Cryptocurrency exchange Bullish has raised US$1.1 billion (A$1.69 billion) in its initial public offering, with its shares more than doubling on its first day on the New York Stock Exchange.
Bullish, which also owns crypto news and analytics platform CoinDesk, was valued at US$5.4 billion during its IPO. Its valuation surged to $13.16 billion after shares rose to a peak of $118.
“Bullish, an institutionally focused global digital asset platform that provides market infrastructure and information services, today announced the closing of its initial public offering of 30,000,000 ordinary shares at a public offering price of $37.00 per share for aggregate gross proceeds of approximately $1,034.5 million,” the company wrote.
Shares opened at US$90, more than twice its IPO price of $37, and briefly reached $118 before closing at $68. The company’s market value was almost $10 billion when trading closed.
It had aimed to offer shares for US$28-31 each earlier this month. Bullish revised this upward twice, first to $32-33 and then to $37.
Bullish’s underwriters, which include JPMorgan, Jefferies, and Citigroup, will also have a 30-day option to buy up to 4,500,000 more ordinary shares at the IPO’s original price.
The company has been seeking a virtual currency licence in New York, and also received digital asset trading licences in Germany and Hong Kong this year. Its backers include Peter Thiel and cryptocurrency investor Michael Novogratz.
Other cryptocurrency companies, such as stablecoin issuer Circle, have raised over US$1 billion in IPOs this year with the shift to a crypto-friendly U.S. presidential administration. Crypto exchange Gemini, digital asset manager Grayscale, and crypto custody startup BitGo have all filed for IPOs in the last three months.
Bullish’s (NYSE: BLSH) share price closed at US$74.63, up from its previous close at $68.00. Its market capitalisation is $10.91 billion.
Related content
