Bullish
Financials · Capital Markets
Structural: crypto institutional infrastructure layer - exchange + media flywheel gives dual monetization (fee vol + subscription/data). CoinDesk acquisition creates index licensing and events moat rarely held alongside a live exchange.
rising crypto volumes inflate exchange fee rev non-linearly; CoinDesk indices (CD20) gain ETF licensing fees as spot-crypto ETF proliferation accelerates; unified margin + options launch (Q3 2025) expands addressable wallet; regulatory licenses in 4 jurisdictions are hard to replicate.
exchange rev is vol-levered - bear market compresses spreads and vol simultaneously; conflict-of-interest optics between owning media (CoinDesk) and a competing exchange (Bullish); Block.one / Peter Thiel shareholder overhang; crypto regulatory risk across all operating geographies.
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