Bullish Stock Surges 200% in Market Debut, Valuing Crypto Exchange at $16 Billion

Bullish (BLSH), the cryptocurrency exchange operator, made a explosive market debut on Wednesday, with shares opening at $90 and surging over 200% from its IPO price of $37. The stock briefly touched $112 before triggering a volatility halt, pushing the company's market capitalization above $16 billion.

The firm, which also owns CoinDesk, had initially targeted a $32-$33 IPO range but raised it to $37 amid strong demand. This marks Bullish's second attempt at going public after a failed 2021 SPAC merger that WOULD have valued the company at $9 billion. The current offering of 30 million shares raises $1.1 billion, valuing the fintech at $5.41 billion.

The staggering first-day performance reflects renewed investor appetite for crypto-related equities, following several successful public debuts in the sector. Bullish's resurgence comes despite regulatory challenges that scuttled its previous public market attempt.