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…
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.
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.