Public Markets

Miami International Holdings (MIH) has completed its initial public offering following a successful roadshow that initially targeted 15,000,000 shares at $19–$21 per share. The offering priced above range at $23 per share, raising $345 million before the underwriters’ option. Shares of MIH began trading on the New York Stock Exchange under the ticker symbol “MIAX” on August 14, 2025, with J.P. Morgan, Morgan Stanley, and Piper Sandler serving as lead joint bookrunning managers alongside Keefe, Bruyette & Woods, Raymond James, William Blair, and Rosenblatt...

Figure Technology Solutions, a blockchain-based fintech founded by SoFi Co-Founder Mike Cagney, has confidentially filed for an IPO with the U.S. Securities and Exchange Commission. The filing, allowed under expanded SEC rules, enables the company to refine offering details before public disclosure. Figure operates the Provenance Blockchain, a public proof-of-stake network launched in 2018, which supports loan origination, servicing, trading, and tokenization of real-world assets...

Cryptocurrency is steadily gaining traction among North American CFOs, as reflected in recent developments and survey data. In March 2025, President Trump signed an executive order to establish a strategic bitcoin reserve and a U.S. digital asset stockpile. By June, the U.S. Senate had passed legislation regulating stablecoins. Despite initial corporate hesitation due to price volatility, only 1% of CFOs surveyed in the Q2 2025 “North American CFO Signals” survey said they had no plans to use cryptocurrency for business functions in the future...

Initial public offerings surged in the first half of 2025, despite significant market volatility and policy uncertainty, according to a recent EY report. The CBOE Volatility Index (VIX) fluctuated sharply between 14.8 and 52.3 during the period, five times the range seen in early 2024 amid concerns over U.S. trade policy and geopolitical tensions. EY stated, “Fueled by uncertain U.S. trade policy and ongoing geopolitical tensions in Eastern Europe and the Middle East, this heightened volatility is compelling companies to reimagine their exit strategies”...

Top Executives at major Wall Street banks have expressed caution about the U.S. economy as tariffs begin to affect corporate behavior and inflation trends. Citigroup CEO Jane Fraser said, "We have seen pauses in capex and hiring amongst our client base," though she acknowledged recent economic resilience driven by consumers and entrepreneurs...

According to Bain & Company’s M&A Midyear Report, Mergers and acquisitions activity is holding firm in 2025 despite new uncertainties stemming from shifting tariff policies. After enduring earlier shocks from the pandemic and rising interest rates, companies are now responding more strategically to disruption, focusing on scale, capability expansion, and divestitures...

London's IPO market experienced its weakest first-half performance in at least 30 years, raising just $218.6 million from five listings in the first six months of 2025, according to Dealogic. This marks the lowest figure since the firm began tracking data in 1995. Even during the 2008 financial crisis, London listings generated more capital, with two IPOs raising approximately $287 million in the first half of 2009...

Public companies are increasingly incorporating cryptoassets, primarily bitcoin, into their treasury strategies, reflecting a shift in capital markets. Firms such as MicroStrategy and Twenty One Capital are raising capital through equity offerings, convertible notes, and PIPEs with the express purpose of accumulating digital assets. Bernstein analysts estimate that corporate allocations to bitcoin could rise from approximately $80 billion today to $330 billion within five years...

Norwegian software firm Visma has selected London over Amsterdam for its upcoming initial public offering, offering rare momentum for the UK’s struggling capital markets. The IPO, valued at approximately $22.21 billion, is expected in early 2026 and will test whether recent UK government reforms are reviving London's appeal for high-growth technology companies...

Voyager Technologies has completed its initial public offering and is now trading on the New York Stock Exchange under the ticker symbol “VOYG.” The company priced the offering at $31.00 per share, selling 12,348,387 shares of its Class A common stock. Underwriters also have a 30-day option to purchase up to an additional 1,852,258 shares...