Bullish opens at $90, IPO priced at $37, halts immediately

Cryptocurrency exchange Bullish (NYSE: BLSH) began trading Wednesday at $90, far above its initial public offering price of $37 per share, almost immediately spiking into a volatility halt at $102.44.

The IPO price of $37 already exceeded the company's previously announced range of $32 to $33 per share, giving Bullish a market value of $5.4 billion. Bullish raised $1.1 billion through the offering of 30 million shares.

Previously, the exchange, which also owns cryptocurrency news website CoinDesk, upsized its IPO from an originally proposed 20.3 million shares priced between $28 and $31 per share.

BlackRock and Cathie Wood’s Ark Investment Management are both major investors in the offering.

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