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.
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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 , 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.
This week’s Crypto Biz newsletter dives into Bullish’s IPO frenzy, Pantera Capital’s wager on crypto treasury companies, Ethereum’s growing institutional foothold and the US banking lobby’s continuing fight against stablecoin yields.
Bullish goes public
After weeks of reports suggesting , the company priced its debut at $37 per share on Wednesday — well above the expected range of $32 to $33. The crypto exchange operator and CoinDesk owner reportedly increased its fundraising target amid strong investor demand.
Bullish sold 30 million shares at the offering price, giving the company a total market capitalization of $5.4 billion. The stock now trades on the New York Stock Exchange under the BLSH ticker.
In its SEC filings, Bullish cited rising digital asset market activity and growing institutional interest as key drivers behind the timing of its IPO.
Pantera makes big bet on crypto treasury companies
Pantera Capital, which back in 2022, is to crypto treasury plays amid growing ETF adoption.
Pantera executives Cosmo Kiang and Erik Lowe explained that digital asset treasuries (DATs) “can generate yield to grow net asset value per share, resulting in more underlying token ownership over time than just holding spot.”
Following this strategy, the company has invested more than $300 million in crypto treasury companies with exposure to Bitcoin (), Ether (), Solana () and other assets.
“These DATs are taking advantage of their unique situations to employ strategies to grow their digital asset holdings in a per-share accretive way,” the executives said.
BitMine targets $24.5 billion raise for Ether purchases
BitMine Immersion Technology, a publicly traded Bitcoin mining company, has through a stock sale to acquire more Ether — underscoring the intensifying race to accumulate the cryptocurrency as it nears record highs.
Already the largest corporate holder of Ethereum, BitMine owns about 1.2 million ETH valued at roughly $5.3 billion, according to industry .
In July, as chairman of the board — a move seemingly aimed at mirroring the high-profile corporate crypto strategy of Strategy and its Bitcoin evangelist, Michael Saylor.
The plan comes as Ether’s price has surged 55% over the past month, putting it within striking distance of its all-time high.
US banking lobby’s war on stablecoins continues
Less than three months after on the US banking lobby “panicking” over yield-bearing stablecoins, industry groups are now to close a perceived loophole in the GENIUS Act. The loophole, they argue, could allow stablecoin issuers and their affiliates to offer yields on stablecoin holdings.
Several banking associations, led by the Bank Policy Institute, noted that while the GENIUS Act prohibits stablecoin issuers from paying interest to digital dollar holders, the ban does not explicitly extend to affiliates or crypto exchanges.
Publicly, the groups claim their concern is that stablecoins could undermine the banking system. However, critics say the more pressing fear may be that stablecoins will erode their business model — especially given banks’ long history of offering minimal returns to depositors.
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