TickerTain
$SPCX····$NVDA····$MSFT····$GOOGL····$ANTHROPIC·$TSLA····$CRWV····$NBIS····$HIMS····$TSM····$ASML····$FIGURE·$LYFT····$UBER····$SNOW····$META····$ELEVENLABS·$CURSOR·$COGNITION·$OPENAI·$AAPL····$RKLB····$XAI·$AMZN····$AMD····$000660.KS····$INTC····
← newsroom
$BLSH · Peter Thiel’s $10B Crypto IPO Explained (Bullish)
now playing · $BLSH
$BLSH···neutral· mediummichael sikand
Bullish IPO targets institutional crypto bridge with $2B Bitcoin treasury
Bullish aims to become the institutional gateway between TradFi and DeFi by leveraging a $2B crypto treasury (90% Bitcoin) for liquidity and 50+ regulatory licenses for credibilit…
$BTC···neutral· mediummichael sikand
Bitcoin volatility drives Bullish's mark-to-market earnings swings
Bullish holds 90% of its $2B treasury in Bitcoin, making its reported earnings highly volatile under mark-to-market accounting despite operating cash flow positivity.
$MSTR···neutral· lowmichael sikand
MicroStrategy cited as precedent for crypto treasury valuation premium
Bullish's valuation at 2.2x book value could be justified if professional management of crypto assets commands a premium similar to MicroStrategy's Bitcoin strategy.