Overview:

• The bullish cryptocurrency exchange Bullish, backed by Peter Thiel, saw its stock price soar 150% during its debut on the New York Stock Exchange.

• The exchange successfully completed its initial public offering (IPO), raising $1.11 billion, with a company valuation reaching $9.94 billion.

• Bullish's target customers are institutional investors, and it plans to accumulate stablecoins to drive growth post-IPO.

The cryptocurrency exchange Bullish, co-founded by Palantir co-founder Peter Thiel, went public on the New York Stock Exchange on Wednesday, with its stock price rising over 150% at one point. The company raised $1.11 billion before the IPO by issuing 30 million shares at a price of $37 each, above the expected offering price. Bullish's stock peaked at $109.9 during trading, ultimately closing at $75.3, giving it a valuation of approximately $9.94 billion.

Bullish's stock price surged over 150%

This successful IPO is a rare case of a cryptocurrency exchange listing in the U.S. and continues the trend of recent successes in the digital asset space.

Jeff Zell, a senior research analyst at IPO Boutique, stated, “Bullish offered an attractive initial valuation, and investors actively participated in the bidding before the IPO.”

Who is Bullish and its significance

Bullish was co-founded in 2020 by well-known institutions including the founder's fund established by Peter Thiel, Nomura, and Galaxy Digital. After canceling its SPAC merger in 2022, the company made a second attempt to go public.

Former New York Stock Exchange president Tom Farley will serve as Bullish's chairman, leading the company with his deep expertise in market structure. His reputation among institutional clients will be a key advantage in the competitive landscape of cryptocurrency exchanges. Bullish primarily serves institutional clients, and its cryptocurrency holdings are expected to grow with the introduction of new regulations.

In June, Bullish secretly submitted its IPO application to JPMorgan and Jefferies, which was successfully approved. This listing comes at a time when investor confidence in digital assets is high. Circle Internet Group also achieved similar success, with its stock price soaring over 500% post-listing. Companies like Gemini, Grayscale, Figure Technology, and BitGo are also actively preparing for their listings.

The demand for equity investments related to cryptocurrencies may be stronger than ever. Some token projects have created digital asset financial companies aimed at transforming public companies into cryptocurrency accumulation platforms. Strategy (formerly MicroStrategy) pioneered this model with Bitcoin, and companies like Japan's Metaplanet have adopted similar strategies. Recently, companies like BitMine and SharpLink have also begun focusing on accumulating Ethereum and frequently utilize its staking features.

IPO Boom and Market Optimism

This wave of IPOs coincides with a strong bullish sentiment in the U.S. capital markets towards cryptocurrencies. Bitcoin reached a historic high of $123,500 that day, further supporting this trend. The White House's support for cryptocurrencies, corporate adoption of funds, and the influx of new ETFs have all contributed to the market's optimistic sentiment.

Bullish is nearing the completion of a two-year application process to obtain a "Bitcoin License" (BitLicense) for state-level operations in New York. The company also plans to convert IPO proceeds into stablecoins, which have seen rapid growth following the passage of the "Genius Act."

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