Cryptocurrency exchange Bullish, backed by Palantir co-founder Peter Thiel, saw its shares jump more than 150% in its debut on the New York Stock Exchange on Wednesday.
The company had already raised $1.11 billion before the public offering, pricing 30 million shares at $37, above the anticipated range. Bullish’s stock closed at $75.3 after reaching an intraday high of $109.9, valuing the firm at approximately $9.94 billion.
Bullish’s Shares Jumped More Than 150%
This successful IPO represents a rare US listing for crypto exchanges and follows recent corporate successes in digital assets.
“Bullish came out with an attractive initial valuation, and investors responded by aggressively bidding it up during the pre-IPO process,” noted Jeff Zell, a senior research analyst at IPO Boutique.
Who is Bullish & Why It Matters
Prominent backers, including Peter Thiel’s Founders Fund, Nomura, and Galaxy Digital, launched Bullish in 2020. The company makes its second attempt to go public after calling off an SPAC merger in 2022.
Tom Farley, the former president of the New York Stock Exchange, leads the firm. He will assume the chairman role following the listing and brings deep market-structure expertise. His credibility with institutional clients provides a critical advantage in the competitive crypto exchange space. Bullish targets institutional clients, whose crypto holdings should grow with new regulations.
After confidentially filing for its IPO in June with JPMorgan and Jefferies, Bullish achieved a successful debut. The debut comes amid surging investor confidence in digital assets. Circle Internet Group achieved similar success when its shares leaped over 500% after its debut. Other firms like Gemini, Grayscale, Figure Technology, and BitGo are also seeking to go public.
Demand for crypto-related equity investments is perhaps stronger than ever. Several token projects have created digital asset treasury companies to transform listed companies into crypto accumulation machines. Strategy, formerly MicroStrategy, famously pioneered this with Bitcoin, a path also taken by companies like Japan’s Metaplanet. More recently, firms such as BitMine and SharpLink have followed a similar playbook by focusing on accumulating Ethereum, often leveraging its utility for staking.
This wave of IPOs is occurring as the US capital markets show a bullish sentiment toward crypto, a trend underscored on the same day by Bitcoin’s new all-time high of $123,500. A pro-crypto White House, corporate treasury adoption, and new ETF inflows drive this market optimism.
Bullish is nearing completion of a two-year process to obtain New York’s “BitLicense” for state operations. The company also plans to convert IPO proceeds into stablecoins, which boomed after the Genius Act passed.
Solana’s dream run toward $200 just a few weeks ago now feels like a distant memory. After shedding nearly 10% in the last seven days, the Solana price has come under pressure, but not all hope is lost.
Despite the decline, Solana is still up 10% over the past three months, and a trio of key market signals are now hinting that a recovery could be in the works. One of them, a rare chart-based formation, could even trigger a short-term rally if it plays out.
Exchange Selling Pressure Drops 10%, Signaling Less Dump Risk
The first key shift comes from Solana’s balance on exchanges, which has dropped sharply from 33.06 million on July 23 to 30.78 million SOL on August 5; a fall of nearly 10%. This means fewer tokens are sitting on centralized exchanges, a classic sign of reduced selling pressure.
Solana price and dipping exchange balances: Glassnode
More importantly, a bullish crossover has occurred on the same chart: Solana’s price has once again moved above the exchange supply trendline.
Historically, when this happens, short-term rallies often follow. For instance, on July 16, when Solana’s price crossed above this supply line, SOL jumped from $173 to $205 in six days. A similar move happened on July 24, where the price rose from $182 to $188 in just three sessions. The same crossover occurred at $169, and although the price has since corrected, the pattern remains worth watching.
Institutional Futures Hold Steady While Price Slides
The second signal of strength comes from institutional derivatives. Solana’s CME (Chicago Mercantile Exchange) futures open interest has remained steady despite the spot price falling, forming a bullish divergence of sorts.
For example, on August 1, CME open interest held at 3.07 million while SOL’s price fell from $162 to $158; but then it quickly bounced back to $169 once that divergence narrowed.
This isn’t the first time we’ve seen this play out. A similar pattern happened between July 25 and 27, when CME open interest remained flat and price dropped, only for Solana to bounce from $184 to $188 once sentiment stabilized.
Why does CME matter? Because it’s where institutional players trade. A steady futures open interest while the price declines often hints that long-term buyers are holding their ground, waiting for weaker hands to exit before jumping in again.
For token TA and market updates: Want more token insights like this? Sign up for Editor Harsh Notariya’s Daily Crypto Newsletter here.
Solana Price Daily Chart Flashes Potential Golden Crossover Setup
Finally, the most trader-focused signal is happening on the daily Solana price chart. The 100-day Exponential Moving Average (EMA) or the sky blue line is inching closer to crossing above the 200-day EMA (deep blue line); a setup commonly known as a golden crossover. If confirmed, this pattern usually signals the start of a stronger upward trend.
Even a rally at times!
Solana price chart and a looming golden cross: TradingView
Currently, SOL is hovering above the $160 support. If that level holds and Solana manages to reclaim $176 (a 10% push from current levels), the short-term trend could flip bullish.
A move beyond $188 would put $200 back on the table, while a break below $155 would risk further downside. The full invalidation comes only if SOL drops under $142. That might happen if the two EMA lines, closing in on each other, flip the other way. That means instead of the golden cross, a bearish or “Death crossover” happens with the 200-day EMA line crosses above the 100-day line.
If Bitcoin reaches $119,000 by the end of August, MicroStrategy’s (now Strategy) third-quarter earnings could set a new record for a publicly traded company’s highest quarterly profit in financial history. This impressive figure would easily top Nvidia’s earnings and approach Apple’s record.
As Bitcoin gains widespread acceptance, it prompts the question of whether major players will adopt Strategy’s plan by the book. According to Brickken analyst Enmanuel Cardozo, it depends. Though Strategy’s current achievements are impressive, the quality of its long-term health comes into question.
Could MicroStrategy’s Bitcoin Gains Top Tech Giants?
Michael Saylor’s aggressive Bitcoin plan for Strategy (formerly MicroStrategy) continues to remain strong through sunshine or rain. For now, it shows no signs of slowing. With 592,100 Bitcoins on its balance sheet, Strategy is the biggest corporate holder worldwide.
As Bitcoin’s price continues to climb, so will Strategy’s overall earnings. This large-scale success has already led several publicly traded companies to follow suit. The question is whether other corporate giants will also take the leap and purchase Bitcoin.
If Bitcoin closes Q3 above $119,000, and Strategy has 592,100 bitcoins acquired at an average cost of $70,666 each, Strategy’s estimated quarterly net earnings would be approximately $28.59 billion.
Strategy’s most recent Bitcoin purchases. Source: Strategy.
This figure would exceed Nvidia’s highest reported quarterly net income of $22.091 billion, making it Strategy’s largest quarterly earnings and a significant outlier among many publicly traded tech companies.
Since Strategy uses fair value accounting for its Bitcoin, it directly reflects these gains in its net income. If Bitcoin’s price continues to rise beyond this level, Strategy’s earnings could potentially challenge Apple’s current record-setting quarterly net income of $36.33 billion.
Could this unprecedented success generate a fear of missing out among other competitors?
To Buy or Not to Buy
Cardozo expressed excitement over how such a scenario could generate further Bitcoin adoption by other corporate trailblazers.
“With [Strategy’s] 592,100 BTC holdings, other companies might feel the need to finally jump in, especially as Strategy’s performance is outpacing traditional metrics. That kind of success won’t go unnoticed and will eventually push their boards to at least explore Bitcoin to keep up,” he told BeInCrypto.
Some of Bitcoin’s advantages over assets may even appeal to companies with massive earnings, like Nvidia or Apple.
“There’s a solid case for tech giants like Apple and Nvidia to diversify into Bitcoin, and I’m loving the possibilities here. On the pro side, Bitcoin is built as a perfect hedge against fiat devaluation because of its limited supply and decentralized nature,” Cardozo added.
However, a playbook like Strategy’s comes with many risks, and it’s not a one-size-fits-all win—even for Strategy itself.
Strategy’s Financial Health: A Deeper Dive
While Strategy has seen significant profits from holding Bitcoin, these gains primarily stem from a tax advantage, not from its core business operations.
“These gains, driven by fair value accounting, aren’t cash in hand like Apple’s billions from iPhone sales, they are paper profits tied to Bitcoin’s price. Investors and analysts should see this as a speculative boost, not a sign of operational strength, and focus on cash flow and debt to gauge real business health,” Cardozo explained.
Effectively comparing Strategy’s net income to other characteristics like cash flow and debt indeed reveals more about the problems that may lie ahead for the company, especially if Bitcoin’s price were to decline steadily.
Changes in Bitcoin’s price over the past three months. Source: BeInCrypto.
According to the firm’s most recent SEC filings, Strategy reported its outstanding debt amounted to $8.22 billion as of March 2025. It also had a negative cash flow of -$2 million, representing a significant decline year over year.
Though these numbers make sense considering Strategy’s aggressive Bitcoin buying, they also demonstrate that the company’s core software business is not generating enough cash to cover its expenses. Strategy said so itself in its latest filing.
“A significant decrease in the market value of our Bitcoin holdings could adversely affect our ability to satisfy our financial obligations,” read the statement.
It must issue debt and new equity to raise capital to continue its strategy. The plan is risky, to say the least.
Is Bitcoin Right for Every Company?
Given that Strategy’s main income comes from its Bitcoin purchases, Cardozo argues that other companies should carefully consider their financial position before taking a similar approach.
“Analysts should weigh this against operational metrics; a company living on unrealized gains is riskier by nature. I think it’s an innovative strategy, but for long-term health, especially for traditional businesses, cash-generating operations beat paper profits any day, investors should keep that in mind,” he said.
However, as Bitcoin increasingly symbolizes technological innovation, companies aligning with this principle might feel pressured to embrace it. They wouldn’t need to acquire nearly 600,000 Bitcoins, like Strategy, to make such a statement.
They also have a resilient enough treasury to break a fall.
“I’m pretty confident that Apple and Nvidia will eventually invest into Bitcoin, especially with its current track record over the last 10 years,” Cardozo said, adding, “their treasuries could handle a small 1-5% allocation, and not only be hedged against inflation but also as a branding move since they represent the very image of innovation which will also pressure them to do so eventually.”
Yet, ultimately, companies like Apple and Nvidia cater to different customers. Adding Bitcoin to their balance sheets may cause them to lose clients.
The Sustainability Question for Bitcoin Adopters
It’s no secret that Bitcoin mining is extensively damaging to the environment. Strategy, through its Bitcoin acquisitions, directly contributes to the high energy consumption levels associated with the industry.
“Bitcoin’s annual energy consumption is equivalent to a mid-sized country and of course it’s a conflict right off the bat with Apple’s 2030 carbon neutrality target and Nvidia’s renewable energy push,” Cardozo told BeInCrypto.
These companies could risk damaging their public image by associating with an industry that conflicts with their own Environmental, Social, and Governance (ESG) goals.
“Customers and activists might pressure them, seeing it as greenwashing, especially with sustainability being a big part of their public image… they could align Bitcoin with their ESG goals and keep their image intact as Bitcoin mining becomes more sustainable than traditional banking’s legacy system,” Cardozo added.
Ultimately, while the allure of Bitcoin’s gains might pressure tech giants like Apple and Nvidia to follow Strategy’s lead, such a consideration may cause these companies more problems than profits.
Japanese firm Metaplanet saw its stock price surge to three-month highs on Monday after announcing its latest Bitcoin (BTC) acquisition. The company added 1,004 BTC to its treasury, marking its third significant purchase this month.
A week earlier, it had acquired 1,241 BTC, surpassing El Salvador’s reserves. Previously, on May 7, Metaplanet made a comparatively smaller purchase of 555 BTC.
“From July 1, 2024, to September 30, 2024, the Company’s BTC Yield was 41.7%. From October 1, 2024, to December 31, 2024, the Company’s BTC Yield was 309.8%. From January 1, 2025, to March 31, 2025, the company achieved a BTC Yield of 95.6%. Quarter to Date, from April 1, 2025, to May 19, 2025, the Company’s BTC Yield is 47.8%,” the statement read.
The company now holds a total of 7,800 Bitcoin, with an aggregate investment of 105.38 billion yen, or roughly $712.5 million. The average historical purchase price across its Bitcoin holdings stands at 13.5 million yen per BTC, approximately $91,343 per coin.
Meanwhile, following the news, Metaplanet stock, 3350.T, appreciated by 12.6%, according to Yahoo Finance data. At press time, its trading price was 702 yen ($4.8), marking highs last seen on February 13.
Over the past month alone, 3350.T’s value has increased by 101.7%, greatly benefiting from Bitcoin’s latest rally. In fact, since adopting a Bitcoin reserve strategy, the stock prices have increased over 15-fold.
The firm’s financial performance further supports this upward trajectory. In its Q1 FY2025 earnings report, Metaplanet disclosed revenues of $6 million, with 88% derived from Bitcoin options trading.
This highlighted the important role BTC plays in its financial success. As the firm continues integrating Bitcoin into its economic strategy, it is setting a new benchmark for corporate crypto adoption in the region.
(@NYSE) August 13, 2025
