Bullish Exceeds Expectations in its IPO and Raises $1.1 Billion.

Cryptocurrency exchange operator Bullish exceeded expectations in its US initial public offering, setting a price of $37 per share. The company raised $1.11 billion from the sale, reaching a valuation of $5.41 billion.

Bullish, supported by strong investors, primarily Peter Thiel, had previously targeted a price range of $32-33.

The IPO comes at a time when IPOs are reviving in US capital markets after more than two years of stagnation.

The Trump administration’s crypto-friendly regulations have encouraged many crypto companies to go public this year. In July, President Trump gave a major boost to the sector by signing legislation creating a regulatory framework for stablecoins.

Bullish, led by former New York Stock Exchange President Tom Farley, offers spot, futures, and derivatives crypto trading and also owns CoinDesk.

The company is expected to begin trading on the NYSE on Wednesday under the ticker symbol BLSH.

Additionally, BlackRock and Cathie Wood’s Ark Investment Management fund have committed to purchasing up to $200 million worth of shares in the IPO.

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