๐ Bullish IPO Shakes Wall Street
IPO Details:
The cryptocurrency trading platform Bullish, backed by billionaire Peter Thiel, raised $1.11 billion through its public offering.
The company sold 30 million shares at $37 per share, giving it an initial valuation of $5.41 billion.
Stock Performance on the First Day:
The stock surged by 143% to reach $90.
The company's market cap has nearly reached $15 billion (according to the stock price), while another source estimated it at around $9.9 billion based on the number of outstanding shares.
Investor Interest:
The IPO was highly sought after (oversubscribed).
BlackRock and ARK Invest committed to purchase up to $200 million in shares.
This reflects strong confidence in Bullish's business model and the cryptocurrency market in general.
Future Outlook:
Bullish's success could open the door for a wave of IPOs for crypto companies.
Its focus on institutional infrastructure and regulatory compliance makes it an attractive choice for large investors.
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๐ Key Figures
Tom Farley: CEO of Bullish and former president of the New York Stock Exchange.
Peter Thiel: Investor and primary backer.
BlackRock and ARK Invest: Major investors participating in the IPO.
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๐ Impact on the Crypto Market
Greater Credibility: The IPO has boosted market confidence in the cryptocurrency sector.
