Peter Thiel-backed cryptocurrency exchange Bullish surged on its market debut after an upsized initial public offering, in a further sign of investors’ strong demand for digital asset stocks.
Bullish priced its shares at $37 and rallied as high as $118 on Wednesday afternoon after it began trading on the New York Stock Exchange under the ticker BLSH, following an IPO that raised $1.1bn.
The frenzy faded during the afternoon, with the stock ending 83 per cent higher at $68 to give Bullish a fully diluted market value of almost $10bn. The company raised its target price twice in the days leading up to the IPO.
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