On Stockwits, the newly listed company already had over 3,000 watchers, and retail sentiment rose within ‘extremely bullish’ territory over the past day.
Bullish (BLSH) shares surged 176% in their debut on the New York Stock Exchange (NYSE) on Wednesday, marking a strong public market entry for the Peter Thiel-led crypto exchange after raising $1.1 billion in an oversubscribed initial public offering.
BLSH stock opened at $90 compared to its $37 IPO price, which was above the earlier expected range of $32 to $33 that valued the company at $5.4 billion. That range had already been raised from an initial plan to sell 20.3 million shares at $28 to $31 each, for about $629 million and a $4.2 billion valuation at the top end. The final offering sold 30 million shares, raising $1.1 billion for the company. Based on its opening price, Bullish has a market value of $13.2 billion.
BLSH shares climbed to $102.4 before trading was halted. After trading resumed, the shares surged as much as 207% before paring gains, trading 162% higher at the time of writing. On Stockwits, the newly listed company already had over 3,000 watchers, and retail sentiment rose within ‘extremely bullish’ territory over the past day. The company’s CEO is former NYSE President Tom Farley, an IPO veteran. He was at the helm when Alibaba (BABA) and Snap (SNAP) were listed.
Bullish’s listing comes at a time when numerous crypto companies are looking to capitalize on the booming IPO market, as the industry gains momentum on the back of a more transparent regulatory framework and investor interest. The crypto market has also been on an upswing with sharply higher prices of late for leading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH), both of which were eyeing fresh all-time highs in morning trade on Wednesday.
However, its debut also comes at a time when the market is getting crowded. Coinbase, Binance, and other crypto exchanges are already competing for user growth by offering lower fees, deeper liquidity, and faster listings.
Stablecoin issuer Circle (CRCL) was among the first to go public in June and has seen its share price skyrocket 128% since listing. Circle’s stock was down 3.5% in morning trade on Wednesday, with retail sentiment on Stocktwits falling to ‘neutral’ from ‘bullish’ territory over the past day.
Read also: BMNR Chair Tom Lee Says $7,500 Ethereum Price Prediction At The ‘Low End,’ Eyes Bigger Gains
For updates and corrections, email newsroom[at]stocktwits[dot]com.<