Bullish stock ends first day at $70 with 90% gain, giving crypto exchange market cap above $10 billion
Cryptocurrency exchange operator Bullish (BLSH) rose 8% on Thursday before the bell, reaching $75, doubling its IPO price of $37 and valuing the company at more than $10 billion.
Still, this marked a more than 20% drop from where the stock opened for trade.
Bullish stock opened for trade at $90 near 1:00 p.m. ET on Wednesday, and the stock traded hands as high as $118 per share shortly after, a more than 215% gain. The stock was halted for trade due to volatility at least twice within the first few minutes of trading.
The company, which operates a crypto exchange and owns the prominent trade publication CoinDesk, priced its IPO at $37 per share on Tuesday, above the $32 to $33 range the company had expected in its…
