Coin Exchange Stocks Once Valued at 18 Trillion Won Plunge 5% Below Listing Price

Bullish, the cryptocurrency trading platform (NYSE: BLSH), fell 5% intraday to $28.76 on the New York Stock Exchange on the 2nd, reducing its market capitalization to about $4.3 billion (₩5.8 trillion). Approximately $206 million (₩280 billion) of market value was wiped out in a single day, and trading volume exceeded 1.65 million shares.

After JPMorgan recently cut Bullish’s price target from $45 to $42 while maintaining a neutral rating, the stock continued its downward trend, hitting a new 52-week low. Nonetheless, at the end of January, ARK Invest purchased roughly $21.5 million worth of shares across Coinbase, Circle, and Bullish, including about $1.1 million in Bullish stock alone—an indication of ongoing institutional demand.

Headquartered in the Cayman Islands, Bullish is a digital asset exchange for institutional investors, operating Bullish Exchange—which offers both spot and derivative products—and managing the CoinDesk index business. Listed on the NYSE in August 2025, the company is backed by major investors such as Peter Thiel and markets itself as an “institution-only crypto trading platform,” leveraging institutional-grade infrastructure centered on Bitcoin and Ethereum.