Shares of cryptocurrency exchange Bullish soared in its public trading debut Wednesday, the latest sign of strength for the IPO market and digital assets sector.
The Peter Thiel-backed company’s shares were priced at $37, but the stock quickly jumped to more than $100, showing the challenge of accurately pricing an IPO amid Wall Street’s exuberance, The Wall Street Journal wrote: A similar dynamic played out when design platform Figma went public last month.
The enthusiasm reflects investors’ appetite for crypto exposure as US President Donald Trump pursues policies seen as more favorable to the industry, signaling “a new era for public crypto firms,” Coin Central wrote.