Bullish to IPO Today at $37 Per Share
We’ve covered Bullish (BLSH) and it’s IPO many times over the past few weeks, so we won’t rehash all of the details here. In short, the company has priced its IPO at $37 per share, above the expected range of $32 – $33 and giving it a total market value of $5.4 billion. Supposedly the IPO is 20x oversubscribed. If true, we expect the stock to have a Circle/Figma moment. Read more →
Circle Drops On Secondary Share Sale
Circle (CRCL) announced a secondary stock sale of 10 million shares yesterday with 8 million of the shares coming from current insiders. The stock fell ~3% on the news but is now around par. If things are so good for Circle, why would they do this? Competition is one aspect, but more importantly is rate sensitivity. If the Fed truly does lower rates by 50 bps, Circle’s revenue stream is slashed as well. With the stock already trading at nosebleed valuations, the share sale will give the company some breathing room to launch new products that can generate revenue outside of just a vig on treasury rates. Read more →
Founders Fund bets on ETHZilla
Peter Thiel’s Founders Fund has been busy with ETH treasury companies lately. At first, the fund was major backers of BitMine (BMNR) and their $24.5 billion share raise. But now the fund has also acquired a 7.5% stake in ETHZilla Corporation, a rebrand of 180 Life Sciences (ATNF) according to a new filing with the SEC. ETHZilla announced they are holding more than 82k ETH, making it the 5th largest ETH treasury firm. Shares of the company have popped more than 50% on the news and are now up more than 350% since Monday. Read more →
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