Bullish IPO Lifts Two Founders Into Ranks of Crypto Billionaires

Six years after raising $4.2 billion in the most lucrative sale of crypto tokens to date, digital currency entrepreneurs Brendan Blumer and Kokuei Yuan returned for another blockbuster public offering.

The two own a combined majority stake in crypto exchange Bullish, which raised $1.1 billion at a $5.4 billion valuation in an IPO on Wednesday, bringing their holdings to more than $2 billion each. The company’s shares climbed 84% in its debut to close at $68 in New York after earlier soaring as much as 219%.