Bullish Soars 143% in NYSE Debut—$90 Pop From $37 IPO Stuns Traders
Wall Street got a caffeine jolt as Bullish—the crypto exchange heavyweight—exploded onto the NYSE at $90 per share. That’s a blistering 143% leap from its $37 IPO price. Talk about ringing the bell with a sledgehammer.
From Underdog to Top Dog
No slow burn here. Bullish bypassed the usual post-IPO slog and went straight to the moon, leaving traditional finance bros scrambling for explanations (and maybe a Xanax).
Crypto Flexes Its Muscles
The surge screams one thing: institutional money’s still hungry for crypto exposure—even if half those suits still can’t explain blockchain without Googling. Bonus jab: At least this IPO didn’t involve a SPAC or a metaverse pitch deck.
What’s next? Either a victory lap or a brutal correction. Place your bets.
Bullish joins other crypto firms racing to list under Trump
This IPO isn’t happening in a vacuum. Bullish is joining a string of crypto companies rushing into the market while Trump’s government keeps crypto regulation on the lighter side. In June, Circle, which runs a major stablecoin operation, raised over $1 billion in its own debut.
Around the same time, Mike Novogratz moved Galaxy Digital from Toronto to the Nasdaq. eToro, a trading app for both stocks and crypto, listed with a matching $5.4 billion valuation. Both BitGo and Gemini have quietly filed for IPOs in the United States as well.
Since launching in 2021, Bullish has recorded over $1.25 trillion in trading volume. The company is based in the Cayman Islands, a preferred spot for crypto firms looking to dodge American overreach. Beyond its exchange business, Bullish also owns CoinDesk, a platform that handles crypto news, data, indexes, and analytics.
The listing landed on the same day U.S. markets pushed higher. The Dow Jones Industrial Average shot up 463.66 points, or 1.04%, closing at 44,922.27. The S&P 500 added 0.32%, finishing at 6,466.58, while the Nasdaq Composite ROSE 0.14% to 21,713.14. Both the S&P 500 and Nasdaq set new record highs for the second straight day.
Traders bet on September Fed rate cut as small-caps surge
Wednesday’s rally followed a softer-than-expected inflation report on Tuesday, which gave traders fresh confidence that the Federal Reserve will lower interest rates by September. Markets are now pricing in NEAR certainty of that rate cut, using data from the CME’s FedWatch Tool.
The Optimism around lower rates helped push small-cap stocks higher, with the Russell 2000 climbing 2.02% on the day. Investors have been shifting away from the Magnificent Seven mega-cap tech names, rotating into smaller companies that tend to benefit more when borrowing costs drop.
Big tech wasn’t left behind. AMD surged over 5%, and Apple moved up close to 2%. Shares of Paramount Skydance soared nearly 37%, fueled by separate investor momentum.
More signals are on the way. Thursday’s producer price index report is expected to give another look into wholesale inflation, which feeds into how much pressure the Fed is still under. That data will land just ahead of the Jackson Hole summit taking place from August 21 to 23, where Fed officials are expected to deliver more clues about future rate decisions.
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