Bullish stocks surge 83.8% on the first day of trading on the New York Stock Exchange.

Virtual asset exchange Bullish closed with a sharp rise on its first day of listing on the New York Stock Exchange (NYSE). With large virtual asset companies following Circle, a stablecoin issuer, entering the stock market one after another, expectations for the IPO market recovery are growing.

On the 13th (local time), Bullish's opening price was formed at $90, 143% higher than the public offering price of $37. It once rose to $118, but the closing price was $68, recording an 83% increase compared to the public offering price. In after-hours trading, it continued its upward trend, recording $75.66, 11.26% higher than the regular market closing price.



From its launch in 2021, Bullish targeted institutional investors as its core users. Unlike other centralized exchanges such as Coinbase and Binance, it is characterized by combining an automated market maker (AMM) structure that automatically supplies liquidity with a traditional order book. AMM is a method where algorithms calculate prices based on assets deposited in liquidity pools instead of buy and sell quotes. Bullish integrated this with the order book to prevent price volatility even for large orders and improve transaction speed and liquidity stability. In 2023, it acquired the virtual asset specialized media CoinDesk to secure media capabilities.

Its investor composition is also impressive. Early Bullish investors include Peter Thiel, Palantir founder, and Mike Novogratz, a US virtual asset billionaire. The world's largest asset management company BlackRock and ARK Invest led by Cathie Wood also made the investor list. ARK Invest also purchased Bullish stocks worth a total of $172 million (about 237.876 billion won) through three of its exchange-traded funds (ETFs) on the same day.

Cointelegraph evaluated the successful stock market entry of Bullish as a "clear signal that institutional investors' interest in virtual asset-related companies is increasing".

The industry predicts that listings of virtual asset-related companies will continue in the future. Peter Kozjak, co-founder and CEO of Web3 payment platform Mercurio, diagnosed that "institutional investors' IPO demand for companies connecting virtual asset services to the real economy, such as exchanges, stablecoin issuers, and payment platforms, is growing". He explained that "as a globally friendly regulatory environment for the industry spreads, virtual asset companies complying with regulations are emerging as attractive investment destinations for major investors".

Do Ye-ri Reporter