The cryptocurrency exchange Bullish, which made its official debut through a New York Stock Exchange (NYSE) listing, created a sensation in the market from its first day, drawing industry attention. Backed by Peter Thiel, this exchange successfully landed on the stock market with an initial corporate value of approximately $13.2 billion, setting the stage for its initial public offering (IPO).
Bullish rang the NYSE opening bell last week to announce the start of trading, beginning with the stock code 'BLSH'. The opening price was $90, which soared to $118 at one point before adjusting to $68. The initial public offering price, which was predicted to be around $28-31, rose by over 190% in this IPO. By selling approximately 203,000 shares, they raised a total of $1.1 billion, being evaluated as one of the most successful listings this year.
CEO Tom Farley, a former president of the New York Stock Exchange, has served as a bridge between traditional finance and digital assets. Under his leadership, Bullish became the second cryptocurrency exchange listed in the United States after Coinbase, reigniting the trend of cryptocurrency companies entering traditional stock markets.
This achievement is analyzed as occurring within the context of the U.S. government's cryptocurrency-friendly policies and a market atmosphere of restored trust. The Biden administration has consecutively announced measures to increase regulatory clarity for cryptocurrencies, and the influx of institutional funds into digital assets also contributed to the successful listing.
Meanwhile, the movements of other crypto companies entering the stock market are also drawing attention. BitFuFu, a Bitcoin mining company, was listed on Nasdaq through a SPAC merger in March 2024, and Circle, which issues USDC, entered the NYSE with a corporate value of $6.9 billion. Another exchange, eToro, was also recognized with a valuation of approximately $4.2 billion after its listing in May.
Bullish's listing is clear evidence that the boundaries between cryptocurrencies and traditional finance are rapidly dissolving. As major exchanges and infrastructure companies continue to enter the stock market, there are assessments that digital assets are no longer just 'speculative assets' but are establishing themselves as a key asset class in the global capital market.
For real-time news...Go to TokenPost Telegram
<Copyright โ TokenPost, Unauthorized Reproduction and Redistribution Prohibited>
