🧠 Food for thought

Implications, context, and why it matters.

Recent crypto IPO success creates precedent for higher valuations

• Gemini’s decision to raise its IPO price range from $17-19 to $24-26 per share comes just weeks after Bullish’s highly successful public debut in August 202512.
• Bullish’s shares opened at $90, representing a 143% increase from its $37 IPO price, and the company achieved a $5.4 billion valuation despite initially pricing above its anticipated $32-33 range23.
• The strong institutional demand for Bullish—including interest from BlackRock and Ark Investment Management for up to $200 million worth of shares—demonstrates growing confidence in crypto exchange business models2.
• This precedent likely emboldened Gemini to target a higher $3.08 billion valuation, up from its previous $2.22 billion target, as investors have shown willingness to pay premium prices for established crypto platforms14.

Institutional crypto adoption shifts market dynamics for public offerings

• The broader institutional embrace of crypto is evident in ownership patterns, with Bitcoin now having 60-70% institutional ownership and serving as a low-correlation asset with only 36% correlation to traditional markets5.
• American crypto adoption has nearly doubled from 15% in 2021 to 28% of adults in 2025, with 60% of crypto-familiar Americans believing values will rise due to favorable political conditions6.
• This institutional shift is reflected in IPO market activity, with 2025 seeing 143 IPOs overall and crypto companies representing a notable portion of new listings7.
• Bullish CEO Tom Farley’s observation that “the institutional wave has begun” captures this transition from retail-focused crypto platforms to infrastructure serving sophisticated investors2.