Peter Thiel-Backed Bullish Shoots Up 11% After-Hours Following Blockbuster IPO – ARK Fintech Innovation ETF (BATS:ARKF), ARK Innovation ETF (BATS:ARKK)

Shares of cryptocurrency exchange Bullish BLSH soared over 11% in Wednesday’s after-hours trading following the company’s successful Wall Street debut.

BLSH is showing upward movement. See if it is worth your attention here.

BLSH Off To A Great Start

Bullish, backed by billionaire venture capitalist Peter Thiel, opened for trading at $90.45 per share, well-above its initial public offering price of $37 per share. At one point, it jumped as high as $118.

The IPO price topped the company’s projected range of $32 to $33, which in turn was upsized from $28 to $31 earlier.

Based on the number of shares outstanding listed in a recent filing, the company’s market capitalization was $9.48 billion at market close.

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On Cathie Wood’s Radar

Cathie Wood-led Ark Invest bought roughly $172.22 million worth of BLSH shares through its Ark Fintech Innovation ETF ARKF, ARK Innovation ETF ARKK and ARK Next Generation Internet ETF ARKW ETFs.

Bullish initially planned to go public through a special purpose acquisition company in 2021, but the plan was abandoned in 2022 due to regulatory challenges.

Bullish also operates a cryptocurrency news website, CoinDesk, which it acquired from Barry Silbert’s Digital Currency Group in 2023.

Price Action: Shares of Bullish closed 83.78% higher at $68 during Wednesday’s regular trading session, according to data from Benzinga Pro.

Notably, Circle Internet Group Inc. CRL, which had a blockbuster debut earlier this year, lagged in the Value metric as of this writing. Visit Benzinga Edge Stock Rankings to find more about this stock.

Photo Courtesy: teguhsupriyanto27 on Shutterstock.com

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