The stock of cryptocurrency exchange Bullish (BLSH) is up another 20% a day after its blockbuster initial public offering (IPO).
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BLSH stock nearly doubled in its market debut on Aug. 13, rising 90% above its IPO price to close at $70 per share. Now, the stock is up 20% on Aug. 14 and trading at $83.84 per share as investors clamor to buy shares in the crypto firm that caters to institutional investors.
The strong market debut and post-IPO rally show that investor enthusiasm for new stock issuance remains strong. The rally in Bullish stock also comes as Bitcoin (BTC) hit a record high above $124,000 in the early hours of Aug. 14 before pulling back to around $118,000.
Hot Crypto
IPOs by cryptocurrency firms have been particularly hot in recent months as investor sentiment towards digital assets grows more positive. Like Bullish, the IPO of stablecoin issuer Circle Internet Group (CRCL) was oversubscribed and viewed as a success on Wall Street.
BLSH shares opened at $90 on Aug. 13 before rising as high as $118, more than tripling the $37 IPO price that was set by bankers ahead of the market debut. Owing to huge demand, the IPO price of the stock was raised above the expected range of $32 to $33 per share.
Is BTC a Buy?
Most Wall Street firms don’t offer ratings or price targets on cryptocurrencies such as Bitcoin, so we’ll look instead at its three-month performance. As one can see in the chart below, the price of BTC has risen 14.56% in the last 12 weeks.
