Bullish Is Adding Crypto Options Trading. The Stock Is Up. — Barrons.com
By Mackenzie TatananniThe cryptocurrency-exchange operator Bullish says it is adding options trading to its platform.The company, the owner of the crypto news and data site CoinDesk, said options trading is expected to launch on Wednesday. Bullish named a consortium of trading partners including Galaxy Digital and crypto brokerage FalconX.Shares gained on the news, rising 4.1% to $63.29 in early trading Thursday. The S&P 500 was up slightly.Bullish Exchange President Chris Tyrer said the company was "investing significantly in its institutional offering" following the recent launch of spot crypto trading in 20 U.S. states on Wednesday. "This is not just about adding a new product, it's about delivering a complete derivatives product suite," Tyrer said.Bullish has only traded on the public market since August. Shares nearly doubled in their trading debut on Aug. 13, ending the session 84% above the offering price.However, enthusiasm fizzled as analysts released their first round of research notes on the company. Oppenheimer analysts expressed caution at the time, writing that the stock's inflated valuation was keeping them sidelined.The stock surged on Sept. 18 after Bullish posted its first earnings report following its IPO. The crypto exchange reported a second-quarter profit of $108.3 million, or 93 cents a share, compared with a second-quarter loss in the prior year.Write to Mackenzie Tatananni at [email protected] content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.