Bullish, a cryptocurrency exchange, made a notable debut on the NYSE, with its stock price soaring to over triple its IPO price within minutes before losing momentum. The company priced its IPO at $37 per share but opened at $90, reflecting a 143% increase. Despite this initial surge, by the end of the day, shares settled at $69. Bullish, led by former NYSE president Tom Farley and backed by significant investors like Block.one and Thiel Capital, boasts a robust balance sheet with $1.7 billion in bitcoin and $144 million in US dollar stablecoins. Analysts view its bitcoin treasury as a competitive advantage in both spot and derivatives markets, with potential revenue and EBITDA projections reaching $600 million and $200 million, respectively. The market's reaction remains uncertain, as similar companies like Amber Group and OSL Group trade at significantly lower values despite offering comparable services. Bullish's strategic media exposure may enhance lead generation for its trading business. In the following months, more crypto IPOs are anticipated, suggesting a rising interest in the public market for cryptocurrency-related companies.

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