Bullish encryption exchange stock price soared 150% on its first day of listing

A certain cryptocurrency exchange made its debut on the New York Stock Exchange on Wednesday, with its stock price soaring more than 150% at one point. The company successfully completed its initial public offering (IPO), raising $1.11 billion by issuing 30 million shares at a price of $37 per share, above the expected offering price. The exchange's stock price hit a high of $109.9 during trading, eventually closing at $75.3, giving the company a valuation of $9.94 billion.

The successful listing this time is a rare case for cryptocurrency exchanges in the United States, and it continues the recent momentum of success in the digital asset sector. A senior research analyst stated: "The exchange offered an attractive initial valuation, and investors actively participated in the bidding before the IPO."

This exchange was jointly founded by several well-known institutions in 2020. After canceling the SPAC merger in 2022, the company made its second attempt to go public. A former president of the New York Stock Exchange will serve as the chairman of the exchange, leading the company with his deep expertise in market structure. His reputation among institutional clients will become a key advantage in the fierce competition of cryptocurrency exchanges. The exchange primarily serves institutional clients, and its encryption holdings are expected to grow with the introduction of new regulations.

The exchange secretly submitted an IPO application to two large financial institutions in June and successfully obtained approval. This listing comes at a time when investors have a bullish confidence in digital assets. Another digital payment company also achieved similar success, with its stock price soaring over 500% after going public. Several cryptocurrency-related companies are also actively preparing for their listings.

The demand for equity investments related to encryption may be stronger than ever before. Some token projects have established digital asset financial companies aimed at transforming listed companies into cryptocurrency accumulation platforms. A software company pioneered this model using Bitcoin, and some companies in Japan have adopted similar strategies. Recently, more companies have started focusing on accumulating Ethereum and often utilize its staking features.

This wave of IPO fever comes at a time when the US capital markets are showing strong bullish sentiment towards encryption. Bitcoin set a historic high of $123,500 that day, further corroborating this trend. Support for encryption from the White House, the adoption of corporate funds, and the influx of new ETFs have all driven market optimism.

The exchange is about to complete a two-year application process to obtain New York's "BitLicense" for state-level operations. The company also plans to convert IPO proceeds into stablecoins, which have been rapidly developing since the new legislation was passed.