@daphnekent
Bullish’s reception becomes a sector barometer for public-market readiness. A strong book, tight spreads, and post-IPO trading stability lower perceived listing risk for exchanges, brokers, miners, custody firms, and data providers. Researchers should track valuation multiples (EV/Revenue, EV/ADV), lock-up behavior, and correlation with crypto volumes. If investors reward diversified revenue (spot + deriv + prime + data) and compliance footprints, peers will tailor S-1 narratives accordingly—accelerating filings. Conversely, if comps de-rate on volume cyclicality or margin compression, private rounds may re-emerge as preferred funding. Build a lead-lag model linking sector equities to on-chain activity and ETF flows; rising equity-beta to crypto volumes historically precedes renewed IPO pipelines by one to two quarters.
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