Shares of cryptocurrency exchange Bullish soared on its first day of trading on Aug. 13, surpassing expectations and demonstrating a renewed interest in digital asset companies in the public markets. The stock, trading under the symbol BLSH, opened at $37 and quickly climbed to an intraday high of $118 before settling around $84 in the afternoon, marking a significant increase of 126% from its IPO price.
With a market capitalization of approximately $12.2 billion, Bullish caters primarily to institutional clients, offering spot markets and derivative products tied to cryptocurrencies. The exchange’s successful debut adds to a series of positive crypto listings this year, indicating a growing momentum in the industry.
Earlier this year, Circle, the issuer of the USDC stablecoin, experienced a similar surge in its shares on the NYSE, reaching a peak of $299 before stabilizing around $153. Likewise, eToro, a trading platform, saw a nearly 30% increase on its first day on the Nasdaq in May.
Bullish’s CEO, Tom Farley, who previously served as the president of the NYSE, has expressed that the decision to take the company public aligns with the next phase of growth for the digital asset sector. Supported by investor Peter Thiel, Bullish initially announced plans to go public in 2021 through a $9 billion merger with special purpose acquisition company Far Peak. However, the deal was called off the following year due to market conditions and industry challenges.
Since then, the market sentiment has improved, aided by a more favorable regulatory environment following the rollback of stringent regulations against crypto firms during the Trump administration. This shift has created a more conducive environment for digital asset companies to thrive and attract investor interest.
Overall, Bullish’s successful debut reflects the growing confidence in the cryptocurrency market and signals a positive outlook for the industry in the months ahead. As more crypto firms consider going public, investors are eagerly watching for opportunities to participate in this evolving and dynamic sector.