Trading under the symbol BLSH, the stock opened at $37 and surged to an intraday high of $118 before settling near $84 in the afternoon, a gain of about 126% from its offering price.
Based on the share count in its regulatory filings, the debut placed Bullish’s market capitalization at roughly $12.2 billion. The exchange caters primarily to institutional clients, offering spot markets and derivative products tied to cryptocurrencies.
Bullish CEO Tom Farley, a former NYSE president, previously stated that the company’s decision to go public reflects what it sees as the next growth phase for the digital asset industry.
Backed by investor Peter Thiel, Bullish first announced plans to list in 2021 through a $9 billion merger with special purpose acquisition company Far Peak. That deal was abandoned the following year amid a deep market slump and a string of crypto sector bankruptcies.
