8 per cent following public disputes between Trump and Elon Musk, and remains down roughly 56 per cent over the past 12 months. ADVERTISEMENT Analysts say the fund faces significant challenges. Despite its high-profile branding and alignment with Trump's policy agenda, it competes against established firms with deep institutional credibility. ETF expert Dave Nadig remarked that long-term asset gathering for this fund is 'extraordinarily unlikely'. CoinCorner CEO Danny Scott expressed unease about Trump's use of political influence in personal financial ventures. The ETF's structure also contains potentially problematic clauses. Cointelegraph reports that the S‑1 includes exclusive arrangements granting sole custodian and liquidity provision roles, and provisions that allow the sponsor to take positions ahead of the Trust—raising transparency concerns. Still, proponents contend the fund could redefine retail and ideological investor access. Backers assert its America‑First branding might appeal to conservative retail investors seeking regulated Bitcoin exposure. reach—serving over 140 million users and holding approximately US $30 billion in assets—could alleviate institutional concerns about custody risk. Approval hinges on SEC review of both S‑1 and 19b‑4 filings. With multiple spot Bitcoin ETFs already approved in the U.S., the regulatory framework exists—but TMTG's political ties, interlocking financial relationships and novel disclosures may trigger heightened scrutiny.
