Daily Brief United States: Binance Coin, Sailpoint Technologies Holdings, Roku , Baxter International, Spectral AI, Miami International Holdings, International Public Partnerships, AppFolio Inc A, Borgwarner Inc, Arrow Electronics and more

• The introduction of Binance Alpha has been the most significant development in the exchange listing landscape in 1H 2025. Within 7 months, it evolved from trading in Binance wallet only to a 2.0 version that funnels Binance exchange liquidity directly to DEX trading, which was then followed by the introduction of a trading incentive program Alpha points.
• Binance Alpha listings placed a greater emphasis on tokens with an FDV under $100 million, a segment traditionally overlooked by Binance. With the launch of 2.0 and Alpha points, tokens listed through this program have been outperforming listing events on other exchanges, including Binance’s own, in both price and trading volumes.
• The growth of Alpha created competition for other exchanges. Mid-size exchanges have seen fewer listing events, and Alpha listings might be filling this void. Binance’s own listings have also been affected: the first 30-day trading volume for large FDV tokens shrunk by 20% on Binance, while this metric grew on Upbit, OKX, and Bybit. Additionally, Binance-listed tokens showed a below-average price performance compared to other exchanges.

• The IPO priced 60.0 million shares (upsized from 50.0 million) at $23.00, the high end of the upwardly revised $19–$21 range, only to open flat and trade poorly.
• Underwriters failed to properly assess book quality. While the order book was reportedly 20× covered, the aftermarket behavior revealed that much of this “demand” lacked conviction.
• The stock’s underperformance will likely keep momentum buyers on the sidelines until the company strings together multiple quarters of beats and raises.

• Roku’s second quarter 2025 earnings call reflected a nuanced picture of both progress and ongoing challenges for the company.
• On the positive side, the quarter was highlighted by an 18% year-over-year growth in platform revenue, driven largely by the expansion and diversification of advertising demand, and a robust performance from the newly launched Roku Ads Manager.
• This growth was fueled by significant gains in video advertising, which outpaced the overall U.S. OTT and digital ad markets, pointing to successful integration strategies and product innovations.

• Baxter International’s second quarter 2025 earnings results portray a complex landscape of solid financial performance alongside challenges in specific sectors.
• Baxter reported sales from continuing operations of $2.8 billion, reflecting a growth of 4% on a reported basis and 1% on an operational basis from the prior year.
• However, this growth remained at the lower end of the company’s expectations, as declines in certain segments, such as the Medical Products & Therapies and Pharmaceuticals, offset the performance of other areas.

• Spectral AI is developing an AI-guided predictive medical device that employs multispectral imaging (MSI) to estimate a wound’s capacity to heal.
• The company is pursuing indications in burn and diabetic foot ulcers (DFUs) with the former receiving support from BARDA & other government agencies.
• Spectral is distinguished by its combination of MSI and AI to improve diagnoses.

• Miami International Holdings (MIAX US)  priced a full-size IPO of 15.0 million shares at $23.00, coming in $2 above the marketed $19–$21 range.
• Shares opened Thursday at $31.65, delivering a +37.6% gain at first trade, and reached an early high of $33.00 within the first 15 minutes.
• MIAX traded in a relatively tight intraday range compared to many recent IPOs, reflecting its position as a more traditional, easier-to-value business.

International Public Partnerships (INPP) has agreed the sale, for £32m, of a minority part of its investment in Angel Trains, at a very attractive premium to the end-FY24 valuation. The transaction reflects INPP’s continuing focus on optimising its portfolio while supporting both capital returns and attractive reinvestment opportunities. The company says the sale proceeds will support the ongoing share buyback programme, together with its future investment commitments, such as the recently announced c £250m commitment to Sizewell C.

• AppFolio Inc. reported significant growth in its second quarter of 2025, with a revenue increase of 19% year-overyear, totaling $236 million.
• This growth reflects a strong market position, driven by new business wins, customer upgrades to premium tiers, and higher adoption of value-added services.
• A key driver of AppFolio’s success appears to be its focus on AI-enabled solutions.

• BorgWarner, a leading provider of powertrain solutions, recently discussed its second-quarter 2025 performance, revealing a balanced set of achievements and challenges.
• On the positive side, the company’s light vehicle eProduct sales rose by an impressive 31%, significantly outpacing the high-teens increase in global hybrid and battery electric vehicle (BEV) production during the quarter.
• Despite a year-over-year organic sales stagnation, excluding the declining commercial vehicle battery and charging systems segment, BorgWarner’s organic sales experienced modest growth.

• Arrow Electronics reported their second quarter results of 2025, showcasing a commendable performance with revenues and earnings per share exceeding the upper end of their guided expectations.
• The company’s two major segments, Global Components and Global Enterprise Computing Solutions (ECS), both contributed to this outperformance.
• Positives from the report indicate that Global Components achieved year-over-year growth for the first time since the fourth quarter of 2022.