Deep Dive: Why Bullish (NYSE: BLSH) Lit Up the Market on Debut Bullish (BLSH) listed on the NYSE on August 13 and became one of the most-watched crypto-related IPOs this year, with an intraday high of $118 and a close at $70 versus the $37 IPO price—an opening day move that briefly pushed its market cap into the $10B–$13B range by some measures. This piece breaks down the company’s business model, financial and valuation anchors, trading dynamics, regulatory backdrop, key risks, and practical positioning ideas for investors. 1) What just happened—and why did it pop? The IPO size was increased to 30M shares and priced at $37 above the indicated range, raising roughly $1.1B. Shares opened strong, spiked above $100 with multiple volatility halts, and settled at $70 on day one. Depending on methodology and timing, first-day performance was cited as roughly +83% to +143% versus the IPO price, fueling narratives of a double-digit-billion market cap at peak ticks. Institutional indications of...
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