Bullish Soars 84% Post-IPO To $68, Raising $1.1B

Benzinga

Bullish shares surged 84% from their IPO price after the Cayman Islands-based digital-asset exchange and CoinDesk owner raised $1.1 billion in its IPO, according to Bloomberg. The stock closed Wednesday at $68, up from $37, giving the company a $9.9 billion market value. The offering was upsized to 30 million shares after heavy demand, ending more than 20 times oversubscribed. Led by former NYSE president Tom Farley, Bullish offers crypto spot, margin, and derivatives trading to institutional investors, though margin and derivatives products are not available in the U.S. The company, which held $1.7 billion in Bitcoin as of March 31, reported a $348.6 million net loss in the first quarter.

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00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Bullish shares surged 84% from the IPO price after the Cayman Islands-based Digital Asset Exchange

00:07and Coindesk owner raised $1.1 billion in its IPO, according to Bloomberg.

00:12Stock closed Wednesday at $68, up from $37, giving the company a $9.9 billion market value.

00:19Offering was upsized to 30 million shares after heavy demand,

00:22ending more than 20 times oversubscribed.

00:24Led by former NYSE president Tom Farley,

00:27Bullish offers crypto spot, margin, and derivatives trading to institutional investors.

00:32Though margin and derivatives products are not available in the U.S.,

00:35a company which held $1.7 billion in Bitcoin as of March 31st

00:39ordered a $348.6 billion net loss in the first quarter.

00:42For all things money, visit Benzinga.com.

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