Daily Brief United States: Royal Gold Inc, Bullish US, Proassurance Corp, Copper, Whitefiber, Miami International Holdings, Bitcoin, USD, Starbucks Corp, Heartflow and more

• The MV Junior Gold Miners index represents the performance of small-cap gold and silver mining companies listed around the world. We like it because of impact. 
• This index is reviewed semiannually in March/September. During these reviews, names can be added or deleted from the index. 
• There are several expected ADDs/DELs for the September 2025 index rebal event. There will also be flows for the other index members due to capping.

• 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. 

• ProAssurance merger with The Doctors Company faces potential regulatory hurdles, particularly in California, risking a 30-40% stock drop.
• Lifeway Foods and Danone have resumed buyout talks, with confidentiality agreements in place, aiming for a resolution.
• Webjet Group sees increased stake from Helloworld Travel, indicating potential takeover interest following a rejected offer.

• Market expected tariffs on cathode and other copper products, but final announcement only included tariffs on scrap
• Change in tariff decision led to collapse in premium of COMEX over LME
• Import influx of copper in US may now flow to LME warehouses, potentially affecting prices and supply security efforts

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• WhiteFiber is offering 7.8 million shares at $15-$17 equating to a potential market cap of $523m-$593m.
• Insiders are buying in this offering which adds to the bullish thesis.
• They expect revenue to come between $17.7m-$19.6m for Q2 2025 after posting revenue of $16.8m in Q1 2025. 

• Miami International Holdings is offering 15 million shares at a $19-$21 range which equates to a valuation of $1.5b-$1.7b.
• Wellington has indicated an interest in purchasing up to $40 million in shares of common stock in this offering at the initial public offering price.
• Miami International is scheduled to price on August 13th for a Thursday, August 14th debut. 

• Zach Townsend is the co-founder and CEO of Meanwhile, a company reinventing life insurance by holding reserves in Bitcoin.
• Life insurance is about protection and risk sharing, with term life providing coverage for a specific term and whole life lasting a lifetime.
• Term life is more focused on protection for a specific period, while whole life is an investment product for intergenerational wealth transfer.

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Dollar strengthening due to positioning cleanup and various events this week
• Powell’s statement more dovish, payrolls weaker than expected
• Political pressure and potential Fed chair change could impact future Fed policy and dollar strength

This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

• Starbucks Corporation’s latest quarterly results underscored both the urgency of its transformation efforts and the early signs of progress in key areas.
• For the fiscal third quarter, the company reported net revenue of $9.5 billion, yet same-store sales fell 2 percent globally—worse than the 1.5 percent decline analysts had anticipated—and earnings per share of $0.50 trailed the $0.65 consensus.
• In the United States, comparable sales also dipped 2 percent, reflecting the continued impact of a year-and-a-half streak of domestic store declines.

• HeartFlow is offering 12.5 million shares at a $15-$17 range which equates to a valuation of around $1.32 billion. 
• According to guidance the deal is being classified as oversubscribed with early long-only and healthcare dedicated conversions. 
• Combine durable revenues, strong underwriting and backers with a tailwind from a healthcare segment with a touch of AI, it is our opinion that this IPO will be well-received.