Bullish, the latest major crypto player to make its market debut, vaulted after its initial public offering hit the New York Stock Exchange on Wednesday.
Bullish opened at 90 per share on Tuesday, well above its planned IPO price of 37 per share. The stock jumped to a high of 118 before sliding to 68 by the close.
Trading for the crypto exchange and news provider was halted multiple times due to volatility after the launch.
The company is offering 30 million shares, which could raise around $2.7 billion based on the debut price.
Shares began trading shortly after 1 p.m. ET on the NYSE under the ticker BLSH. The offering is expected to close on Aug. 14. Underwriters have been granted a 30-day option to purchase up to 4.5 million additional shares.
The company increased both the price and size of its offering in response to demand in the runup to the launch. It initially planned to offer 20.3 million shares with an expected price of 28 to 31 per share.
Bullish is the owner of CoinDesk and the site's crypto data and analytics services. It also operates the Bullish Exchange, which is a digital asset platform focused on institutional clients. Since its launch in 2021, the Bullish platform has exceeded $1.25 trillion in total trading volume as of March 31, according to CNBC.
The company has received backing from the likes of Palantir CEO Peter Thiel. BlackRock and Cathie Wood's ARK Invest Management have indicated interest in investing up to $200 million in shares, CNBC reported.
Bullish will follow the footsteps of stablecoin issuer Circle Internet Group, which launched its IPO in June.
Pre-Bullish Crypto Prices, Stock Action
Bitcoin traded around $122,800 late Wednesday, surging more than 2% over the past 24 hours to approach its record high near $123,100 from mid-July.
Ethereum jumped more than 4% over the past day to trade above $4,700 and close in on its all-time high of $4,891 from November 2021.
Circle stock retreated 6.2% after announcing a new share offering following its Tuesday earnings.
Coinbase shares pared their Wednesday advance to 1.4%.
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