The recent debut of the cryptocurrency exchange Bullish on the New York Stock Exchange (NYSE) has garnered significant attention, opening at an impressive $90 per share. This reflects a staggering 143% increase from its initial public offering (IPO) price of $37, signaling robust interest in the digital currency market.
According to CNBC reports, trading under the ticker BLSH, the stock quickly surged and hit a peak of approximately $102.44 per share. This surge indicates a vibrant appetite among investors for digital assets, especially as regulations evolve in the United States.
Bullish’s IPO Pricing Strategy
Bullish opted for a pricing strategy that exceeded what was initially expected. Instead of the anticipated range of $32 to $33, it priced its IPO even higher, reflecting strong market confidence and interest, ultimately valuing the company at an estimated $5.4 billion before trading commenced.
Heading the company is former NYSE President Tom Farley, with support from tech entrepreneur Peter Thiel. Bullish aims to provide a cryptocurrency exchange that caters specifically to institutional investors, uniquely combining decentralized finance (DeFi) protocols with centralized security practices.
During a segment on CNBC’s “Squawk on the Street,” Farley shared his positive outlook on institutional investments in cryptocurrency, highlighting a shift influenced by past market dynamics. He stated confidently, “The institutional wave has begun,” indicating the warm reception Bullish has received thus far.
The Revival of Cryptocurrency IPOs
The launch of Bullish occurs at a time when the regulatory landscape has become increasingly favorable. Many companies are seizing the opportunity to go public, including the stablecoin issuer Circle, which recorded a substantial debut, raising over $1 billion and seeing its stock surge by 168% during its first day of trading on the NYSE.
Other companies, such as Galaxy Digital and the trading platform eToro, have also made successful transitions to Nasdaq, contributing to a notable rise in crypto IPO activity. Additionally, firms like Gemini and BitGo are gearing up for their public listing efforts in the U.S.
However, it’s worth noting that Bullish experienced a significant loss of $349 million for the quarter that ended on March 31, a stark deviation from the $105 million profit reported in the prior year’s quarter. This raises questions about the sustainability of such explosive growth in the long term.
In conjunction with Bullish’s IPO excitement, World Liberty Financial also celebrated its successful closing of a $1.5 billion offering, marked by a ceremonial ringing of the Opening Bell at the Nasdaq MarketSite. Esteemed figures, including Zach Witkoff, Co-Founder and CEO of World Liberty Financial, and Eric Trump, were in attendance, emphasizing the event’s significance in the financial landscape.
Image credit: DALL-E, chart from TradingView.com
