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Market Daily Report: Bursa Malaysia Ends Nearly Flat As Construction Stocks Attract Buying

 KUALA LUMPUR, Sept 8 (Bernama) -- Bursa Malaysia closed almost flat on Tuesday as buying interest rotated away from index heavyweights towards smaller-cap construction stocks, with sentiment affected by geopolitical uncertainty, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 0.39 of a point to 1,714.40 from Monday’s close of 1,714.79. The benchmark index opened 1.65 points lower at 1,713.14 and moved between 1,710.44 and 1,714.50 throughout the trading session. The broader market was almost evenly balanced, with decliners leading gainers 548 to 546, while 598 counters were unchanged, 1,107 were untraded and 25 were suspended. Turnover expanded to 4.13 billion units valued at RM3.14 billion from 3.60 billion units valued at RM2.45 billion on Monday.
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Bullish’s 84% IPO Surge: Big Ambitions, Tougher Battles

 Key Facts

  • On August 13 (ET), crypto exchange operator Bullish (BLSH.US) debuted on the NYSE at $90, 143% above its $37 IPO price.

  • Shares closed at $68, still up ~84% on the day, valuing the company at nearly $10 billion.

  • Intraday gains reached ~219%, fueled by a favorable backdrop:

    • Bitcoin above $120,000

    • Ethereum over $4,700

    • Growing regulatory clarity and a crypto-friendly U.S. administration.

Company Snapshot

  • Founded: 2021 by blockchain firm Block.one

  • Focus: Institutional crypto trading + digital asset information services

  • Backers: Peter Thiel’s Founders Fund & Thiel Capital, Nomura, Mike Novogratz, among others.

  • Leadership: CEO Thomas W. Farley (ex-NYSE President)

  • Global footprint: Licensed in the U.S., Singapore, Gibraltar, Germany, Hong Kong (SFC license in 2025).

Business Model: The Dual-Engine Approach

  1. Institutional Trading Infrastructure

    • Operates the Bullish Exchange, offering regulated spot & derivative trading for BTC, ETH, and more.

    • Q1 2025: Daily trading volume averaged $2.5B, ranking among the top five globally for BTC & ETH spot.

    • Lifetime trading volume: $1.25T.

  2. Digital Asset Information Services

    • Owns CoinDesk (55M unique visitors in 2024) and CCData, covering news, market data, and index services.

    • Synergy: CoinDesk Indices feed tradable products on Bullish Exchange, while data services power index creation—creating a “flywheel effect” between media, data, and trading.

Financial Highlights

  • Digital asset sales volumes:

    • 2022: $72.89B

    • 2023: $116.49B

    • 2024: $250.2B

  • Net income:

    • 2022: -$4.246B

    • 2023: $1.3B

    • 2024: $79.56M

  • Q1 2025: $80.24B sales, net loss $348M (hit by $246M Bitcoin impairment).

  • Holds 24,000+ BTC, making it the 5th-largest public BTC holder post-listing.

Opportunities & Risks

  • Strengths: Explosive 2024 growth (+173% trading volume YoY), strong institutional adoption, robust liquidity.

  • Risks:

    • Trading volume concentrated in top 5 institutional clients.

    • Spot ranking only 100th on CoinMarketCap.

    • Faces intense competition from Coinbase, Robinhood, Webull, and DeFi platforms with lower fees & self-custody.

Strategic Challenge
Bullish’s long-term edge hinges on more than attracting trading volume—it must retain institutional users via its full-stack ecosystem, balancing the regulated institutional market fight against Coinbase with liquidity-driven pricing to counter DeFi rivals.

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