Bullish Shares More Than Double on First Trading Day
Cryptocurrency exchange operator Bullish saw its market value surge to about $13.16 billion after a strong debut on the New York Stock Exchange (NYSE) on Wednesday, 13 August. Its shares more than doubled in value, highlighting growing investor confidence in the sector and improving prospects for future US listings of other digital asset companies.
The parent company of crypto news site CoinDesk raised $1.11 billion in its initial public offering (IPO), which initially valued Bullish at $5.4 billion. This listing is another sign of the growing mainstream adoption of cryptocurrencies, in a market recently valued at more than $4 trillion.
Bullish’s stock opened at $90, soaring more than 150% above its IPO price of $37 during afternoon trading. It reached a high of $118 before easing to $92.60.
Favourable Conditions Drive Crypto Growth
A combination of regulatory approvals under a pro-crypto White House, corporate adoption of digital assets, and inflows into exchange-traded funds (ETFs) have spurred investor interest in the asset class. Bitcoin, the leading cryptocurrency, has recently reached record highs.
Other crypto firms, including exchange operator Gemini and asset manager Grayscale, have confidentially filed for public listings. Bullish is also in the final stages of a two-year process to obtain New York’s “BitLicense”, which would allow it to operate in the state. This licence requires companies to meet strict know-your-customer, anti-money laundering, and capital standards.
Plans for IPO Proceeds and Future Expansion
Bullish, backed by investor Peter Thiel, intends to convert a significant share of its IPO proceeds into stablecoins. This segment of the market has expanded rapidly since US President Donald Trump signed the Genius Act, which established a regulatory framework for dollar-pegged cryptocurrencies.
The company’s NYSE debut is a rare listing for a US-based crypto exchange, joining larger retail-focused rival Coinbase, which became the first crypto firm included in the S&P 500 index in May. Founded in 2020, Bullish primarily serves institutional clients, a market expected to grow as new federal policies aim to allow alternative investments such as cryptocurrencies in 401(k) retirement plans.
with inputs from Reuters
