Investment Opportunity: Consider Purchasing BLSH Shares After Successful IPO
Bullish Cryptocurrency Exchange Debuts on NYSE with Strong Demand
Bullish, a leading cryptocurrency exchange, made its debut on the New York Stock Exchange (NYSE) on August 13, trading under the ticker symbol "BLSH." The company raised $1.1 billion in its Initial Public Offering (IPO) by selling 30 million shares at a price of $37 per share.
The IPO price gave Bullish an initial market valuation of approximately $5.4 billion. However, the stock price surged on its trading debut, opening at $90, hitting an intraday high of $118, and closing at $68. This price increase boosted Bullish's market capitalization to around $10.25 billion, reflecting an 83% gain from the IPO price.
Bill Smith, the CEO and founder of Renaissance Capital, explained that this strong investor demand and optimism towards Bullish and the broader crypto exchange sector are significant. He also warned newbies about the risks of "getting burned by Bad FOMO in a hot market, and ignoring Good FOMO in a slower market."
Smith further distinguished between good and bad FOMO, stating that good FOMO is about keeping new stocks in your portfolio to access unique growth opportunities not found in major Exchange Traded Funds (ETFs). On the other hand, bad FOMO is paying any price to get the latest hot IPO, now. He suggested that experienced IPO investors should have a healthy amount of Good FOMO across market cycles and use risk controls like stop-losses.
High-profile asset management firms, such as BlackRock and Ark Investment Management, have shown interest in accumulating a notable stake in BLSH stock. The objective of Bullish, as stated in its prospectus, is to provide mission-critical products and services designed to help institutions grow their businesses, empower individual customers, and drive the adoption of stablecoins, digital assets, and blockchain technology.
The IPO market has seen a surge in activity following a slowdown this spring. There have been 133 IPOs priced this year through August 13, a 58% increase from the year prior. Despite this, total proceeds from this year's filings are down 4% year over year to $22.2 billion. The biggest IPOs this year include Circle Internet Group and Figma, which raised $1.05 billion and $1.2 billion, respectively.
Bullish's underwriters have the option to sell an additional 4.5 million shares over the next 30 days. Retail investors are advised to buy shares of BLSH in a small amount that they can afford to lose and have a trading plan in place. Smith emphasized the importance of a well-thought-out strategy, stating that "Bad FOMO in a hot market, and ignoring Good FOMO in a slower market, can lead to costly mistakes."
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