Based out of the Cayman Islands, Bullish had earlier upsized its IPO offering to 30 million shares, and received over 20 times the subscription in comparison to the shares on offer.
Bullish offers crypto spot trading, margin trading and derivatives trading, with a focus on institutional investors. Its margins and derivatives products are currently not available to users in the US.With Bitcoin hitting new highs, Crypto-linked firms have chosen to go public via the IPO route or via blank-check mergers or even reverse takeovers. Stablecoin issuer Circle Internet Group Inc. saw its stock rise as much as 750% above the IPO price in the first month following its $1.2 billion first-time share sale in June.
Former New York Stock Exchange President Tom Farley, currently the CEO of Bullish said that being listed on the NYSE gives the company additional credibility that it would otherwise not have. As of March 31, Bullish held Bitcoin worth $1.7 billion.
Bullish had earlier planned on going public through the SPAC route but the merger was called off in 2022.
(With Inputs From Agencies.)
