Bullish made a strong impression with an IPO price increase of 83%, attracting interest from major investment funds like Cathie Wood's Ark Invest.
With 30 million shares offered and demand 20 times the supply, Bullish demonstrates significant appeal in the context of increasingly transparent cryptocurrency regulations in the United States.
MAIN CONTENT
Bullish's IPO was successful with an 83% increase on the first day, strongly attracting institutional investors.
Cathie Wood and Ark Invest invested 172 million USD in Bullish on its first trading day.
Development momentum along with a clear legal framework brings cryptocurrency exchanges closer to traditional stock markets.
How did Cathie Wood invest in Bullish?
On Bullish's first day on the market, Cathie Wood's Ark Invest spent 172 million USD to buy over 2.5 million shares, allocated to its three ETF funds.
The ARK Innovation ETF (ARKK) invested in 1.7 million shares, the ARK Next Generation Internet ETF (ARKW) bought over 500 thousand shares, and the ARK Fintech Innovation ETF (ARKF) held 272 thousand shares. This is Wood's familiar strategy to early hold new cryptocurrency businesses going public.
Previously, she also invested in Circle during its IPO in June and recently purchased more shares of Block Inc., the payment company founded by Jack Dorsey.
How did Bullish receive support from institutional investors?
Before the listing, Bullish attracted significant interest from large institutions, including BlackRock – the world's leading asset manager, which is expected to buy up to 200 million USD worth of shares.
The backing from major names helps Bullish bolster investor confidence and creates sustainable growth momentum for the company in the U.S. stock market.
"Transparency and strict regulatory compliance are essential foundations for Bullish to operate steadily in the public market." – Thomas Farley, CEO Bullish (2023)
Official interview, IPO filing, August 2023
Bullish faced difficulties trying to go public through SPAC in 2021 but was interrupted due to legal issues. Now, with the clarity of cryptocurrency laws under the Trump administration, Bullish and many other exchanges like Circle are gradually pursuing traditional IPOs.
Why is Bullish's IPO important for cryptocurrency stocks?
Bullish's "explosive" IPO session marks a positive shift in market sentiment towards cryptocurrency businesses, especially as the legal framework in the United States continues to improve.
The growth of cryptocurrency-related stocks like Bullish signals maturity and attractiveness for institutional investment flows in this field. Ark Invest's strategy reflects the trend of prioritizing early access to innovative technology companies and rapid growth in the cryptocurrency space.
"We see great long-term potential from listed cryptocurrency companies on traditional exchanges, and Bullish is a promising starting point for a new growth cycle." – Cathie Wood, CEO Ark Invest (2023)
Comment on Ark Invest's official website, August 2023
If Bullish maintains its trading levels and executes its expansion plans, this will be a catalyst for the long-term appeal of cryptocurrency stocks in the global stock market.
Frequently Asked Questions
When did Bullish IPO and what were the results?
Bullish went public on August 13, 2023, with an offering price of 37 USD/share, closing at 68 USD, an increase of 83%. The IPO was oversubscribed 20 times the amount offered.
How did Cathie Wood invest in Bullish?
Ark Invest purchased 2.53 million Bullish shares on the first day, with a total value of about 172 million USD, allocated across three ETF funds.
Why does Bullish attract many institutional investors?
Transparency, legal compliance, and support from BlackRock create strong trust, helping Bullish attract significant capital before and after the IPO.
What does Bullish's IPO mean for the cryptocurrency market?
Helps cryptocurrency stocks to be valued higher, creating growth momentum for other listed cryptocurrency businesses in the United States.
What challenges did Bullish face during its previous IPO?
In 2021, the SPAC plan was delayed due to legal issues; now, with clearer cryptocurrency laws, Bullish has switched to a traditional IPO.
Source: https://tintucbitcoin.com/blsh-tang-83-nho-ark-invest-mua/
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