The US stock market has welcomed another cryptocurrency exchange IPO.

On August 12th, Eastern Time, the cryptocurrency exchange Bullish officially listed on the New York Stock Exchange. Bullish raised $1.1 billion in funding at an IPO price of $37 per share, higher than the previously advertised range of $32 to $33. The IPO was oversubscribed by over 20 times, and based on the IPO price, Bullish's market capitalization reached $5.4 billion.

After the live auction concluded, Bullish opened at around $102 and subsequently surged over 200%, reaching a high of $118 per share. After reaching its peak shortly after opening, Bullish fluctuated downward, ultimately closing at $68 per share, up 83.78%, bringing its market capitalization to $9.94 billion.

Bullish's IPO also made it the first cryptocurrency company to go public since President Trump signed the GENIUS Act.

Many investors are comparing Bullish to Circle Internet Corp. (CRCL.US), the recently listed issuer of USDC, the world's second-largest stablecoin. Both companies increased their offering size and expected price ranges on the eve of their IPOs, and saw their stock prices surge on their first day. Although Bullish's intraday gains on the first day of its IPO were similar to Circle's, Bullish failed to maintain its strong performance. In contrast, Circle, whose offering price was ultimately set at $31 per share, saw its stock surge over 200% at one point during the day, closing at $82.23, a gain of 168.48%.

Bullish's stock price rose 11.18% in after-hours trading to $75.60 per share and is currently up 8.15% at $73.81 per share in the evening session.

In its prospectus, Bullish stated that subsidiaries of BlackRock, Inc. and ARK Investment Management, LLC, owned by Wood Sister, are interested in subscribing to up to $200 million of Bullish shares in the IPO. Notably, BlackRock is a major investor in Circle, and several ARK Fund ETFs also hold significant Circle shares.

Bullish has long harbored ambitions to go public. As early as 2021, Bullish announced its intention to list on the New York Stock Exchange through a merger with Far Peak Acquisition Corporation (FPAC.US), a special purpose acquisition company (SPAC). The transaction was expected to close by the end of 2021. However, the deal ultimately fell through.

Bullish was founded in 2020 and later registered a company in the Cayman Islands in 2021. Its vision is to build an institutional-grade global exchange. Bullish was originally an independent operating entity under the blockchain company Block.one Group, which owns the well-known open-source software platform EOSIO. Notably, Bullish's CEO is Tom Farley, former president of the New York Stock Exchange. Prior to assuming the CEO role at Bullish, he served as chairman, CEO, and president of FPAC.

The prospectus indicates that Bullish operates under the "Bullish" and "CoinDesk" brands. Bullish Exchange is a cryptocurrency exchange, while CoinDesk provides information services such as indices, data, and crypto market news. In November 2023, Bullish announced the acquisition of CoinDesk from Digital Currency Group (DCG) to operate as an independent subsidiary.

Bullish's net profit in 2024 is projected to be $80 million. As of the end of March this year, Bullish had a net loss of $349 million, with an adjusted net profit of $2 million.

However, Bullish still holds a substantial reserve of crypto assets. As of the end of March, the company's liquid assets included $28 million in cash, $144 million in US dollar stablecoins, $1.735 billion in Bitcoin (including WBTC), $22 million in Ether (including WETH), and $33 million in other digital assets.

According to Bullish, as of the end of June, the company held 24,300 Bitcoin and 12,600 Ethereum in liquid assets, as well as $418 million in cash, stablecoins, and other assets. Based on the current price of Bitcoin at approximately $124,000 and Ethereum at approximately $4,700, Bullish's Bitcoin holdings are worth over $2.9 billion and its Ethereum holdings are worth over $59 million.