Bullish Crypto Exchange Skyrockets by 84% in Market Debut Following $1.1B IPO
Cryptocurrency exchange Bullish made a stunning entrance in the public market on the New York Stock Exchange. Shares closed 84% higher at $68, after pricing its initial public offering at $37 per share. This Peter Thiel-backed company raised $1.1 billion, significantly surpassing its original expectations and showcasing a robust investor appetite for crypto-related businesses.
Trading under the ticker symbol “BLSH”, Bullish shares kicked off at $90 and peaked as high as $118 during Wednesday’s trading session. This surge gave the company a market value of approximately $10.25 billion by the end of the day. The IPO price of $37 was well above the anticipated range of $32-$33, and far exceeded the initial $28-$31 range proposed earlier.
Under the leadership of former New York Stock Exchange President Tom Farley, Bullish targets institutional investors and is also the owner of the crypto news website CoinDesk. The successful debut mirrors the Trump administration’s crypto-friendly policies and follows in the footsteps of other triumphant public offerings in the sector, such as Circle’s $1 billion raise in June. Since its launch in 2021, Bullish has processed over $1.25 trillion in trading volume.
Source: CNBC