Shares of Bullish, a cryptocurrency exchange, made a remarkable debut on Aug. 13, more than tripling the company’s IPO price. This surge indicated a renewed investor interest in digital asset firms in the public markets.
Trading under the symbol BLSH, the stock opened at $37 and quickly climbed to an intraday high of $118 before settling around $84 in the afternoon, marking a 126% gain from its offering price.
With the share count from its regulatory filings, Bullish’s market capitalization was estimated at approximately $12.2 billion. The exchange primarily serves institutional clients, offering spot markets and derivative products linked to cryptocurrencies.
Crypto IPOs on the Rise
Bullish’s success joins a series of positive crypto listings this year, with more anticipated in the near future.
For instance, Circle, the creator of the USDC stablecoin, witnessed its shares tripling on the NYSE debut in June, reaching a high of $299 before stabilizing around $153. Similarly, eToro, a trading platform, experienced a nearly 30% increase on its first day on the Nasdaq in May.
Tom Farley, CEO of Bullish and a former NYSE president, previously mentioned that the company’s decision to go public reflects the anticipated growth phase in the digital asset industry.
Initially backed by investor Peter Thiel, Bullish announced its plans to go public in 2021 through a $9 billion merger with special purpose acquisition company Far Peak. However, this deal was called off the following year amidst a market downturn and a series of bankruptcies within the crypto sector.
Since then, market sentiment has improved, supported by a more favorable regulatory environment following the rollback of numerous regulatory actions against crypto firms during the Trump administration.
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