Cryptocurrency company Bullish, the parent of CoinDesk, raised about $1.1 billion in an initial public offering and saw its stock open Wednesday at $90 on the New York Stock Exchange, 143% above its IPO price of $37, reports Tanaya Macheel of CNBC.
Macheel reports, “Bullish, which is led by former New York Stock Exchange President Tom Farley and backed by tech billionaire Peter Thiel, is a crypto exchange focused on institutional investors and blends decentralized finance protocols with the security of a centralized company.
“‘The last leg of growth in crypto, the last 10 years, was basically all retail and … the institutional wave has begun,’ Farley told CNBC’s ‘Squawk on the Street’ Wednesday. ‘It’s here, and it’s a question of how big it will be. Based on the reception we’ve gotten thus far as part of our IPO, it feels like institutional investors feel like this could be the moment.’
“Since its launch in 2021, total trading volume on the Bullish platform exceeded $1.25 trillion as of March 31. The company also owns the crypto news website CoinDesk, which includes crypto indexes, data and analytics.”
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