Bullish Leads Crypto Rally After Fed Cut and SEC ETF Rule Change; BREA Soars on $300M Solana Pivot

Cryptocurrency markets rallied Thursday after the Federal Reserve cut interest rates and the SEC approved new rules to simplify listings of crypto ETFs. Exchanges and miners led the move higher, with newly public Bullish pacing gains and Coinbase rebounding sharply.

SEC Rule Change Spurs Optimism

The SEC’s decision to establish standardized listing criteria for spot crypto and commodity ETFs marks a major shift from the previous case-by-case review process. Under the new framework, any exchange-traded product meeting generic standards can launch more quickly, with exchanges posting key details within five days of trading. Commissioner Hester Peirce emphasized the streamlined process will reduce time and resources while benefiting both issuers and investors.

Bullish and Coinbase Rally

Bullish (NASDAQ: BLSH) jumped more than 20% following its Q2 results and news it secured a New York BitLicense, opening the door to U.S. expansion in Q4. Trading volumes on the platform surged year over year, though the company reported a modest loss. Shares, which IPO’d last month at $37, climbed back above short-term technical resistance.

Coinbase (NASDAQ: COIN) rose more than 7%, breaking back above its 50-day moving average in a strong rebound. The stock is now up 38% in 2025 despite volatility tied to regulatory pressures and mixed earnings reactions.

Gemini Space Station (NASDAQ: GEMI), which debuted last week, slipped 0.2% and touched a post-IPO low after an early pop. Despite the pullback, the exchange continues to draw attention following a $50 million strategic investment from Nasdaq.

Bitcoin Gains, Miners Outperform

Bitcoin traded above $117,500, up 1.5% in 24 hours. The Fed’s rate cut added fuel to the move, with traders betting lower borrowing costs will support further inflows. Mining stocks also surged. CleanSpark (NASDAQ: CLSK) led with an 18% spike, while Bitfarms (NASDAQ: BITF) gained 5% and Mara Holdings (NASDAQ: MARA) climbed 7%.

Spotlight on Solmate

In related crypto news, Brera Holdings (NASDAQ: BREA) announced a $300 million PIPE financing and rebrand to Solmate, shifting focus from sports to Solana-based digital assets and infrastructure. The oversubscribed raise drew backing from Solana’s core ecosystem and major firms including ARK Invest. Shares soared more than 500% intraday before settling around $24.83, with a market cap near $60 million—well below the raise amount. Traders on X were overwhelmingly bullish, calling the valuation a potential moonshot as the company positions itself as a Solana infrastructure leader in the UAE.

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