Bullish (BLSH) opens on NYSE at $102, more than double its $37 IPO price.

Bullish (BLSH) opens on NYSE at $102, more than double its $37 IPO price.

In a significant move for the crypto market, Bullish (BLSH), a hybrid crypto exchange backed by Peter Thiel, opened on the New York Stock Exchange (NYSE) at $102 per share, more than doubling its initial public offering (IPO) price of $37. The opening price reflects an overwhelming demand for the IPO, which was priced at $37 per share with a valuation of $5.4 billion [1].

The IPO, led by JPMorgan, Jefferies, and Citigroup, saw strong institutional backing from firms such as BlackRock and ARK Invest, who committed to purchasing at least $200 million worth of shares at the IPO price. This underscores the strong confidence in the company's future prospects [2].

Bullish's IPO follows a period of financial stabilization, with the company reporting a net income of $106 million to $109 million for the second quarter of 2025, reversing a $349 million net loss in the first quarter. This improvement is attributed to the company's focus on institutional-grade trading and its strategic acquisition of CoinDesk, a leading crypto news platform [3].

The opening price of $102 per share marks a 162% increase from the IPO price, indicating the high level of investor interest in Bullish's unique offering, which combines centralized exchange efficiency with decentralized finance (DeFi) transparency. The company's focus on Bitcoin and Ethereum, along with its strong liquidity and compliance features, has resonated with institutional investors [4].

Bullish's successful IPO comes at a time of growing institutional adoption of digital assets and favorable market conditions for crypto-related offerings. The company's strategic timing aligns with a broader trend of increasing inflows into spot Bitcoin and Ether exchange-traded funds, as well as more public companies adding digital assets to their corporate treasuries [5].

The opening price of $102 per share sets a precedent for future crypto IPOs and signals a renewed confidence in the crypto market. As Bullish transitions from a private, regulated digital asset exchange to a publicly traded entity, investors will be closely watching its performance and the impact it may have on the broader crypto market [6].

References:
[1] https://economictimes.indiatimes.com/news/international/us/bullish-ipo-stuns-as-blsh-stock-may-jump-62-to-5560-after-massive-demand-peter-thiel-backed-crypto-a-must-buy/articleshow/123284529.cms
[2] https://www.ainvest.com/news/bullish-boosts-ipo-size-990m-strong-institutional-demand-2508/
[3] https://www.cnbc.com/2025/08/11/crypto-exchange-bullish-raises-ipo-size-seeks-nearly-5-billion-valuation.html
[4] https://blockonomi.com/jpmorgan-citigroup-lead-bullishs-nearly-1-billion-crypto-exchange-ipo/
[5] https://coincentral.com/bullish-raises-ipo-target-to-990-million-as-blackrock-and-ark-invest-back-crypto-exchange/
[6] https://99bitcoins.com/news/altcoins/peter-thiel-backed-bullish-upsizes-ipo-to-nearly-1b-amid-crypto-capital-market-surge/