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Crypto exchange, Bullish, debuted on the NYSE on Wednesday after raising $1.1 billion in its IPO.
The company's stock opened at $90 but closed at $68, giving it a market valuation of $9.9 billion.
Bullish ended the day with an 83% gain and is extending its rally in after-hours trading.
Bullish (BLSH) shares surged 83% to $68 on Wednesday — its first trading day — following its Initial Public Offering (IPO), where it raised $1.1 billion from investors.
Bullish sees strong debut after netting $1.1 billion in IPO
Crypto exchange Bullish ended its premiere trading day on a high note following its IPO on Wednesday. The company's stock debuted at $90 on the New York Stock Exchange (NYSE), rising to a high of $118 before closing the day at $68. This marks an 83% increase from its IPO price of $37.
The exchange reportedly raised $1.11 billion by pricing 30 million shares at $37, above its expected range of $32–$33. This gave the company a market value of $9.9 billion at the close of trading.
Backed by billionaire investor Peter Thiel, Bullish is a crypto exchange providing spot, margin, and derivatives trading targeted at institutional investors. The company said it has processed a total of $1.25 trillion in trading volumes by March, since it launched in 2021.
Bullish was co-founded by Block.one CEO, Brendan Blumer, who reportedly owns 30.1% of shares. The company first attempted to go public in 2021 through a SPAC merger but backed out due to a harsh regulatory environment at the time.
"We now intend to IPO because we believe that the digital assets industry is beginning its next leg of growth," said Bullish CEO and former NYSE President Thomas Farley, prior to its IPO on Tuesday.
Bullish joins a wave of companies capitalizing on the regulatory shift toward cryptocurrencies under President Trump's administration. US Dollar-backed USDC stablecoin issuer Circle made a strong market debut in June, with an $18.4 billion market cap on its first day pf trading. Galaxy Digital also switched from the Toronto to the Nasdaq exchange, while stock and crypto trading app eToro went public with a $5.4 billion valuation in July.
Bullish's stock continued its rally in after-hours trading on Wednesday, rising 11% to $75.
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