Crypto Market Update: Bitcoin Approaches Record High as Bullish Targets $4.82 Billion IPO Valuation
August 11, 2025 – The cryptocurrency market remains in focus this Monday with Bitcoin nearing its all-time high price, alongside significant developments in the crypto exchange sector and regulatory adaptations aimed at fostering institutional investment. Here is the latest update on key digital assets and industry news as of 9:00 a.m. UTC.
Bitcoin and Ethereum Price Movements
Bitcoin (BTC) traded near record levels, priced at approximately $119,577 as of Monday morning, reflecting a slight decline of 0.9% over the past 24 hours. Intraday valuation ranged between $118,199 at the low and $122,227 at the peak.
Ethereum (ETH) followed a similar trend, valued at $4,179.19, down 0.6% over the same period. Ethereum’s intraday prices fluctuated between $4,174.03 and $4,332.73. Altcoins also saw mixed activity: Solana (SOL) decreased by 0.8% to $178.34; XRP rose modestly by 0.3% to trade at $3.20; Sui (SUI) declined by 2.9% to $3.71; and Cardano (ADA) slipped 1.2% to $0.787. Bitcoin Holds Near Record Highs Amid Market Optimism
Bitcoin’s sustained trading above the $120,000 mark has positively influenced publicly traded crypto-related equities. Companies such as Strategy, Coinbase, and Robinhood each recorded premarket gains between 2% and 3%.
Market optimism follows last week’s executive order issued by former U.S. President Donald Trump, which directed federal agencies—including the Treasury, Labor Department, and SEC—to identify regulatory measures that would facilitate the inclusion of cryptocurrencies in 401(k) retirement plans. This initiative aims to reduce barriers for employers wishing to offer digital asset investment options to their employees.
Bullish Eyes $4.82 Billion Valuation in Expanded IPO Plan
Crypto exchange Bullish announced an upsizing of its initial public offering (IPO), now targeting a valuation of up to $4.82 billion. The company intends to raise as much as $990 million by offering 30 million shares priced between $32 and $33 each. This pricing range surpasses the prior filing while remaining below Bullish’s previously sought $9 billion valuation during its unsuccessful 2021 SPAC merger attempt.
The exchange intends to convert a significant portion of the IPO proceeds into U.S. dollar–backed stablecoins in partnership with established token issuers. Notably, investment funds managed by BlackRock and Cathie Wood’s ARK Investment have demonstrated interest in buying up to $200 million worth of Bullish shares.
Bullish is expected to finalize pricing on Tuesday and will debut on the New York Stock Exchange under the ticker symbol “FLY” the following day.
El Salvador Seeks High-Net-Worth Crypto Investors Through New Banking Legislation
El Salvador continues to bolster its crypto-friendly posture by passing a new Investment Banking Law aimed at attracting institutional and wealthy cryptocurrency investors. Under the new regulations, licensed investment banks with a minimum of $50 million in capital will be authorized to provide Bitcoin and other digital asset services exclusively to clients classified as "sophisticated investors" — individuals with liquid assets of at least $250,000 and demonstrated advanced financial acumen.
These banks will be empowered to issue bonds, structure public-private partnerships, and offer digital asset products. Legislators emphasize that these measures aim to position El Salvador as a regional financial hub and attract substantial foreign private capital.
This development coincides with President Nayib Bukele’s recent constitutional reforms that extend presidential terms and remove term limits, consolidating political control. Despite an International Monetary Fund (IMF) agreement discouraging public Bitcoin purchases, blockchain data indicates that El Salvador has increased its Bitcoin reserves to roughly 6,264 BTC, valued at approximately $739 million.
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Securities Disclosure: The authors hold no direct investment interests in any companies discussed.
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About the Authors
Giann Liguid is a graduate of Ateneo De Manila University with expertise spanning security, food, and business sectors, as well as public administration. Outside market reporting, he enjoys thrift shopping for his dogs.
Meagen Seatter is an Investment Market Content Specialist based in Vancouver, with a background in marketing, psychology, anthropology, and a passion for life science and technology markets. She balances writing with gardening and outdoor activities.
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