Bullish (BLSH) Makes Spectacular NYSE Debut—More Than Doubles IPO Price
August 13, 2025 — Bullish, a cryptocurrency exchange backed by Peter Thiel and led by former NYSE president Tom Farley, kicked off its trading debut on the New York Stock Exchange in spectacular fashion.
Here’s how it unfolded:
IPO Highlights
- IPO Price: $37 per share—well above the anticipated range of $32–$33—raising a total of $1.11 billion from the sale of 30 million shares, placing its market valuation at about $5.4 billion.
- Oversubscription: The listing was oversubscribed by more than 20-to-1, prompting Bullish to increase both the number of shares and pricing range.
- Institutional Backing: Heavy commitments came from top-tier investors—BlackRock and ARK Investment Management (Cathie Wood) signaled intent to buy up to $200 million in shares.
Post-IPO Surge
- Opening Price: Shares opened at an electrifying $90, representing a 143% jump from the IPO price.
- Market Hype: In pre-market trading, shares were indicated to open between $60–$65, potentially valuing the company at over $9.5 billion.
What Bullish Brings to the Table
- Institutional Focus: Bullish specializes in trading for institutional investors, offering spot, futures, and derivatives trading with high liquidity and compliance standards.
- Robust Trading Volume: Since its 2021 inception, Bullish has facilitated over $1.25 trillion in cumulative trading volume.
- Media Integration: The company also owns CoinDesk, strengthening its position in trading, analytics, and crypto news.
- Favorable Timing: The IPO occurs amid bullishcrypto sentiment—Bitcoin near its all-time high (~$120K) and regulatory tailwinds like the U.S. Genius Act for stablecoins.
Why It Matters
| Impact Area | Insight |
|---|---|
| Market Sentiment | The strong debut signals renewed investor confidence in crypto, especially institutional-grade platforms. |
| Regulatory Context | Crypto listings are surging thanks to clearer frameworks and pro-crypto policies. |
| Sector Influence | Bullish’s momentum sets the stage for more crypto companies—like Gemini and Grayscale—to explore public listings. |
| Credibility & Scale | With strategic leadership and deep trading volumes, Bullish now stands among the most formidable crypto players in public markets. |
Would you like a deeper dive into Bullish’s financial forecasts, investor sentiment analysis, or comparison with other IPOs in the crypto space?
