Bullish Surges 143 on IPO Debut as Crypto Confidence Rises

Bullish, a cryptocurrency exchange backed by Peter Thiel, made a dramatic debut on the New York Stock Exchange (NYSE), with its stock price rising far beyond expectations. The company priced its initial public offering (IPO) at $37 per share, but shares opened at $90, a jump of nearly 143% from the IPO price [2]. By midday on its first trading day, the stock had reached an intraday high of $118, an 84% increase over the IPO price [3]. The IPO raised $1.1 billion, significantly exceeding the company’s initial price range of $28 to $31 per share for 30 million shares [4]. This strong reception highlights growing investor confidence in the crypto market.

The IPO was underwritten by major financial institutions including JPMorgan, Jefferies, and Citigroup, with significant institutional participation from firms such as BlackRock and Ark Investment. This level of institutional support reflects broader interest in digital assets and a growing acceptance of crypto platforms within traditional financial systems. The company, founded in 2021 and led by former NYSE president Tom Farley, reported holding $1.7 billion in bitcoin and $28 million in cash as of March 31 [5]. These figures further underscore the firm’s substantial exposure to digital assets.

Analysts attributed the stock’s performance to increased demand for crypto exposure and a broader trend of crypto-related companies entering public markets. The success of Bullish’s IPO follows that of Circle Internet Financial, whose stock surged 167% in its NYSE debut in June [6]. These cases suggest that, despite regulatory and market uncertainties, investors remain optimistic about the future of the crypto sector.

Bullish offers a range of services including a spot and derivatives exchange, liquidity services, and ownership of CoinDesk, a major crypto media outlet. The company also benefits from strategic backing from investors such as Peter Thiel and Galaxy Digital [7]. These factors have contributed to its rapid rise in market value.

In the days following the IPO, Bullish continued to show strong performance. On August 14, the stock rose by 8.82%, indicating sustained investor enthusiasm [8]. The IPO represents a significant milestone for the cryptocurrency industry, demonstrating the potential for crypto-focused firms to gain traction in traditional financial ecosystems. As more companies consider similar public market entries, Bullish’s successful debut could serve as a model and catalyst for further innovation and investment in the digital asset space.

Sources:

[1] https://finance.yahoo.com/news/bullish-stock-ends-first-day-at-70-with-90-gain-giving-crypto-exchange-market-cap-above-10-billion-13344263.html

[2] https://www.bloomberg.com/news/articles/2025-08-13/crypto-firm-bullish-surges-143-in-debut-after-1-1-billion-ipo

[3] https://www.reuters.com/business/finance/crypto-exchange-bullish-valued-nearly-132-billion-blowout-nyse-debut-2025-08-13/

[4] https://finance.yahoo.com/news/bullish-stock-opens-at-90-surges-more-than-200-giving-crypto-exchange-market-cap-above-16-billion-133442772.html

[5] https://blockworks.co/news/bullish-stock-surges-ipo-110

[8] https://stockstotrade.com/news/bullish-blsh-news-2025_08_14-2/