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

Gemini Space Station / Equity Capital Markets

<ul>
<li>The company that describes its mission is to unlock the next era of financial, creative, and personal freedom filed for an IPO on August 15th.</li>
<li>As of June 30, 2025, they serve approximately 523,000 MTUs and approximately 10,000 institutions in over 60 countries, with over $18 billion of assets on their platform.</li>
<li>Their total revenue was $98.1 million and $142.2 million and their net loss was $319.7 million and $158.5 million in 2023 and 2024, respectively.</li>
</ul>


The company that describes its mission is to unlock the next era of financial, creative, and personal freedom filed for an IPO on August 15th.
As of June 30, 2025, they serve approximately 523,000 MTUs and approximately 10,000 institutions in over 60 countries, with over $18 billion of assets on their platform.
Their total revenue was $98.1 million and $142.2 million and their net loss was $319.7 million and $158.5 million in 2023 and 2024, respectively.


Gemini Space Station, Inc. (GEMI): Peeking at the IPO Prospectus of a High Profile Crypto-Platform

<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

Dimitris Ioannidis

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

<ul>
<li>The is an institutionally focused global digital asset platform that provides market infrastructure and information services.</li>
<li>Reflecting their strong market presence, the Bullish Exchange’s total trading volume since launch has exceeded $1.25 trillion as of March 31, 2025.</li>
<li>The digital assets space, especially crypto-exchanges, is one that has the strong tailwind from legislation passed by lawmakers which is anticipated to increase adoption from a more institutional investor base.</li>
</ul>


The is an institutionally focused global digital asset platform that provides market infrastructure and information services.
Reflecting their strong market presence, the Bullish Exchange’s total trading volume since launch has exceeded $1.25 trillion as of March 31, 2025.
The digital assets space, especially crypto-exchanges, is one that has the strong tailwind from legislation passed by lawmakers which is anticipated to increase adoption from a more institutional investor base.


Bullish US LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform

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Bullish US (BLSH US)

Gemini Space Station, Inc. (GEMI): Peeking at the IPO Prospectus of a High Profile Crypto-Platform

Company focused on financial, creative, and personal freedom files for IPO, serving over 500,000 MTUs and 10,000 institutions in 60+ countries...

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 LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform

The Bullish Exchange surpasses $1.25 trillion in trading volume, benefiting from legislative support for institutional adoption in the digital...

IPO Boutique

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Gemini Space Station, Inc. (GEMI): Peeking at the IPO Prospectus of a High Profile Crypto-Platform

​Company focused on financial, creative, and personal freedom files for IPO, serving over 500,000 MTUs and 10,000 institutions in 60+ countries...

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 LLC (BLSH): Peeking at the IPO Prospectus of a Powerhouse Global Digital Asset Platform

​The Bullish Exchange surpasses $1.25 trillion in trading volume, benefiting from legislative support for institutional adoption in the digital...

IPO Boutique

Company focused on financial, creative, and personal freedom files for IPO, serving over 500,000 MTUs and 10,000 institutions in 60+ countries...

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...

The Bullish Exchange surpasses $1.25 trillion in trading volume, benefiting from legislative support for institutional adoption in the digital...