Shares of Crypto Exchange Bullish Leap 83% in Market Debut

Core Insights - Bullish's shares surged 83% above the target price on the day of its IPO, indicating strong market interest in cryptocurrency-focused companies [1][2] - The initial public offering price was set at $37, with shares reaching a high of $118 before closing at $68, resulting in a market valuation of nearly $10 billion [2] - The company aims to utilize the IPO proceeds for general corporate purposes and potential acquisitions [5] Company Overview - Bullish positions itself as an "institutionally focused global digital asset platform," offering a range of services including a digital assets exchange, proprietary benchmarks, market data analytics, and media operations [4] - The company had previously attempted to go public in December 2022 but terminated the deal due to regulatory delays [5][6] - The revival of its IPO plans was influenced by the successful IPO of Circle, which raised $1.1 billion, exceeding expectations [6] IPO Timeline - Initially, Bullish expected its IPO price to be between $28 and $31, which was later revised to $32 to $33 before finalizing at $37 [3] - The roadshow for the IPO commenced on August 4, with the trading debut occurring on August 13 [2][3]