Bullish Crypto Exchange Soars in Market Debut with $1.1B IPO
Bullish, a cryptocurrency exchange, made a spectacular debut in the public market on Wednesday. It raised $1.1 billion in its initial public offering (IPO), and its shares surged by 84% on the first day of trading. The company, backed by Peter Thiel, priced its IPO at $37 per share, significantly above the expected range of $32-33. This pricing gave it a market valuation of over $10 billion by the end of the day.
The company, led by former New York Stock Exchange President Tom Farley, opened trading at $90 per share. It reached a high of $118 before closing at $68. The strong reception reflects the growing institutional appetite for cryptocurrency investments, spurred by the Trump administration’s crypto-friendly policies. Bullish focuses on institutional investors and has processed over $1.25 trillion in trading volume since its launch in 2021.
Bullish’s success follows other high-profile crypto IPOs this year. These include the Circle Internet Group, which has gained over 400% since its June debut. Major institutional investors like BlackRock and ARK Invest have expressed interest in purchasing up to $200 million worth of shares. Bullish also owns the crypto news website CoinDesk and trades on the NYSE under the ticker symbol “BLSH”. CEO Tom Farley noted that “the institutional wave has begun” in cryptocurrency adoption.
Source: CNBC