Cryptocurrency Trading exchange Bullish, listing──the initial price exceeds twice the IPO price at 102 Dollar | CoinDesk JAPAN

• On August 13, Bullish, which was listed on the New York Stock Exchange, had an opening price of $102 per share compared to the IPO price of $37.
• BlackRock and Ark Investment Management have indicated their intention to purchase up to $200 million worth of shares, leading to an increase in the number of shares for the IPO from 20.3 million earlier this week due to high demand.
• Blic has processed over $1.25 trillion in trading volume since its launch in 2021, going public as Wall Street’s interest in regulated cryptoasset (virtual currency) platforms rises.

The stock price of the cryptocurrency exchange Blush soared to 102 Dollar during its first trading on the New York Stock Exchange on August 13.

The company conducted its IPO at a price of 37 Dollars per share. This was above the expected range of 32 to 33 Dollars. This price valued the exchange based in the Cayman Islands at a market capitalization of 5.4 billion Dollars (approximately 790 billion yen, based on an exchange rate of 1 Dollar = 147 yen).

Brish expanded the number of shares to be sold in the IPO to 20.3 million this week, as investor demand exceeded expectations. Both BlackRock and ARK Investment Management expressed their intention to purchase up to $200 million worth of shares.

Tom Farley, the CEO of Bliish, stated in an interview with CNBC that “the last part of the growth of cryptoassets over the past decade has basically been all driven by individual investors. Now, a wave of institutional investors is starting, and the question is how big that will be.”

Unlike exchanges focused on individual investors such as Coinbase and Kraken, Brish targets institutional investors seeking exposure to digital assets while relying on the oversight and protection of a centralized platform.

According to the submitted documents, Blish has recorded a trading volume of over $1.25 trillion as of March 31 since its launch in 2021.

Ryan Lee, Chief Analyst at Bitget Research, stated that “the $1.1 billion raised from the bullish IPO reflects the increasing confidence of institutional investors in the cryptocurrency exchange sector, driven by a favorable regulatory environment under the Trump administration and the Bitcoin (BTC) price surpassing $100,000,” and continued as follows.

This success indicates that, alongside the strong IPO performance of Circle, centralized exchanges are becoming increasingly realistic long-term investment options for institutional investors. However, sustained trust depends on the clarification of regulations and market stability.

The listing of Brish took place at a time when U.S. regulators are nearing the formulation of a regulatory framework for this sector, and interest from Wall Street in cryptoasset-related projects is rapidly increasing, allowing participants to engage in a safe manner.