Investment Opportunity: Is It Worth Buying BLSH Shares Post IPO?
In a significant move for the cryptocurrency industry, Bullish, a Peter Thiel-backed cryptocurrency exchange and the owner of CoinDesk, made its market debut on the New York Stock Exchange (NYSE) on August 13, under the ticker symbol "BLSH".
Upon its market debut, shares of Bullish opened at $90 and reached an intraday high of $118. However, as of the end of trading, shares settled at $68, giving the company a market value of approximately $5.4 billion.
Bullish's objective, as stated in its prospectus, is to provide mission-critical products and services that aim to help institutions grow their businesses, empower individual customers, and drive the adoption of stablecoins, digital assets, and blockchain technology.
The company raised $1.1 billion in its IPO, selling 30 million shares. Its underwriters, which include JPMorgan, Jefferies, and Citigroup, have the option to sell an additional 4.5 million shares over the next 30 days.
The IPO market has seen a surge in activity following a slowdown this spring. This year, there have been 133 IPOs priced through August 13, a 58% increase from the year prior. The biggest IPOs this year include Circle Internet Group and Figma, which raised $1.05 billion and $1.2 billion, respectively.
Bill Smith, CEO and founder of Renaissance Capital, advises investors to differentiate between good and bad fear of missing out (FOMO) when it comes to new offerings. Experienced IPO investors, according to Smith, tend to have a healthy amount of Good FOMO across market cycles and use risk controls like stop-losses. On the other hand, Bad FOMO, Smith warns, is paying any price to get the latest hot IPO, now.
For retail investors, whether or not to buy the Bullish IPO depends on individual risk tolerance and personal investing goals. High-profile asset management firms BlackRock and Ark Investment Management have shown interest in accumulating a notable stake in BLSH stock.
As the cryptocurrency market continues to evolve, the debut of Bullish on the NYSE marks a significant step forward in the mainstream adoption of digital assets. The company's focus on institutional growth and individual empowerment could potentially drive the adoption of stablecoins, digital assets, and blockchain technology in the coming years.
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