TLDR
- Bullish BLSH stock closed 83 percent higher on its NYSE debut, rising from $37 to $68 per share.
- The company increased its IPO size to 30 million shares after receiving 20 times the subscription demand.
- CEO Thomas Farley said the IPO marks the next growth phase for the digital assets industry.
- Cathie Wood’s Ark Invest purchased 2,532,693 BLSH shares across three of its exchange-traded funds.
- BlackRock showed interest in buying up to $200 million worth of BLSH shares before the IPO.
Bullish (NYSE: BLSH) entered Wall Street with a robust performance on August 13, closing far above its IPO price. The BLSH stock launched at $37 per share and ended the session at $68, marking an 83% gain. Trading volume surged as demand for the crypto exchange exceeded earlier expectations.
The company had increased its IPO offering to 30 million shares after strong subscription interest. Market filings confirmed that the offering was oversubscribed by a factor of 20. This surge demonstrated heightened investor appetite for regulated crypto exchange stocks.
Previously, Bullish attempted a SPAC merger in 2021, which was abandoned due to regulatory concerns. However, the clearer framework under the Trump administration encouraged a direct IPO route. CEO Thomas Farley stated, “We now intend to IPO because we believe the digital assets industry is beginning its next leg of growth.”
Ark Invest Takes Major Position
Cathie Wood’s Ark Invest moved swiftly to acquire a large stake in the newly listed firm. On debut day, Ark purchased a total of 2,532,693 BLSH shares across three of its ETFs. This aggressive move aligned with Wood’s strategy of early entry into high-growth companies.
The ARK Innovation ETF acquired approximately 1.7 million BLSH shares in the transaction. Meanwhile, the ARK Next Generation Internet ETF secured over 500,000 shares. Additionally, the ARK Fintech Innovation ETF added 272,000 shares to its holdings.
Wood has applied this approach to other crypto-related IPOs. Earlier in June, Ark purchased shares of Circle (CRCL) on its first trading day. Recently, Ark also increased its stake in Block Inc., Jack Dorsey’s crypto payments firm.
BLSH Stock Gains From Strong Institutional Backing
Bullish attracted notable institutional interest before going public. Securities filings showed BlackRock’s intent to purchase up to $200 million worth of BLSH stock. Such early commitments bolstered market confidence in the IPO.
Investors noted the exchange’s emphasis on regulatory compliance and transparency. Bullish’s leadership positioned these values as compatible with public capital markets, and the BLSH stock benefited from this narrative during its debut.
The successful listing added momentum to other crypto firms considering public offerings. Market watchers expect more digital asset companies to follow suit in the coming months. Bullish’s performance has now set a benchmark for upcoming IPOs in the sector.
