ColossalGain by 83% in Initial Trading Following a $1.1 Billion Public Offering
Bullish, a leading cryptocurrency trading platform, made a strong entrance into the public market with its initial public offering (IPO) on the New York Stock Exchange. The company, led by former NYSE president Tom Farley, raised $1.1 billion and was valued at $9.9 billion on its first day of trading.
The IPO saw Bullish selling 30 million shares, surpassing the initially planned 20.3 million shares. The expanded offering was priced at $37 per share. Traditional financial firms, including JP Morgan, Jefferies, and Citigroup, led the underwriting syndicate for the IPO.
Bullish's successful debut follows Circle's strong performance earlier this year, reinforcing the growing institutional interest in cryptocurrency trading. The company's first-day performance exceeded expectations, with the stock opening at $90 and closing at $68. Trading continued strong in after-hours sessions, with shares climbing above $75.
The company's strong performance validates its positioning in the market. Bullish operates a cryptocurrency trading platform and owns CoinDesk, the crypto news site it acquired in 2023. The company projects net income of $106-109 million for the second quarter.
As traditional financial firms increasingly offer digital asset services to clients, Bullish's position in the market continues to be reinforced. In 2024, the company reported handling $250 billion in digital asset trades. BlackRock and ARK Investment Management had indicated interest in purchasing up to $200 million worth of Bullish shares at the IPO price.
The success of Bullish's debut is a significant milestone for the cryptocurrency industry, signalling growing acceptance and maturity of digital assets in the mainstream financial market.
