- Bullish crypto exchange went public on NYSE, and its stock jumped 83%, closing at $68 per share.
- Cathie Wood’s Ark Invest bought 2.5 million shares across three funds on the first trading day.
- The IPO was oversubscribed 20 times, and major institutions like BlackRock showed strong interest.
Crypto exchange Bullish made a powerful entrance on the New York Stock Exchange on Wednesday, with shares climbing 83% from their initial public offering price of $37. The stock closed at $68 per share on its debut day, marking one of the strongest crypto-related IPO performances in recent months.
Bullish, backed by billionaire investor Peter Thiel, completed its public offering after upsizing the deal to 30 million shares due to overwhelming demand. The company received subscription requests 20 times higher than the available shares, demonstrating significant investor appetite for crypto exchange investments.
Cathie Wood’s Ark Invest Takes Strategic Position
Notable investor Cathie Wood quickly secured a substantial stake in Bullish through her Ark Invest funds. The firm purchased 2.5 million shares across three exchange-traded funds on the debut day alone.
The ARK Innovation ETF acquired 1.7 million shares, representing the largest purchase. The ARK Next Generation Internet ETF bought over 500,000 shares, while the Ark Fintech Innovation ETF added 272,000 shares to its portfolio.
Wood has established a pattern of early investment in newly public crypto companies. Her funds also purchased Circle shares during that company’s June IPO debut. This week, Ark Invest expanded its crypto exposure by adding shares of Block Inc., Jack Dorsey’s payment processing company.
Regulatory Clarity Drives Public Market Interest
Bullish’s successful IPO comes after a failed attempt to go public through a SPAC merger in 2021. Increased regulatory scrutiny derailed those plans, forcing the company to wait for a more favorable environment.
The improved regulatory landscape under the current administration has encouraged crypto firms to pursue traditional IPO routes. Circle completed its public debut earlier this summer, paving the way for other crypto exchanges to follow suit.
CEO Thomas Farley addressed investors directly about the timing decision. He stated the company believes the digital assets industry is entering its next growth phase. Farley emphasized that transparency and compliance remain core operational values that align well with public market requirements.
Beyond Ark Invest’s immediate purchase, other major institutions expressed interest before the IPO launch. According to securities filings, BlackRock, the world’s largest asset manager, indicated potential investment of up to $200 million.
The strong institutional backing reflects growing confidence in regulated crypto exchanges. Traditional financial institutions have increasingly viewed compliant digital asset platforms as viable investment opportunities.
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