Bullish Crypto Exchange Surges 143% in NYSE Debut After $1.1B IPO

Bullish, the cryptocurrency exchange led by former NYSE President Tom Farley, priced its IPO at $37 per share, exceeding expectations and valuing the company at $5.4 billion. The offering raised $1.1 billion, with strong demand prompting an increase in shares sold from 20.3 million to 30 million. Major underwriters like JPMorgan and Citigroup were involved, while investors such as BlackRock and Ark Invest signaled interest in purchasing up to $200 million worth of shares.

The exchange, headquartered in the Cayman Islands, blends decentralized finance protocols with centralized security, catering to institutional investors. Since its 2021 launch, Bullish has processed over $1.25 trillion in trading volume and owns CoinDesk, a leading crypto news platform. This marks Bullish’s second attempt to go public, capitalizing on renewed investor enthusiasm for crypto assets under favorable regulatory conditions.

The successful debut follows other crypto-related IPOs, including Circle and eToro, as the market continues to attract significant capital. With backing from figures like Peter Thiel and a robust trading infrastructure, Bullish aims to solidify its position as a major player in the institutional crypto space. The NYSE listing under the ticker ’BLSH’ underscores the growing mainstream acceptance of cryptocurrency exchanges.

BullishIPOCryptocurrencyNYSECrypto ExchangeTom FarleyBlackRockArk InvestDeFiInstitutional Investors