Bullish confidentially filed for an IPO in June. JPMorgan and Jeffries worked as lead underwriters on the deal. Demand for crypto-related equity investments is perhaps stronger than ever. Looking to capitalize on the wave, several token projects have participated in forming digital asset treasury (DAT) companies by transforming Nasdaq- or NYSE-listed companies into crypto accumulation machines.U.S. capital markets have been generally bullish on crypto since President Donald Trump took office and began installing an administration eager to grow the digital assets industry.
Following in Circle’s footsteps, crypto platform Bullish’s shares jumped more than 150% in their debut on Wednesday. Ahead of trading on the New York Stock Exchange, Bullish had reportedly already raised $1.11 billion, pricing 30 million shares at $37. That was above the previously established range of $32–$33. Tech billionaire Peter Thiel is one of Bullish’s key backers.
Bullish’s shares were trading at $93.83 as of 1:58 p.m. ET, a more than 150% gain, according to Yahoo Finance. The firm’s thus-far successful IPO comes after Circle Internet Group, issuer of the USDC stablecoin, debuted on the NYSE and saw its shares leap more than 500%. Multiple other firms deeply invested in digital assets are also keen to raise additional capital by going public. Those companies include Mike Cagney’s Figure Technology, Grayscale, and BitGo.
