Shares of Bullish, the billionaire Peter Thiel-backed cryptocurrency exchange, indicated that they would open nearly 62 per cent higher than IPO price on their New York Stock Exchange (NYSE) debut today (August 13), according to a Reuters report.
If Bullish stock starts to trade at the last indicated range of $55-60 on the NYSE, could potentially see its value zoom to $8.77 billion on back of the stock price surge, the report added. This signals growing investor confidence in the sector and boosting prospects for future US listings by other digital asset firms, as per Reuters.
Bullish, which also owns cryptocurrency website CoinDesk, via acquisition in 2023, earlier hit headlines for its already over priced IPO price at $37 per share, valuing the company at $5.41 billion, it noted.
Bullish marks biggest fundraise for US listing of digital asset firm
As per the report, Bullish’s $1.11 billion IPO funds raise was a milestone largest for the listing of a digital assets company in the US. This was a cherry on the top for a market that recently breached the $4 trillion market value level, it added.
Prior to this, stablecoin giant Circle raised $1.05 billion in its June IPO, before slipping during debut. It has since stablised and at last close saw shares trading 5x the IPO price.
Riding high? ‘Series of regulatory wins’ for crypto industry
A string of regulatory wins under a pro-crypto White House, corporate treasury adoption, and exchange-traded fund (ETF) inflows have prompted investors to embrace the once-scorned digital asset class, driving bellwether bitcoin to record highs, the report added.
Several crypto firms, including exchange Gemini and asset manager Grayscale, are now aiming to go public during an IPO window revived by robust tech earnings, along with expectations of easing tariffs and interest rates.
JP Morgan and Jefferies were the lead underwriters for Bullish’s IPO.
(With inputs from Reuters)
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