The stock of cryptocurrency exchange Bullish rose 90% above its initial public offering (IPO) price in its market debut.
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Shares of Bullish began trading on the New York Stock Exchange under the ticker symbol “BLSH” on Aug. 13. The stock opened at $90 and quickly rose to $118, more than tripling from its $37 IPO price. The stock fell back towards the end of the day and closed at $70 per share, which was about 90% above the offer price. The company’s valuation is slightly more than $13 billion.
Analysts say that the strong market debut of Bullish is further evidence of investor confidence in the cryptocurrency sector, and that it boosts the U.S. IPO market, which has come roaring back after being largely dormant since the 2022 bear market.
Strong Demand
Bullish raised its IPO price to $37 a share from $32 initially due to strong investor demand for the offering. Similarly, the company increased the number of shares it sold to 30 million from 20 million. Bullish, which also owns the crypto news site CoinDesk, hoped to raise $1.1 billion from the offering.
Bullish is the latest crypto company to go public. In June, stablecoin issuer Circle Internet Group (CRCL) made its stock market debut. Crypto trading app eToro (ETOR) also held an IPO earlier this year. Crypto custody start-up BitGo and cryptocurrency exchange Gemini have also filed for U.S. listings this year.
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 15.56% in the last 12 weeks.
