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Bullish's BLSH Stock Surges as Crypto Exchange Raises $1.1B in IPO
The crypto exchange trading under the BLSH stock ticker raised more than expected as demand came in hot.
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Peter Thiel-backed Bullish raised $1.1 billion through an upsized IPO on the NYSE under the ticker BLSH. The IPO price came in above guidance, and the stock surged to around $110 in early trading, tripling its IPO price.
What’s the Scoop?
- IPO Scale and Pricing: Bullish, which also owns the crypto media brand CoinDesk, sold 30 million shares at $37 each (well above its revised range of $32–$33) and raised $1.1 billion.
- Institutional Backing: Big players like BlackRock and ARK Invest locked in $200 million worth of shares ahead of the NYSE debut.
- Wider Trend: Bullish joined Circle in breaking public crypto IPO ground, ahead of similarly positioned firms looking to list amid regulatory tailwinds and resurgence in investor interest.
Bankless Take:
Peter Thiel is taking center stage in the crypto industry for a second day in a row, first for his ETHZilla acquisition and now with the IPO of his crypto exchange. With fresh crypto stock launches delivering eye-watering gains in recent months, BLSH is well positioned to ride the early momentum.