Crypto Biz: IPO fever, Ether wars and stablecoin showdowns

Bullish’s blockbuster IPO headlines a week of big crypto moves — from Pantera’s $300 million treasury bet to BitMine’s $24.5 billion Ether grab.

The 2024–2025 crypto bull market will be remembered for many things: the runaway success of Bitcoin exchange-traded funds, the surge in institutional adoption, and a wave of industry IPOs.

Digital asset exchange operator Bullish is the latest crypto-native company to join the IPO rush, aiming to replicate the public market success of stablecoin issuer Circle and Bitcoin-friendly design platform Figma, which recently went public.

Bullish’s case stands out: The company has raised its IPO price multiple times, signaling strong investor demand. Its Securities and Exchange Commission (SEC) filing revealed early interest from subsidiaries of BlackRock and ARK Investment Management.

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