Crypto Platform Bullish Shares Debut Above $100, More Than Doubling IPO Price
Main Idea
Crypto exchange Bullish (BLSH) debuted on the New York Stock Exchange at $102 per share, more than doubling its IPO price of $37, reflecting strong investor interest and institutional confidence in the crypto market.
Key Points
1. Bullish (BLSH) opened at $102 per share on the NYSE, significantly above its IPO price of $37, which valued the company at $5.4 billion.
2. The IPO saw strong demand, with investors like BlackRock and Ark Investment Management expressing interest in purchasing up to $200 million worth of shares.
3. Bullish targets institutional investors with a centralized platform, reporting over $1.25 trillion in trading volume since its 2021 launch.
4. Analysts attribute the successful IPO to growing institutional confidence, Bitcoin's surge past $100,000, and the Trump administration's policies.
5. The company's debut coincides with increasing interest in crypto-related investments, though sustained confidence depends on regulatory clarity and market stability.
Description
Shares of crypto exchange Bullish (BLSH) soared to $102 in initial trades on Wednesday, their first day of action on the New York Stock Exchange. The company priced its initial public offering (IPO) at $37 per share, above the expected $32 to $33 range. That price valued the Cayman Island-based crypto exchange at a total market value of $5.4 billion. Bullish, which is the owner of CoinDesk, earlier this week expanded the amount of shares it sold in its IPO to 20.3 million as investor appetite tu...
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