Cryptocurrency trading platform Bullish experiences a staggering 160% increase during its initial public offering, solidifying its position as the latest investment sensation on Wall Street.
Weekly Recap: Bullish Crypto Exchange's IPO Plans Scrapped, Ethereum Rallies
In the world of cryptocurrencies, there has been some significant movement this week. While Bullish, the crypto trading platform launched in 2021 by former New York Stock Exchange president Farley with backing from Peter Thiel, saw its plans for a $9 billion IPO with Far Peak Acquisition Corp. scrapped due to failing to meet registration requirements, the digital currency market has been on the rise.
One of the standout performers has been Ethereum, which has rallied an impressive 60% over the last month. On Wednesday, Ethereum saw a further boost, increasing nearly 3% and putting it within range of its all-time high above $4,800 set in November 2021. Bitcoin also made headlines, with its price jumping 1.3% on Wednesday, sending it back above $121,000.
Bullish, despite the setback with its IPO plans, has attracted some high-profile investors. Peter Thiel's Founders Fund, Block.one, and Louis Bacon are among the major shareholders in the company. Additionally, institutional funds like BlackRock and ARK Investment Management have expressed non-binding interest to buy up to $200 million worth of shares at the IPO price, potentially making them major shareholders post-IPO.
The IPO shares are priced around $32-$33 per share, aiming for nearly $990 million raised and a valuation of about $4.8 billion. JPMorgan Chase, Jefferies, and Citigroup are managing the share offering, but do not necessarily hold significant equity themselves.
Despite the ups and downs in the cryptocurrency market, it remains a fascinating and dynamic sector. To stay updated on the latest developments, readers can sign up for the Forbes Australia newsletter or become a member for more hand-picked articles.
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Investors like Peter Thiel, whose Founders Fund has invested in Bullish, may see opportunities in the technology-driven finance sector, especially in the realm of cryptocurrency investing. Despite Bullish's IPO plans being scrapped, the company is still attracting institutional interest, with BlackRock and ARK Investment Management showing potential interest in buying up to $200 million worth of shares.
