Bullish shares surge 150% on NYSE debut surpassing $37 IPO price

Bullish, a cryptocurrency exchange backed by billionaire Peter Thiel, experienced a dramatic 150% surge in its New York Stock Exchange debut, with shares opening at $90 per share, far exceeding its initial public offering price of $37 [1]. The company’s market valuation reached approximately $13.16 billion following the trading session, significantly surpassing its IPO valuation of $5.4 billion [2]. The IPO raised $1.11 billion, exceeding initial expectations and marking one of the most significant debuts in the crypto sector in recent years [3].

The exchange, part of the Block.one ecosystem and backed by prominent industry figures, listed on the NYSE under the ticker symbol "BLSH" [2]. Despite the strong market reaction, no official statements from executives or regulatory bodies have been released so far [4]. This lack of commentary has not dampened investor enthusiasm, as the company's performance highlights the increasing mainstream acceptance of crypto platforms and the demand for digital asset services [3].

Analysts attribute the success of the IPO to a combination of factors, including the company’s strategic position as a bridge between traditional finance and the crypto markets, the broader bullish trend in financial markets, and the more crypto-friendly regulatory environment under the current administration [3]. The S&P 500 and Nasdaq also reached new all-time highs on the same day, contributing to a favorable market sentiment [5].

Bullish's strong debut suggests growing institutional and retail interest in crypto-related assets and could encourage other firms in the sector to pursue public market listings. The company’s valuation reflects investor confidence in its business model and long-term growth potential [1]. However, the absence of on-chain metrics or detailed financial disclosures raises questions about transparency and regulatory compliance, which may influence future market responses [4].

Source:

[1] Yahoo (https://finance.yahoo.com/news/peter-thiel-backed-crypto-exchange-173753716.html)

[2] The (https://www.theglobeandmail.com/investing/article-coindesk-owner-bullish-shares-indicated-to-open-nearly-62-above-ipo/)

[3] BusinessLIVE (https://www.businesslive.co.za/bd/companies/telecoms-and-technology/2025-08-13-crypto-exchange-bullish-shares-rockets-more-than-150-in-new-york-debut/)

[4] CoinCentral (https://coincentral.com/peter-thiel-backed-bullish-breaks-barriers-1-11b-ipo-soars-past-expectations/)

[5] Investing.com (https://www.investing.com/news/stock-market-news/crypto-exchange-bullish-opens-at-90-ipo-priced-at-37-halts-immediately-4189420)

[6] Investopedia (https://www.investopedia.com/dow-jones-today-08132025-11789976)