Shares of Bullish, a cryptocurrency exchange backed by billionaire Peter Thiel, are expected to open between $60 and $65 when they debut on the New York Stock Exchange on Wednesday, well above the company’s $37 initial public offering (IPO) price.
Bullish raised $1.1 billion in the IPO by selling 30 million shares, exceeding its previously marketed price range of $32 to $33 per share, according to Bloomberg.
Investor demand was strong, with the offering reportedly oversubscribed 20 times.
The deal values the company at roughly $5.4 billion.
The exchange, which primarily serves institutional clients, has processed over $1.25 trillion in trades since 2021 and facilitates decentralized cryptocurrency transactions.
Bullish, which also owns crypto news platform CoinDesk, will trade under the ticker symbol BLSH.
The IPO comes as US regulators introduce new pro-crypto legislation, though some industry observers caution that looser rules could spur risky speculative activity.
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