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There is kind of positive momentum around crypto industry which is fueled by US administration’s favorable attitude toward, a host of companies look to take advantage of this sort of frenzy. In June, stablecoin issuer Circle made a highly successful stock market debut, raising more than $1 billion.
Bullish, the cryptocurrency exchange, which led by former New York Stock Exchange President Tom Farley and backed by tech billionaire Peter Thiel, focusing on institutional investors and blends decentralized finance protocols with the security of a centralized company, soared Wednesday after raised about $1.1 billion in IPO.
Bullish opened at $90 on the NYSE, 143% above its IPO price of $37, it rose as high as $118 before closing at $68, a gain of more than 83%. By day’s end, Bullish had a market value of some $10.25 billion, based on its 150.684 million shares outstanding. Bullish sold 30 million shares in the IPO, which is representing 19.9% of its total stock.
Farley said in a statement that "The last leg of growth in crypto, the last 10 years, was basically all retail and the institutional wave has begun. And it’s a question of how big it will be. Based on the reception we’ve gotten thus far as part of our IPO, it feels like institutional investors feel like this could be the moment.”
Bullish was launched in 2021, total trading volume on the Bullish platform exceeded $1.25 trillion as of March 31. The company also owns the crypto news website CoinDesk, which includes crypto indexes, data and analytics.Complete digital access to quality Glebors financial topic with expert analysis from industry leaders.
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