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Cryptocurrency exchange Bullish lists on NYSE, with stock price rising over 218% from IPO price.
The cryptocurrency (virtual coin) exchange Bullish (BLSH) was listed on the New York Stock Exchange (NYSE) on the 13th.
The IPO price was $37, while the initial price was $90. At one point, it rose over 218% to $118, and the closing price was $68, resulting in a final increase of over 83%. As of the time of writing this article, the price in after-hours trading is $76.36.
The emergence of the pro-cryptocurrency Trump administration in the U.S. has led to expectations of an IPO rush in the cryptocurrency industry.
There has been increasing attention on Bullish, as it was reported in advance that they had applied for an IPO, and that BlackRock and Ark Investment Management have shown interest in purchasing up to $200 million worth of shares (approximately 29.4 billion yen).
Bullish is a company that provides not only infrastructure for the digital asset market but also information services. The exact name of the exchange is "Bullish Exchange."
The company is also known for acquiring the cryptocurrency media "CoinDesk" and has garnered attention for being supported by Peter Thiel.
In the cryptocurrency industry, there was a case in June this year where the stock price of Circle, the issuer of the stablecoin "USDC", soared after its IPO listing, and Bullish became the next listing case following that. From now on, competition with Binance and Coinbase will become a major challenge.
In the future, companies like Grayscale, Kraken, and BitGO may go public. For example, Grayscale announced that it secretly submitted its IPO application documents to the U.S. Securities and Exchange Commission (SEC) this July.