Bullish (BLSH) stock soared to $96.97 in its NYSE debut after raising $1.11 billion in an upsized IPO priced at $37 per share.
BLSH Stock Hits $96.97 On IPO Debut After Raising $1.1 Billion
Bullish (BLSH) stock soared in its first trading session on the New York Stock Exchange. It rose 162.08%, reaching $96.97. This is a dramatic increase from its IPO price of $59.97. Also, it indicates a high investor demand during the first day of launch.
Bullish, the cryptocurrency exchange operator that owns CoinDesk, began trading today on the New York Stock Exchange under the ticker “BLSH,” as confirmed by the New York Stock Exchange (NYSE) in an X post.
This follows the Bullish IPO, which raised $1.11 billion for the crypto exchange, according to a Reuters report. The exchange sold 30 million shares at an IPO price of $37 per share, giving it a valuation of $5.41 billion.
As CoinGape reported, Bullish had first upsized its IPO to between $32 and $33 from between $28 and $31, to raise $990 million. However, the IPO was still 20 times oversubscribed despite this move, which led to an increase in the share price.
Founded by former New York Stock Exchange president Tom Farley and backed by billionaire Peter Thiel, Bullish offers spot trading, futures, and derivatives services. These firms are making such moves under the Trump administration’s crypto-friendly regulatory stance. Institutional demand has been a major driver behind the offering’s momentum.
As part of the Bullish IPO, BlackRock and ARK Invest plan to buy up to $200 million of the shares provided. Such interest by a large-scale investment firm is a major endorsement of Bullish’s growth. JPMorgan, Jefferies, and Citigroup led the offering.
The debut will test investor sentiment for crypto exchanges in public markets. It could also set the tone for other blockchain companies eyeing listings in 2025.
Crypto IPOs Continue To Be A Success
The Bullish IPO again highlights the massive success that crypto IPOs are currently witnessing. Earlier this year, stablecoin issuer Circle made its public debut, with its stock price reaching an all-time high (ATH) of almost $300 from an IPO price of $31 per share. The firm ended up raising just over $1 billion in the process.
Notably, this success is partly thanks to the regulatory clarity that the crypto industry has gained under the Donald Trump administration. The U.S. president already signed the GENIUS Act, which regulates stablecoins. Meanwhile, the U.S. Congress is currently working on the Crypto Market Structure bill, which could become law by September.
Crypto exchanges Kraken and Gemini will be looking to replicate the Circle and Bullish IPO success as they eye a public listing. These exchanges have already filed a draft registration statement for their respective IPOs. Furthermore, crypto custodian BitGo has also filed for a U.S. IPO.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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