Bullish Crypto Firm Surges 143% in Debut After $1.1 Billion IPO

Bullish, a digital-asset exchange operator and owner of CoinDesk, raised $1.1 billion in its IPO, with shares surging 143% from the IPO price to $90. The company, which offers crypto spot trading, margin trading, and derivatives trading, had a market value of $13.2 billion. Bullish's biggest investors include co-founder Brendan Blumer and board member Kokuei Yuan, who will own 30.1% and 26.7% of the shares, respectively. The offering comes as more crypto companies have been going public through IPOs and other means.

Bullish, a digital-asset exchange operator and owner of CoinDesk, has successfully raised $1.1 billion in its Initial Public Offering (IPO). The company's shares surged 143% from the IPO price of $37, reaching a high of $90 per share [1][2][3][4]. This marked a significant milestone for Bullish, which offers crypto spot trading, margin trading, and derivatives trading, positioning itself as a key player in the institutional crypto market.

The company's market value stood at $13.2 billion following the IPO, valuing it at a premium compared to its initial expectations. Bullish's IPO came as part of a broader trend of crypto companies going public, with several other notable IPOs and listings occurring this year [1][2][3][4].

Bullish's leadership, including co-founder Brendan Blumer and board member Kokuei Yuan, will own 30.1% and 26.7% of the shares, respectively, underscoring their commitment to the company's long-term success [1][2][3][4]. The IPO also attracted major institutional investors, including asset management giant BlackRock and Cathie Wood's ARK Investment Management, who expressed interest in purchasing up to $200 million worth of shares [1][2][3][4].

The offering comes at a time when the crypto market is experiencing a resurgence, with major cryptocurrencies such as Bitcoin and Ethereum showing significant gains this year [4]. The IPO also follows a successful streak of fintech IPOs, with companies like Circle and Figma achieving notable success in their market debuts [4].

References:
[1] Reuters. (2025, Aug 13). Bullish, a cryptocurrency exchange operator, raises $1.11 billion in IPO. Retrieved from https://www.reuters.com/technology/coindesk-owner-bullish-prices-ipo-above-range-raise-over-11-billion-2025-08-13/
[2] CNBC. (2025, Aug 13). Crypto exchange Bullish prices IPO at $37 per share. Retrieved from https://www.cnbc.com/2025/08/13/crypto-exchange-bullish-prices-ipo-at-37-per-share-ahead-of-nyse-debut.html
[3] Proactive Investors. (2025, Aug 13). Bullish raises $1.1 billion at IPO valuing crypto exchange at $5.4 billion. Retrieved from https://www.proactiveinvestors.com.au/companies/news/1076617/coindesk-owner-bullish-raises-1-1bn-at-ipo-valuing-crypto-exchange-at-5-4bn-1076617.html
[4] Yahoo Finance. (2025, Aug 13). Bullish prices IPO at $37 per share valuing crypto exchange above $5 billion ahead of market debut. Retrieved from https://finance.yahoo.com/news/bullish-prices-ipo-at-37-per-share-valuing-crypto-exchange-above-5-billion-ahead-of-market-debut-133442012.html