🥛 Bullish IPO makes history 📈

GM. This is Milk Road – we are to crypto what chiropractors are to the human back.

(We make everything *click *.)

Here’s what we got for you today:

✍️ Bullish IPO makes history
✍️ This solo miner just won the lottery!
🎙️ The Milk Road Show: Coinbase’s Q4 2025 Crypto Forecast: Macro Setups, ETH Demand & Altseason Signals w/ David Duong
🍪 SharpLink just bought another $601M worth of $ETH

Yield Seeker gives you a personalized AI Agent that goes out and earns yield on your stablecoins. Grow your crypto with Yield Seeker today.

Prices as of 2:00 PM ET. Click here for our Fear & Greed Index.

$BLSH IPO TELLS US TRADFI STILL CAN’T GET ENOUGH CRYPTO EXPOSURE 📈

Remember that time you promised your nephew you’d get him that one toy for Christmas?

…then promptly forgot and found yourself trying to fight/outbid a horde of dads at Toys “R” Us on Christmas eve?

Yeah, well, in that case – you’ve got a pretty good idea of what it's like for Wall St. traders trying to get exposure to crypto companies right now.

(It’s bedlam.)

Take the IPO of Bullish ($BLSH) for instance (the crypto exchange / owners of CoinDesk).

The whole thing was pretty much a walking/talking representation of how crypto is fly-kicking its way into the TradFi space (from multiple angles)…

Here’s everything you missed:

1/ The IPO was 20x oversubscribed

Think of an IPO like a concert: if there’re only 1,000 tickets available but 5,000 people want to buy them – it’s oversubscribed.

The demand for $BLSH stock at IPO was 20x that of available shares.

2/ This demand was mirrored once $BLSH hit exchanges

Within the first 10 minutes of trading, $BLSH ripped ~218% from its IPO price of $37, reaching $117.93.

(This move was so fast that the New York Stock Exchange had to halt trading of $BLSH – a measure taken when a stock moves too fast in one direction.)

Source: TradingView

3/ The IPO settled in crypto

The $1.15B that Bullish raised from its IPO? Yuh. They just made history by taking it ALL in stablecoins.

TradFi launch 🤝 crypto rails.

Source: @SolanaFloor

And this broader trend of crypto companies rushing to fill TradFi’s demand is only set to continue in the coming months…

Gemini, Figure, Kraken, Fireblocks, and Anchorage Digital are all lining up to IPO.

The takeaway:

Wall St. is the horde of dads banging at the door of Toys “R” Us. Crypto companies are the gift of the season.

Higher.

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THIS SOLO $BTC MINER JUST WON THE LOTTERY 💰

“Guess a number between one and a million. First to guess right wins $355,000.”

This isn’t a perfect analogy, but it gives you an idea of how Bitcoin transactions are processed.

It’s a game of high-speed, trial-and-error guessing.

The first to guess the right answer is allowed to process (aka: mine) a group (aka: block) of $BTC transactions and collect a 3.125 $BTC reward.

(A process that repeats every 10 mins.)

The more computing power you have (measured in ‘petahashes’ or PH/s) → the more guesses you can make per second → the higher your chances of ‘winning’ the block.

So you can imagine it’s hard for individuals with measly compute power to compete with companies that have warehouses full of top-of-the-line hardware…

Which is why this story is so freakin’ crazy.

This past Sunday, a solo miner won the right to process a block and collected the 3.125 $BTC reward (worth ~$355k as of this writing).

Source: Mempool

Too nerdy? Lemme bring it home with some context…

Many large-scale miners can hit anywhere between 50,000 – 250,000+ PH/s of processing power with the hardware they’re running.

So a solo miner with, say, 1 PH/s of processing power would have a 1/650,000 chance of winning the guessing game and collecting the 3.125 $BTC reward.

(Still better than the lottery’s 1/300M chances of winning the jackpot – but steep all the same.)

Meaning that if this solo miner were to take a shot at goal every 10 mins, indefinitely – the math says it should take them 45,138 days – or 123 years – before they won their first block.

That’s the timeline this mf’er just speed-ran!

(New rule: no more buying lottery tickets. We’re all solo mining from here on out.)

EPISODE 1 OF THE MILK ROAD DEGEN PODCAST IS LIVE 🎧

The first episode of the Milk Road Degen Podcast is out today and we’re starting strong.

LG Doucet sits down with OSF, an ex-Wall Street trader turned NFT legend, to talk about where crypto is heading next. From market sentiment to meme culture to what still has real staying power in web3.

If you’re curious about what’s next in the space (and want insights from those who’ve been deep in the trenches), this one’s worth a listen. 👇️