Crypto infrastructure stocks are taking center stage as Bullish seeks a NYSE IPO. The move is a further sign of the integration of digital assets and traditional finance.
Bullish Eyes Major Capital Raise in NYSE Listing
Bullish prepares for its NYSE debut, marking a milestone for crypto infrastructure stocks
Bullish announces a sizable public offering filing. The company filed to sell 20.3 million shares. It aims for a price range of $28 to $31 per share. This would generate nearly $629 million. The company’s valuation could be $4.2 billion as a result. Underwriters also have the choice of buying an extra 3 million shares. This would also be included in the capital raised figure. The listing would be on the New York Stock Exchange. It is a significant step for crypto infrastructure stocks.
This capital will be used to finance corporate expansion plans. Funds are reserved for general purposes and acquisitions. Bullish operates an institutional-grade cryptocurrency exchange. The platform offers spot and derivatives trading services. Its public launch follows a dramatic financial turnaround. The company projected strong second-quarter net income.
Institutional Giants Behind Bullish Offering
Bullish aims to raise up to $629 million through its IPO, valuing the company at $4.2 billion
This IPO is being supported by old guard financiers. BlackRock and ARK Investment Management were very interested. They will purchase up to $200 million in stock. This seal of approval is necessary for market confidence. It is a sign of institutional belief in crypto exchanges that are regulated. It also attracts other investors on a large scale. They legitimize the entire industry with their presence.
This backing steadies the offering. It also provides instant liquidity. Institutional participation also leads to more demand. For crypto infrastructure stocks, this is a bullish development. It demonstrates growing acceptance on Wall Street. Large asset managers now see long-term value. They are investing directly in digital asset firms.
Regulatory Shift Allows Crypto Public Listings
The GENIUS Act provides a clearer regulatory framework, encouraging crypto firms to go public
The regulatory environment in the U.S. has dramatically improved. The recently enacted GENIUS Act was a significant catalyst. The bill provides digital asset companies with more clarity on regulations. It turns the previous uncertainty for businesses upside down. Regulating bodies have also relaxed. Enforcement-oriented policies over the past few years have been rolled back. A more balanced framework is unfolding.
This new ecosystem prefers public market entries. Companies now pursue listings more eagerly. They can operate within established compliance frameworks. Bullish is also pursuing a New York BitLicense application. This license allows operation under the strict state jurisdiction. It requires robust customer verification processes. Anti-money laundering processes are also required.
Wave of Crypto Companies Entering Public Markets
Bullish contributes to a growing number of public listings. The trend is an indicator of industry maturation. Stablecoin firm Circle listed on the NYSE with success. Its share price grew by nearly 290 percent. Trading platform eToro is listed on Nasdaq. Financial services firm Galaxy Digital followed. Others have filings in the pipeline.
Gemini and BitGo have submitted draft registration statements. Kraken and OKX are also reportedly doing the same. The move creates a new asset class. Crypto infrastructure stocks have arrived. Greater exposure possibilities for investors now. These companies offer regulated, revenue-generating business models. They are different from the earlier speculative crypto players.
Bullish Focuses on Institutional Client Base
The exchange transacts business directly with institutional clients. The strategy is for substantial, repeat business. Institutional Crypto holdings will grow. New White House policy favors the trend. Retirement accounts can now provide alternative investments. Digital assets fit the category. Bullish developed its platform with professionals in mind.
It has sophisticated trading tools and deep liquidity. It facilitates spot and derivatives trading. This institutional client focus is appealing to public market investors. They prefer to favor predictable business models. Further, serving institutions require more compliance requirements. Bullish is meeting these requirements. Its BitLicense application is in the final stage.
Corporate Ethereum Adoption Complements IPO Trend
Public companies are increasingly holding Ethereum as a strategic treasury asset
Apart from IPOs, companies are also hoarding Ethereum. Over a dozen public companies have more than one million ETH. They are using it for operations and treasury management. Staking yields with proof-of-stake. Smart contracts allow the creation of new products. This trend is favorable for crypto infrastructure stocks.
Data source: Ethereumtreasuries.net and CoinGecko. Dollar amounts current to mid-August 2025. This corporate involvement is not inconsequential. It speaks to Ethereum’s use case beyond speculation. Corporations are integrating it into their businesses. They are making long-term strategic bets.
BitMine Immersion Leads Corporate Ethereum Holdings
BitMine and SharpLink Gaming lead corporate Ethereum accumulation, holding billions in ETH
BitMine Immersion Technologies holds the most Ethereum. It holds 1,150,263 ETH. It is worth approximately $5.06 billion. It changed from Bitcoin mining in mid-2025. The firm is headed by Fundstrat’s Tom Lee. It had raised $1.8 billion in a share offering. The mission was to purchase a lot of ETH.
BitMine aims to control five percent of total supply. It stakes vast majority of its assets. This is to run validator operations in the network. The scheme is impossibly ambitious. It mirrors the growing corporate demand for Ethereum.
SharpLink Gaming Establishes Ethereum Treasury
SharpLink Gaming holds 598,800 ETH. That’s valued at around $2.63 billion. The company is an iGaming and sportsbook technology provider. It transformed into a crypto company in 2025. Ethereum co-founder Joseph Lubin now chairs its board of directors. SharpLink generated $83 million in June.
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It used these proceeds in buying 79,000 ETH in short time. It has staked ninety-five percent of its ETH. It is creating Ethereum-based stablecoin solutions. They will be applied to online gaming payouts. Lubin spoke of increased U.S. regulatory clarity. The GENIUS Act enabled this strategic pivot.
Other Major Public Companies Have Material Ethereum
Several other firms hold large ETH treasuries. Coinbase Global holds 136,782 ETH worth $601 million. The exchange also operates a large staking service. Bit Digital sold all of its Bitcoin treasury. It rotated entirely into Ethereum and holds 120,306 ETH. BTCS Inc. holds 70,028 ETH for staking revenue.
Ether Capital is an investment company based in Canada. It holds 46,274 ETH, with 98 percent staked. Galaxy Digital has holdings estimated at over 40,000 ETH. These two companies belong to different sectors. Their combined adoption signals mass Ethereum adoption.
Ethereum is Used as Strategic Business Asset
There are various use cases of Ethereum for corporations. Staking provides interest income. Smart contracts enable decentralized finance use cases. They also enable tokenization and new products. Ethereum is an investment as well as an operations tool. This makes it even more attractive to corporations.
Businesses are not simply storing ETH. They are integrating it into business. This involves developing new products for customers. It also involves streamlining internal processes. Ethereum’s flexibility is making diverse uses possible. Its proof-of-stake algorithm is particularly attractive.
Hive Digital Technologies Pivots to AI Computing
Hive Digital pivots from Ethereum mining to AI computing, boosting revenue potential
Hive Digital Technologies shifted its business model. It had moved from Ethereum mining to artificial intelligence. This followed Ethereum’s proof-of-stake upgrade. Hive repurposed its Nvidia GPUs for AI workloads. This brought in a lot more revenue. AI services now bring in up to twenty times more revenue.
It is expanding its data center footprint. It has been developments in Canada and Sweden. This offsets its existing cryptocurrency mining operations. Hive focuses on flexibility within crypto infrastructure equities. It is repurposing existing hardware for new markets.
Hive Expands Global Operations to Paraguay
Hive launched a new 100-megawatt facility in Paraguay. The location will be powered by hydroelectric power. The expansion brings double its mining capacity and will also cater to the growing demand for AI computing. The facility offers sustainable and cheap power.
This move illustrates Hive’s commitment to growth. It is putting money into digital asset development and high-performance computing. The company has operations across multiple countries. This diversification positions it strongly in the market. It is one of the leading companies among crypto infrastructure stocks.
Market Outlook for Crypto Infrastructure Stocks
The prospects of these stocks are favorable. Bullish’s IPO highlights broader bullish trends. Regulatory clarity in the US only keeps increasing. Institutional adoption of digital assets only keeps gaining momentum. Corporate Ethereum accumulation is on the rise. All these collectively make the case for market growth.
Investors have other ways of getting exposure. They can choose from exchanges, miners, and service providers. Each offers a variety of perspectives on the digital asset economy. Transparency and compliance are also increasing. Public listings require ongoing financial reporting. This offers assurance to mainstream investors.
Frequently Asked Questions About Crypto Infrastructure Stocks
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What are crypto infrastructure stocks?
These are equities of companies that provide underlying digital asset services. A few examples include exchanges, miners, and custody providers.
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Why is Bullish’s IPO important?
It is an indicator of institutional adoption and provides a new product to invest in. Its success could encourage other crypto companies to go public.
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How are regulations affecting these stocks?
Improved regulations, like the GENIUS Act, are making the business environment more transparent. This reduces uncertainty and attracts investors.
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Which firms hold the most Ethereum?
BitMine Immersion and SharpLink Gaming have the highest proportions. Several other firms are building significant ETH treasuries.
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Why do these firms need Ethereum?
It’s an income-producing asset as well as an operating instrument. Firms use it for staking and product development.
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How is Hive Digital changing its business model?
Hive shifted from mining to AI computing with its existing GPU equipment. The diversification improves its revenue streams.
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Are cryptocurrency infrastructure stocks worth investing in?
They offer exposure to the growing digital asset space. Though, like in any investment, there is risk and a requirement for due diligence.
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What is the impact of institutional investment?
Institutional backing offers liquidity and legitimacy. It also steadies the stock price.
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How do these participants stake?
Companies stake their Ethereum to earn rewards. This provides a second source of income in addition to asset appreciation.
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What is the future of crypto stocks?
The sector will keep growing as adoption increases. More companies will list publicly.
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Conclusion
Bullish IPO is a milestone for crypto infrastructure stocks. It is a signal of the increasing maturity and institutional acceptance of the industry. Corporate Ethereum adoption and use of digital assets by companies for yield and innovation are building new value models. All these trends put together indicate further growth. Convergence between crypto and traditional finance is taking place at an accelerated rate. Domain.com brings continued coverage of this dynamic market.
