Cryptocurrency exchange Bullish reached a valuation of $13.16 billion following a successful debut on the New York Stock Exchange (NYSE), reflecting growing investor interest in digital assets.
Successful Market Debut
Bullish shares opened at $90 and traded over 150% above the $37 IPO price, reaching as high as $118 before settling at $92.60. The company raised $1.11 billion through its initial public offering, initially valuing it at $5.4 billion before market gains.
Regulatory Achievements and Strategic Focus
Bullish aims to obtain New York's virtual currency license, known as a 'BitLicense,' which would allow the company to operate within the state. This license requires compliance with rules such as KYC and anti-money laundering measures. A portion of IPO proceeds is planned to be converted into stablecoins, indicating a strategic approach to market operations.
Institutional Strategy of Bullish
Bullish focuses on institutional clients rather than retail traders, setting it apart from competitors. This approach may lead to more stable revenue compared to exchanges heavily reliant on retail trading. An increase in institutional investments is expected due to recent White House directives.
Bullish's successful debut on the NYSE positions it as a key player in the digital asset market. Its focus on institutional clients and regulatory compliance may positively impact the company's growth and attract other cryptocurrency exchanges to pursue public market strategies.
