Shares of cryptocurrency exchange Bullish (NYSE:BLSH) soared over 11% in Wednesday's after-hours trading following the company's successful Wall Street debut.
BLSH is showing upward movement. See if it is worth your attention here.
BLSH Off To A Great Start
Bullish, backed by billionaire venture capitalist Peter Thiel, opened for trading at $90.45 per share, well-above its initial public offering price of $37 per share. At one point, it jumped as high as $118.
The IPO price topped the company's projected range of $32 to $33, which in turn was upsized from $28 to $31 earlier.
Based on the number of shares outstanding listed in a recent filing, the company's market capitalization was $9.48 billion at market close.
See Also: Oracle Cloud Layoffs Mirror Big Tech’s Cost Controls As AI Bills Climb
On Cathie Wood’s Radar
Cathie Wood-led Ark Invest bought roughly $172.22 million worth of BLSH shares through its Ark Fintech Innovation ETF (BATS:ARKF), ARK Innovation ETF (BATS:ARKK) and ARK Next Generation Internet ETF (BATS:ARKW) ETFs.
Bullish initially planned to go public through a special purpose acquisition company in 2021, but the plan was abandoned in 2022 due to regulatory challenges.
Bullish also operates a cryptocurrency news website, CoinDesk, which it acquired from Barry Silbert's Digital Currency Group in 2023.
Price Action: Shares of Bullish closed 83.78% higher at $68 during Wednesday’s regular trading session, according to data from Benzinga Pro.
Notably, Circle Internet Group Inc. (NYSE:CRL), which had a blockbuster debut earlier this year, lagged in the Value metric as of this writing. Visit Benzinga Edge Stock Rankings to find more about this stock.
Photo Courtesy: teguhsupriyanto27 on Shutterstock.com
Read Next:
- Economist Warns Of ‘Horrendous’ Crypto Crash -- But Says Big Profits Can Still Be Made Before Valuation Hits This Level
