Bullish closes 89% above IPO price after up-and-down NYSE debut
Main Idea
Bullish, a crypto exchange, closed 89% above its IPO price after a volatile NYSE debut, with its bitcoin treasury providing a competitive edge in spot and derivatives markets.
Key Points
1. Bullish's shares opened at $90, 143% higher than the IPO price, surged to $118, but closed below the opening price.
2. The company holds $1.7 billion in bitcoin and $144 million in other assets, totaling roughly $1.8 billion in treasury value.
3. Bullish is compared to Amber Group and OSL Group, but its $13 billion valuation is significantly higher than theirs.
4. VanEck portfolio manager Matthew Sigel highlighted Bullish's bitcoin treasury as a competitive advantage in trading and derivatives markets.
5. More crypto company IPOs, including Gemini, Grayscale, and BitGo, are expected in the coming months.
Description
The platform’s bitcoin treasury gives it “competitive positioning” in spot and derivatives markets, VanEck portfolio manager says
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