Bullish certainly lived up to its name with the stock blowing the doors off in a frenzied day of trading.
Shares in the CoinDesk owner appear set for another interesting session. Ahead of Thursday’s opening bell, the price has been marked 16% higher.
It is currently blinking at $79 pre-market, more than double its IPO price of $37.
Wednesday’s launch was highly volatile. Bullish opened at $90 in early afternoon trading and quickly spiked to $118, a gain of more than 215% from the IPO price, before investors suffered a bout of vertigo.
Trading was halted at least twice within minutes due to the sharp swings.
The company, which runs a crypto exchange and owns financial news outlet CoinDesk, had priced its 30 million share offering above expectations, raising $1.1 billion and securing a $5.41 billion valuation at the offer price.
This was Bullish’s second attempt to join public markets after a planned $9 billion SPAC merger in 2021 collapsed under regulatory scrutiny.