Trading Crypto with a dart

[Dona Ferentes]

here's a new fanciful spin

from Jared Dillian

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You can’t make this stuff up:​

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Source: Brent Donnelly​

So get this: Bullish (BLSH) goes public on August 13. A company literally named Bullish. It was touted as the shiny new thing in crypto trading, a “next-gen exchange” backed by big names and big money—it raised about $1.1 billion in an initial public offering (IPO). The stock opened at $90 on the NYSE, 143% above its IPO price of $37. At one point, it climbed as high as $118 before closing at $68, and by day’s end, it had a market value of more than $10 billion. Well, guess what? The Bullish IPO was the top. Pretty much the ding-dong high for everything. The Nasdaq, ETH, and risk assets across the board all peaked basically to the hour of BLSH hitting the tape. It’s like the market saw the ticker symbol, laughed, and said: Nope. We’re done here. Now the stock is sliding (sub-$60 as I write), the index is sliding, and the whole thing looks like a parody of late-cycle excess. We are, in fact, on the stupidest timeline, as Brent Donnelly put it.​

 

[Dona Ferentes]

Cryptocurrency IPOs

“I think that the market was closed to many crypto companies, and they had no ability to get out while we were under the regulatory environment that we were in. So I definitely think many companies see the window open and are racing to run through that open window for fear that that window may not be open for long.”
- Alesia Haas, CFO, Coinbase Global Inc​