Features of the Bullish IPO
The Bullish IPO clearly confirmed investors’ continued interest in digital assets. The company, which owns a cryptocurrency exchange, raised US$1.1 billion, surpassing analysts’ expectations. The IPO took place on the New York Stock Exchange. Key investors included JPMorgan Chase, Citigroup, and Jefferies Financial.
According to official data, the listing procedure took place as follows:
– the company sold 30 million shares, which accounted for 20% of the total volume of securities;
– the price per share was US$37, with a previously announced range of US$32–33;
– based on this, the company’s capitalization amounted to US$5.4 billion;
– the company increased the number of securities, which contributed to a larger volume of investments attracted.
Demand for the crypto exchange’s shares exceeded supply by approximately 20 times. Companies such as BlackRock and ARK Investment Management were among those interested in buying.
On the first day of trading after the IPO, Bullish shares rose to US$90, 143% higher than the offering price. Trading closed at US$68 per share, with a daily high of US$118. Market capitalization reached US$10.3 billion based on 150.7 million outstanding shares.
The largest shareholder is the exchange’s co-founder, Brendan Blumer, who owns more than 30% of the company. Blumer also heads Block.one. Kokuei Yuan, a board member, owns 26.7% of the shares.
Notably, this is not Bullish’s first attempt to go public. In 2021, the company planned to list through a SPAC mechanism. At that time, the combined business could have been valued at US$9 billion. However, in 2022, the crypto exchange operator announced that it was abandoning its IPO plans and instead merging with a SPAC company.
About the company
Bullish began operations in 2021. Tom Farley heads the company. Farley believes that retail investors have been the key drivers of growth in the cryptocurrency industry over the past decade. However, the sector is now attracting the attention of institutional investors. This is evident through the successful IPO and the overall market upturn.
Bullish’s reputation is also significant; since its inception, the total trading volume on the Bullish exchange has exceeded US$1.25 trillion. In addition to the exchange platform, the company’s structure includes CoinDesk, a digital media outlet that specializes in crypto industry news.
The decision to conduct an IPO this year was influenced by the White House’s policies. The Trump administration supports the development of digital assets, a sentiment reflected in the industry’s overall mood. In addition to Bullish, the stablecoin operator Circle also went public.
