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Bullish Makes a Strong Entrance on Wall Street
The cryptocurrency exchange, Bullish, marked a significant milestone by debuting on the New York Stock Exchange (NYSE) this Wednesday. The opening price was an impressive $90 per share, skyrocketing 143% above its initial public offering (IPO) price of $37. According to data from CNBC, the stock, now traded under the ticker symbol BLSH, swiftly gained traction. It reached a pause at approximately $102.44 per share, underscoring the high interest investors have in the digital asset arena. This move highlights the growing trend of companies going public under the evolving regulatory landscape in the United States.
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Bullish Surpasses IPO Predictions
Earlier this week, Bullish set its IPO price well above the expected range of $32 to $33, exceeding last week’s forecast of $28 to $31. This strategic pricing positioned the company at an estimated valuation of $5.4 billion at the start of trading. Spearheaded by former NYSE President Tom Farley and supported by technology magnate Peter Thiel, Bullish aims to deliver a cryptocurrency exchange platform specifically designed for institutional investors. The goal is to integrate decentralized finance (DeFi) protocols with the reliability of a centralized financial infrastructure.
During an interview on CNBC’s “Squawk on the Street,” Farley shared his positive outlook on the growing institutional interest in cryptocurrency. He pointed out that the market, once dominated by retail investors, is experiencing a shift. “The institutional wave has begun,” Farley remarked, highlighting the significant attention the exchange has garnered during its IPO journey.
The Revival of Crypto Public Offerings
Bullish’s entry into the public market occurs amidst a supportive regulatory climate, encouraging more companies to consider public listings. For example, Circle, a stablecoin issuer, recently secured over $1 billion through its stock market debut. Circle’s stock, CRCL, witnessed a remarkable 168% surge on the first day of trading on the NYSE in June.
Moreover, other companies like Galaxy Digital, founded by Mike Novogratz, and the trading platform eToro, have made their way to Nasdaq, contributing to the growing trend of cryptocurrency-related IPOs. Additionally, firms such as BitGo and Gemini are actively preparing to submit applications for US listings.
Despite the enthusiasm surrounding its IPO, Bullish reported a considerable loss of $349 million for the quarter ending March 31, contrasting sharply with the $105 million profit from the same period last year. Concurrently, World Liberty Financial (WLFI) celebrated the successful closure of a $1.5 billion offering at Nasdaq’s MarketSite in Times Square. The event featured the ceremonial Opening Bell, attended by notable individuals including Zach Witkoff, Co-Founder and CEO of World Liberty Financial, alongside Eric Trump, the son of former President Donald Trump.
The overall crypto market capitalization reached a historic peak on Wednesday, as indicated by the daily chart.
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