#BullishIPO The cryptocurrency exchange Bullish, backed by billionaire Peter Thiel, made one of the most successful debuts on the New York Stock Exchange. The company doubled its value on its first day of trading.

After the IPO at a price of $37 per share, the quotes rose to $118, and trading ended at $92.60. By the end of the day, the company's market capitalization reached $13.16 billion.

During the initial placement, Bullish raised $1.11 billion, giving it an initial valuation of $5.4 billion. Analysts note that the attractive starting value and aggressive demand from investors during the pre-IPO period were key factors in the rapid growth.

The funds raised will partially be converted into stablecoins. Its approach is focused on stable revenues from institutional clients, which differs from the strategy of retail platforms that rely on the moods of the mass market.

Bullish is led by former NYSE Group president Tom Farley. Peter Thiel, known as an early investor in Bitcoin and a donor to Trump's 2016 campaign, is one of the key investors in the exchange.