Bullish Stock Roars in Latest Crypto IPO, Tripling Offering Price
Main Idea
Bullish, a crypto exchange, saw its shares more than triple in value on its NYSE debut, reflecting a favorable market environment for crypto-related stocks.
Key Points
1. Bullish's shares (BLSH) rose as high as $118 from an initial offering price of $37, peaking at a 126% increase on the first trading day.
2. The company's market value reached $12.2 billion based on outstanding shares listed in its filing.
3. Bullish's platform allows clients to trade and bet on digital assets, marking the first digital asset exchange to go public on the NYSE.
4. Other crypto-related stocks, like Circle (USDC issuer) and eToro, also experienced significant gains in their public market debuts.
5. The crypto market has seen a more favorable regulatory environment, with SEC approvals for Bitcoin and Ethereum ETFs and reduced legal actions under the current administration.
Description
Crypto exchange Bullish's stock soared on its NYSE debut Wednesday, echoing the hot start that stablecoin issuer Circle saw in June.
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