Compass Investments

– Shares of Bullish, a crypto exchange operator, soared during its NYSE debut, opening at $90 – more than double its IPO price of $37.

The successful listing demonstrates investor optimism about cryptocurrencies, marking one of the biggest rallies of the year and signaling sustained market interest in digital asset stocks.

Bullish, a crypto exchange funded by Peter Thiel and run by former NYSE president Tom Farley, had an outstanding first day on the NYSE on Aug. 13. The company raised approximately $1.1 billion in an initial public offering.

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Launched in 2021, Bullish aims to combine the DeFi protocols for institutional clients with the security of a centralized exchange.

It’s already here, and the question is how big it will be. The way we’ve been received in the IPO, institutional investors feel that this could be the moment, Farley said.

Since its launch, Bullish has transacted over $1.25 trillion as of March 31 and also owns the cryptocurrency news site CoinDesk.

the company’s shares started at $90, 143% above the initial public offering (IPO) price of $37. They were then halted at around $102.44 per share. The Cayman Islands-based company set the IPO price much higher than expected.

the initial price range was set at $28 to $31, then $32 to $33 this week, giving the company a market value of more than $5.4 billion before trading began.

Bullish (BLSH) shares rose 140% during its debut on the New York Stock Exchange. Yahoo Finance.