Bullish Exchange’s Impressive IPO Launch
Bullish, a cryptocurrency exchange, made headlines with a remarkable initial public offering (IPO), raising US$1.1 billion (approximately AU$1.68 billion) and debuting with a valuation of US$5.4 billion (around AU$8.26 billion).
Stellar Share Performance
The shares opened at US$37 (AU$56.67), exceeding initial predictions and eventually peaking at US$118 (AU$180.72) before closing at US$68 (AU$104.14). This represents an impressive 84% increase from the IPO price on the first day of trading.
Significant Institutional Interest
Tom Farley, CEO of Bullish and former president of the New York Stock Exchange, expressed that the strong market reception indicates growing institutional interest within the cryptocurrency sector. This enthusiasm suggests a pivotal moment for crypto, indicating a shift towards broader engagement beyond just retail investors.
"It’s here, and it’s a question of how big it will be. Based on the reception we’ve gotten thus far as part of our IPO, it feels like institutional investors feel this could be the moment."
— Tom Farley, Bullish CEO
Wealth Surge for Co-Founders
This surge in share value significantly boosted the fortunes of Bullish co-founders Brendan Blumer and Kokuei Yuan, elevating their net worths to US$2.8 billion (approximately AU$4.29 billion) and US$2.5 billion (around AU$3.83 billion) respectively. Additionally, Farley’s stake is valued at US$355 million (around AU$543.47 million).
Originating from Block.one
Bullish was founded in 2021, emerging from Block.one, the crypto entity co-founded by Blumer. Block.one made a notable impact in 2018 when it conducted the largest initial coin offering (ICO) in history, raising US$4.2 billion (approximately AU$6.43 billion) through the EOS token sale.
At its inception, Bullish commenced operations with a formidable asset base of US$10 billion (around AU$15.32 billion), which included a substantial holding of 164,000 Bitcoin. Since its launch, the exchange has facilitated over US$1.25 trillion (approximately AU$1.91 trillion) in transactions, offering services that encompass spot, margin, and derivatives trading. However, it’s important to note that margin and derivatives options are available only to users outside of the United States.
In conclusion, Bullish’s IPO marks a significant milestone, highlighting the growing acceptance and institutional interest in cryptocurrencies, which may pave the way for a robust future in this evolving market.
