Two big reasons why Bullish stock’s post-IPO gains may not sustain
Main Idea
Bullish stock's post-IPO gains may not sustain due to overvaluation and high ownership concentration, raising concerns about its long-term performance.
Key Points
1. Bullish stock price nearly tripled on its market debut, reaching over $100 per share, but its valuation appears overextended compared to peers like Coinbase.
2. The stock's price-to-sales ratio is high, and it lacks a proven earnings track record, making it a speculative bet.
3. Over 56% of Bullish shares are held by two individuals (Brendan Blumer and Kokuei Yuan), raising governance risks and potential pressure on the stock price.
4. The explosive debut seems sentiment-driven rather than based on fundamentals, suggesting possible volatility ahead.
Description
Bullish remained the front and centre of all financial debates on Wednesday as the crypto-focused exchange backed by Block.one made a splashy entrance on Wall Street. Bullish priced its initial public offering (IPO) at an upwardly revised $37 . However, sharp interest from both retail traders and crypto enthusiasts pushed it well past $100 within hours of going live on August 13 th . That said, there’s reason to believe Bullish stock will fail to sustain today’s gains over the next few sessions....
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