Crypto’s Bullish Day

Crypto conquered the stock market again with the public debut of crypto exchange Bullish, whose stock soared as much as 220% on its opening day Wednesday after raising $1.1 billion in its IPO. The offering followed a glittering IPO from stablecoin issuer Circle and offerings from a raft of companies that have stuffed themselves with crypto. 

For an industry that says it wants to overtake the traditional financial system, it is surprising that crypto players are focusing so heavily on old-style stock listings. These offerings are a lucrative business for the giant banks that choreograph them, exactly the companies crypto enthusiasts hope to unseat. Going public also subjects crypto companies to just the kind of financial regulations they hate.