Brendan Bloomer, Chairman of Bullish and Tom Farley, CEO of Bullish, Bullish A Cryptocurrency Exchang, puts with employees during the company’s public subscription on the New York Stock Exchange in New York City, United States, August 13, 2025.
New York
the Climb Public subscription this week took additional importance, perhaps because of the company’s name.
When the Cryptocurrency -backed currency stock exchanges stock exchange stock exchange stock exchange More than weak Outside the gate on Wednesday, 84 % before the completion of the day, the last mark was that the technical subscription bulls returned to work.
In July, a design seller Figma More than three times on the New York Stock Exchange doubled The first timeAnd a month ago Crypto shares circle 168 % rose on their first day on a large plate.
Wall Street was waiting for a long time for this purpose.
Three years ago, severe hyperplasia and great attention The market is closed For public offers. Technical stocks dry out and dry private capital, forcing startups that burn money to convert their attention from growth and efficiency and profitability.
The road barrier seems to be eased earlier this year, when companies such as Stumbhub and Klarna have presented its songs, but then President Donald Trump The markets in April with his plans to prepare definitions. Promotional offers have been developed Unexual contract.
Since then, the president’s introductory agenda has settled slightly, and the investor’s money flow in technology, prompting the Nasdaq Stock Exchange to record levels, increasing more than 40 % of the lowest level of this year in April. Optimism increases that the huge accumulation of high -value startups will continue to get rid of executives Adventure capitalists Earn confidence that public markets will welcome their higher companies.
Before Figma appeared for the first time, the head of Nyse Lynn Martin He said “Squawk on the Street” from CNBC This massive demand for this offer can “open flood gates” for the rest of the market. Earlier this week, CEO of Nasdaak Adina Friedman He said “Quick funds” that there is a “very healthy list” for companies looking to the public subscription in the second half of this year, before the holiday season.
“I have met many CEOs, and made them ready to think about what they want in public markets and where they go,” said Friedman.
There CB visions. STubHub has The release bulletin has been updatedSuggest proposal soon.
“The public subscription window is open.” ))

Another big topic between VCS and bankers is the organizational environment.
The Biden administration has acquired heat from emerging investors to break it on the large acquisitions, most of which are attributed to Lina Khan’s heavy hand, which is depicted in the Federal Trade Committee, as they also fail to reduce the restrictions that they say make companies less attractive to the public than to remain special.
Paul Atkins, the new president of SEC, He said in July He wants to “make public subscriptions great” by removing some obstacles about the complexity of disclosure and risk of litigation. He did not make many specific recommendations.
Friedman told CNBC that her first conversation with Atkins after assuming the important is about making companies easier and more attractive to companies for the public.
“The conversation was constructive along many fronts, as it is looking at the requirements of disclosure, the procedure of the agent, and other things that make it difficult for companies to be public and transport public markets,” said Friedman. “He is interested as we are, so we hope to turn it into a great work.”
In addition to the great gains achieved by the rise, the Single and Circle, public markets welcomed the provider of banking services via the Internet Harmonious with 37 % profit Last month and trading application etoro with 29 % pop in May. The health technology market has witnessed two subscriptions: The health detailed and Omada health.
But it was the first appearance of the circle of the circle and the sand that sparked gossip in the new bull market for subscription subscriptions. Figma 250 % jump On the day of subscription after that Prices share the dollar before The updated range. The Circle value has multiplied more than weakness after the Stablecoin source is also higher than the expected range.
Figma celebrates its first year on the New York Stock Exchange on July 31, 2025.
New York
This type of procedure prices sparked a discussion before the last sorting boom in 2020 and 2021, when Make It indicates that the large fixed organic pollutants on the first day indicate wrong offers deliberately harm the company and the delivery of easy funds to new investors. Gurley called for direct menus, as companies are included at a price that effectively identical to the demand.
Since Figma was hitting the market, Gorli returned, referring to the great gains as “expected and completely intentional” results that the customers of the major investment banks benefit from
“They bought it at $ 33 last night and they can sell it today for more than $ 90.” books. In a follow-up post, he said: “I would like to see DLS to replace the subscriptions-it makes sense to match the offer/demand. But Wall Street may be very addicted to the huge customer giving.”
Lise Buyer, Founder Group Class V Class V, books LinkedIn is that the company gets the invitation to where the shares are valid and a lot of thinking is placed in this process. Also, in public subscription, companies sell only a small percentage of the stocks due – in the case of almost 7 % Figma – so if they achieve results, “it is very likely that there will be a lot of future opportunities to sell more shares at higher prices.”
This really happens.
Sirkel said this week he an offer 10 million shares in a secondary offer. On Friday, Leslie Picker of CNBC reported that bankers CoruvWhich has risen by 150 % since March of the subscription, has organized some of the bloc deals this week.
But the buyer warns that technology markets have a history of high temperature. While there is always a difference between institutions ready to push him in the public subscription and what the vibrant retailers will pay, it is “a gap as we have not truly seen since 1999 and 2000,” I told CNBC, adding, “and of course, we know how the matter is over.”
She said that the companies that are exposed to the public now have significant revenues and the actual basics, but this does not mean that the companies that are exposed to the public have significant revenues and the actual basics, but this does not mean that the fixed subscriber organic pollutants are sustainable.
“It was as if we had several years of ban,” said Jupiter, referring to a century ago when alcohol was banned in the United States.
He watches: Bankers advance Block in Korif

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