Crypto exchange Bullish
rocketed on Wednesday after the company raised about $1.1 billion in an initial public offering.
The stock opened at $90 on the New York Stock Exchange, 143% above its IPO price of $37. Shares were then halted at around $102.44 per share.
The Cayman Islands-headquartered company priced its IPO early Wednesday far above this week’s expected range of $32 to $33, and an initial range last week of between $28 and $31, valuing the company at some $5.4 billion before trading began.
Bullish, which is led by former New York Stock Exchange President Tom Farley and backed by tech billionaire Peter Thiel, is a crypto exchange focused on institutional investors and blends decentralized finance protocols with the security of a centralized company.
