Cryptocurrency platform Bullish records an impressive 160% surge during its initial public offering, earning it the title of the newest Wall Street stock market sensation
In the world of finance, this week has been marked by significant developments, with Australia and global news outlets buzzing about the latest happenings. One of the most notable events is the public debut of Bullish, a cryptocurrency trading platform.
Launched in 2021 by former New York Stock Exchange president Farley, Bullish has garnered the backing of high-profile investors such as Peter Thiel’s Founders Fund, Block.one, and Louis Bacon. Institutional investors like BlackRock and ARK Investment Management have also shown substantial interest, with potential purchases of up to $200 million in shares at the IPO price, although these commitments are not binding.
Bullish completed an Initial Public Offering (IPO) last week, raising approximately $990 million. The offering saw the sale of 30 million shares priced between $32 and $33 each, resulting in a market capitalization of around $4.8 billion. The IPO was underwritten by major banks including JPMorgan Chase, Jefferies Financial Group, and Citigroup.
A notable feature of the IPO was the receipt of a significant portion of the proceeds, totaling $1.15 billion, primarily in stablecoins such as USDC and EURC, held in custody by Coinbase. This reflects Bullish’s strong backing by both venture capital and institutional investors, as well as its innovative approach to cryptocurrency financing.
As of March, trading volume on Bullish has exceeded $1.25 trillion, according to the platform's IPO filings. Meanwhile, the price of bitcoin jumped 1.3% on Wednesday, sending it back above $121,000. Another notable cryptocurrency, Ethereum, has also seen a surge, rallying 60% over the last month and increasing nearly 3% to just over $4,700. Ethereum is currently within range of its all-time high above $4,800 set in November 2021.
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It's important to note that Bullish's plans to go public in a $9 billion deal with Far Peak Acquisition Corp. in 2022 were later scrapped due to failure to meet registration requirements. Despite this setback, the successful IPO marks a significant milestone for the cryptocurrency exchange and the broader industry.
The successful Initial Public Offering (IPO) of Bullish, a cryptocurrency trading platform, raised approximately $990 million, attracting high-profile investors such as Peter Thiel’s Founders Fund, BlackRock, and ARK Investment Management, despite no binding commitments. With institutional interests of up to $200 million in shares at the IPO price, the event marked a significant development in the world of finance, particularly in the business of investing in cryptocurrencies. This event comes after Bullish's initial plan to go public in a $9 billion deal with Far Peak Acquisition Corp. in 2022 was scrapped due to failure to meet registration requirements.
