The cryptocurrency exchange Bullish (BLSH.N) reached a market capitalization of approximately $13.16 billion after its shares gained more than 150% on the first day of its initial public offering on the NYSE. The company had initially achieved a valuation of $5.4 billion by raising $1.11 billion during the IPO process.
The shares were offered at a price of $37, opened at $90, rose to $118, and closed the day around $92.60.
This strong performance was supported by pro-crypto policies, ETF inflows, and increased institutional investment.Peter Thiel-backed company plans to convert a significant portion of its IPO proceeds into stablecoins. Bullish is also in the process of obtaining a New York BitLicense license, which will allow it to operate within the state.
Focusing on institutional clients, Bullish aims to generate more stable and regular revenue compared to exchanges dependent on individual investor volumes. The company’s CEO, Tom Farley, reinforces his institutional credibility with his past experience as NYSE chairman.
