Crypto Firm Bullish Soars 84% in Debut After $1.1 Billion IPO

Bullish shares jumped 84% from the IPO price after the digital-asset exchange operator and owner of media outlet CoinDesk raised $1.1 billion in an initial public offering.

Shares of the Cayman Islands-based company closed at $68 each on Wednesday in New York, nearly doubling its IPO price of $37 apiece. The offering was upsized earlier in the week to 30 million shares, and the price range was increased.

The trading gives Bullish a market value of $9.9 billion based on the outstanding shares listed in its filing. The IPO ended more than 20 times oversubscribed, with about a third of ...