Bullish’s stock more than doubled as it opened trading Wednesday, a day after the crypto exchange operator raised $1.11 billion in an IPO at $37 per share.
Why it matters: It’s the latest IPO to come hot out of the gate, and another win for the crypto sector after a long lull in public listings.
Driving the news: Bullish shares opened at $90 on the New York Stock Exchange just after 1 pm ET, 143% above its IPO price.
- Trading was halted shortly after as the stock rose above $103. As of 1:35 pm, it was trading back near $93.
Flashback: Bullish initially sought to raise $629 million by offering 20.3 million shares priced between $28 and $31 each.
- It lifted its IPO range earlier this week, offering 30 million shares priced between $32 and $33 apiece.
Zoom out: Bullish is led by former NYSE President Tom Farley, and in addition to operating a crypto exchange, owns the crypto publication CoinDesk.
Editor’s note: This is a breaking story. Check back for updates.
