Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>Global Index Provider M _ _ _ announced an index consultation on Digital Asset Treausry Companies on 27 August. Friday, they extended til year-end, but gave a clear proposal update. </li>
<li>They propose to exclude companies where digital asset holdings represent &gt;50% of assets. They seek input. They also seek input on whether a company self-defines as a DAT...</li>
<li>And also look at stated reasons for capital raising. A preliminary list suggests <a href="https://www.smartkarma.com/entities/strategy-inc" target="_blank" data-smartkarma-citation="entities:14717:1" rel="noopener">Strategy (MSTR US)</a>  and <a href="https://www.smartkarma.com/entities/metaplanet-inc" target="_blank" data-smartkarma-citation="entities:2130:1" rel="noopener">Metaplanet (3350 JP)</a> are obvious targets. Others will be too. </li>
</ul>


Global Index Provider M _ _ _ announced an index consultation on Digital Asset Treausry Companies on 27 August. Friday, they extended til year-end, but gave a clear proposal update. 
They propose to exclude companies where digital asset holdings represent &gt;50% of assets. They seek input. They also seek input on whether a company self-defines as a DAT...
And also look at stated reasons for capital raising. A preliminary list suggests Strategy (MSTR US)  and Metaplanet (3350 JP) are obvious targets. Others will be too. 


[Quiddity Index] Index Consultation Anncmt Suggests The Big M Will Delete 1 LargeCap, 5 Small.

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

<ul>
<li>Bullish US (BLSH US) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range.</li>
<li>The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year.</li>
<li>The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket.</li>
</ul>


Bullish US (BLSH US) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range.
The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year.
The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket.


Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops

<ul>
<li>The global digital asset platform that provides market infrastructure and information services increased its price range and shares being offered on Monday morning.</li>
<li>Looking at the prospectus, there is a $200 million anchor order from Ark Investment and BlackRock.</li>
<li>The Bullish IPO is looking to ride the tailwinds from the regulatory wins in the digital asset space as well as the success of recent IPOs.</li>
</ul>


The global digital asset platform that provides market infrastructure and information services increased its price range and shares being offered on Monday morning.
Looking at the prospectus, there is a $200 million anchor order from Ark Investment and BlackRock.
The Bullish IPO is looking to ride the tailwinds from the regulatory wins in the digital asset space as well as the success of recent IPOs.


Bullish US LLC (BLSH): IPO Range and Size Increased, Next Digital Asset Moonshot on Deck

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a> will be excluded from the one US index due to foreign SEC filings.</li>
<li>
<a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a> will be excluded from the one Global index due to insufficient float cap.</li>
<li>
<a href="https://www.smartkarma.com/entities/bullish-us-llc" target="_blank" data-smartkarma-citation="entities:45521:1" rel="noopener">Bullish US (BLSH US)</a> is expected to be added to Global SmallCap in November 2025 and to US-R1000 in December 2025 despite its foreign filings.</li>
</ul>



Bullish US (BLSH US) will be excluded from the one US index due to foreign SEC filings.

Bullish US (BLSH US) will be excluded from the one Global index due to insufficient float cap.

Bullish US (BLSH US) is expected to be added to Global SmallCap in November 2025 and to US-R1000 in December 2025 despite its foreign filings.


Bullish (BLSH US): Split Inclusion Across Global & US Indices

<ul>
<li>Bullish US will offer 20.3 million shares at $28-$31 and is scheduled to debut on Wednesday (8/13). </li>
<li>BlackRock, Inc., and ARK Investment Management, LLC and/or its affiliated entitiesindicated an interest in purchasing up to an aggregate of $200 million in this offering. </li>
<li>A combination of highly-notable existing shareholder base, anchor orders and tailwinds from the industry will likely have this IPO in high demand. </li>
</ul>


Bullish US will offer 20.3 million shares at $28-$31 and is scheduled to debut on Wednesday (8/13). 
BlackRock, Inc., and ARK Investment Management, LLC and/or its affiliated entitiesindicated an interest in purchasing up to an aggregate of $200 million in this offering. 
A combination of highly-notable existing shareholder base, anchor orders and tailwinds from the industry will likely have this IPO in high demand. 


Bullish US LLC (BLSH): Global Digital Asset Platform Sets Terms Seeking up to $4.2b IPO Valuation

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Bullish US (BLSH US)

[Quiddity Index] Index Consultation Anncmt Suggests The Big M Will Delete 1 LargeCap, 5 Small.

Global Index Provider M* announced a Digital Asset Treasury Company consultation in late August. Friday they extended the consultation. I expect it...

Travis Lundy

Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops

Bullish US IPO soars with +143.2% gain at opening, among top debuts of 2025 with the deal finishing north of 20-times oversubscribed.

IPO Boutique

Bullish US LLC (BLSH): IPO Range and Size Increased, Next Digital Asset Moonshot on Deck

Global digital asset platform increases price range and shares offered in IPO, backed by $200 million anchor order from Ark Investment and...

IPO Boutique

Bullish (BLSH US): Split Inclusion Across Global & US Indices

BLSH US faces exclusion from select US and Global indices due to foreign filings and insufficient float cap, while it is expected to be added to...

Dimitris Ioannidis

Bullish US LLC (BLSH): Global Digital Asset Platform Sets Terms Seeking up to $4.2b IPO Valuation

Bullish US set to debut with 20.3 million shares at $28-$31, attracting interest from BlackRock and ARK Investment Management. High demand...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

[Quiddity Index] Index Consultation Anncmt Suggests The Big M Will Delete 1 LargeCap, 5 Small.

Global Index Provider M* announced a Digital Asset Treasury Company consultation in late August. Friday they extended the consultation. I expect it...

Travis Lundy

Bullish US LLC (BLSH): Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops

​Bullish US IPO soars with +143.2% gain at opening, among top debuts of 2025 with the deal finishing north of 20-times oversubscribed.

IPO Boutique

Bullish US LLC (BLSH): IPO Range and Size Increased, Next Digital Asset Moonshot on Deck

​Global digital asset platform increases price range and shares offered in IPO, backed by $200 million anchor order from Ark Investment and...

IPO Boutique

Bullish (BLSH US): Split Inclusion Across Global & US Indices

BLSH US faces exclusion from select US and Global indices due to foreign filings and insufficient float cap, while it is expected to be added to...

Dimitris Ioannidis

Bullish US LLC (BLSH): Global Digital Asset Platform Sets Terms Seeking up to $4.2b IPO Valuation

​Bullish US set to debut with 20.3 million shares at $28-$31, attracting interest from BlackRock and ARK Investment Management. High demand...

IPO Boutique

Bullish US IPO soars with +143.2% gain at opening, among top debuts of 2025 with the deal finishing north of 20-times oversubscribed.

Global digital asset platform increases price range and shares offered in IPO, backed by $200 million anchor order from Ark Investment and...

Bullish US set to debut with 20.3 million shares at $28-$31, attracting interest from BlackRock and ARK Investment Management. High demand...