Shares of the crypto exchange Bullish (NYSE: BLSH) traded 8% higher as of 10:18 a.m. ET today. The move comes after the company reported second-quarter earnings results yesterday, received a license to operate in the U.S., and also received positive sentiment from Wall Street.
Bullish went public in August and was received extremely well. Shares priced at $37 but soared all the way to $118 on day one of trading. Since then, shares have struggled and trade around $57.50, which isn’t necessarily bad when you consider what the IPO priced at, but it’s also a common tale in an enthusiastic IPO market that has awoken after several years of limited activity.
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