Bullish shares surged 84% from their IPO price after the Cayman Islands-based digital-asset exchange and CoinDesk owner raised $1.1 billion in its IPO, according to Bloomberg. The stock closed Wednesday at $68, up from $37, giving the company a $9.9 billion market value. The offering was upsized to 30 million shares after heavy demand, ending more than 20 times oversubscribed. Led by former NYSE president Tom Farley, Bullish offers crypto spot, margin, and derivatives trading to institutional investors, though margin and derivatives products are not available in the U.S. The company, which held $1.7 billion in Bitcoin as of March 31, reported a $348.6 million net loss in the first quarter.
