Shares of cryptocurrency exchange Bullish (BLSH) soared in their New York Stock Exchange debut on Tuesday, opening at $90 — more than double their $37 initial public offering price — before being halted at $102.44 a minute after trading began.
The Peter Thiel-backed company raised $1.1 billion by selling 30 million shares, exceeding its earlier marketed range of $32 to $33 per share, Bloomberg reported.
Investor demand was strong, with the offering oversubscribed 20 times.
The deal gives Bullish a market value of about $5.4 billion.
The exchange, which primarily serves institutional clients, has processed over $1.25 trillion in trades since 2021 and facilitates decentralized cryptocurrency transactions.
Bullish also owns crypto news platform CoinDesk and will trade under the ticker symbol BLSH.
The listing comes as US regulators roll out new pro-crypto legislation, though some industry observers warn that looser rules could encourage risky speculative activity.