Bullish加密所美國IPO瞄準42億美元估值

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加密貨幣交易所Bullish計劃美國上市，估值最高達42.3億美元

路透社報道，加密貨幣交易平台Bullish於周一提交文件，表示計劃在美國上市，目標估值最高達42.3億美元，並已啟動路演，欲乘著數碼資產在監管趨於明朗下的熱潮，吸引投資者目光。

隨着特朗普政府期間一系列有利加密貨幣政策的推出，例如近期通過的GENIUS法案，為穩定幣提供初步監管框架，市場對相關技術的興趣持續升溫。

Bullish計劃透過發行2,030萬股股票，定價介乎每股28至31美元之間，募資最多約6.293億美元，這是該公司四年內第二次嘗試上市。按此定價區間最高估值，Bullish較其2021年曾嘗試以空白支票公司合併達90億美元估值目標，折讓超過52%，當時該合併案於2022年因監管障礙而取消。

投行策略師Matt Kennedy指出：「在首次公開招股（IPO）開始推廣階段，承銷商通常寧願低估估值再逐步調高，也不願高估後被迫下調價格。」

Bullish由億萬富翁Peter Thiel支持，計劃將IPO所得資金大部分轉換成以美元計價的穩定幣，並將與一個或多個穩定幣發行者合作，協助完成此轉換。

今年6月，主要穩定幣發行商Circle Internet在紐約證券交易所成功上市，現時股價已較IPO價上升超過400%。

專注機構市場的Bullish及其業務狀況

Bullish由前紐約證券交易所總裁Thomas Farley領導，主攻機構客戶的加密貨幣交易平台。此外，Bullish於2023年收購了加密新聞網站CoinDesk，該網站原屬Barry Silbert的Digital Currency Group。

截至3月底的季度，Bullish錄得3.49億美元虧損，較去年同期1.05億美元盈利大幅倒退，主要因加密貨幣持倉公允價值下跌所致。

與此同時，最大公眾加密貨幣交易所Coinbase公佈第二季度調整後利潤下滑，原因是交易量減少，導致股價一度下跌近17%，儘管公司在投資組合上錄得收益。

分析師指出，部分投資者在評估加密貨幣公司時，往往忽視了季度加密貨幣價格波動對業績的影響。

Renaissance Capital的Kennedy表示，投資者將更關注Bullish作為純交易所的運營效率和盈利能力，而非季度價格波動的影響。

Bullish計劃在紐約證券交易所掛牌，股票代號為「BLSH」，主承銷商包括摩根大通、傑富瑞及花旗集團。

評論與啟示：Bullish上市背後的挑戰與機遇

Bullish此舉反映出加密貨幣行業在經歷波動後，仍希望通過公開市場融資以擴大業務，並藉監管日益明朗的環境提升投資者信心。與2021年高估值時期相比，現時的折讓幅度相當顯著，這既是市場對加密資產風險的重新評估，也是監管不確定性仍存的反映。

值得注意的是，Bullish計劃將大量募資轉換成穩定幣，這種策略既能減低加密貨幣價格波動帶來的風險，也顯示出他們對穩定幣市場前景的高度依賴。這與Circle Internet近期的成功上市形成呼應，穩定幣正逐步成為加密生態系統中不可或缺的一環。

不過，Bullish過去財報中的虧損狀況，凸顯出加密交易平台在盈利模式上仍面臨挑戰。與此同時，Coinbase的利潤下滑亦提醒市場，加密交易活躍度的波動直接影響交易所收入，投資者在評估此類公司時需更加謹慎。

整體而言，Bullish的上市計劃不僅是該行業回歸資本市場的一個重要信號，也反映出加密貨幣行業正處於尋求穩定與合規發展的關鍵階段。對香港投資者而言，密切關注這類企業的監管動態和財務健康狀況，將有助於在波動中把握潛在機遇。

以上文章由特價GPT API KEY所翻譯及撰寫。

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