Shares of Crypto Exchange Bullish (BLSH) rose to $ 102 in initial trades on Wednesday, their first day of action at the New York Stock Exchange.
Business Priced its original public offer (IPO) To $ 37 per Share over the expected $ 32 to $ 33 range. This award appreciated Cayman Island-based Crypto Exchange at a total market value of $ 5.4 billion.
Bullish, the owner of Coindesk, expanded earlier this week the amount of shares it sold in its IPO to 20.3 million, as the investor appetite turned out to be larger than expected. Both BlackRock and Ark Investment Management had expressed interest in buying up to $ 200 million values.
“The last growth in crypto in the last 10 years was basically all retail, and if you see now, the institutional wave has begun, that’s where it’s a matter of how big it will be,” Bullish CEO Tom Farley said in an interview with CNBC.
Unlike retail -focused exchanges such as Coinbase or Kraken, Bullish is targeting institutional investors seeking exposure to digital assets while depending on the supervision and protectors of a centralized platform.
The exchange saw the trading volume of over $ 1.25 trillion per day. 31 March since the launch in 2021, according to a filing.
“Bullish’s IPO increase of $ 1.1 billion reflects growing institutional confidence in the crypto exchange sector, driven by a favorable legislative environment under the Trump administration and Bitcoin’s wave past $ 100,000,” said Ryan Lee, chief analyst at Bitget Research.
“This success, along with Circle’s strong IPO performance, signalizes that institutional investors are increasingly considering centralized exchanges as viable long-term investments. However, sustained trust will depend on legislative clarity and market stability,” he said.
The company’s debut comes at a time of thriving interest in crypto-related projects, specifically from Wall Street, as US regulators come close to a regulatory framework for space, allowing participants to engage safely.
