Bullish Crypto Exchange Sees 100% Surge in Stock Price After NYSE Debut

Bullish, a cryptocurrency exchange operator funded by Peter Thiel, surged 140% in its NYSE debut, opening at $90, more than double the $37 IPO price. The strong listing reflects investor optimism in the crypto-focused exchange, signaling robust market appetite for digital asset-related stocks. Bullish aims to bring institutional-controlled DeFi protocols and the security of a centralized exchange together.

Cryptocurrency exchange operator Bullish (BLSH) made a strong market debut on Wednesday, opening at $90 per share and surging more than 140% from its initial public offering (IPO) price of $37. The stock reached a high of $118 within minutes of trading, demonstrating robust investor interest in the crypto-focused exchange.

Bullish, which operates a crypto exchange and owns the prominent trade publication CoinDesk, priced its IPO at $37 per share on Tuesday, raising $1.1 billion and valuing the company at $5.41 billion. The stock's high opening price and subsequent surge reflect investor optimism in the digital assets industry, particularly following recent regulatory clarity and market performance.

The strong listing comes as the latest sign that the IPO window remains open for tech and crypto companies. Through Wednesday, 2025 has seen 133 IPOs worth more than $50 million, up more than 58% from the same time last year [1].

Bullish's debut was supported by significant institutional interest, with asset management giant BlackRock and Cathie Wood's investment firm Ark Invest expressing interest in purchasing up to $200 million worth of shares [2]. The company's CEO, Thomas Farley, previously COO and president of the NYSE Group, stated that Bullish is uniquely positioned to bring institutional-controlled DeFi protocols and the security of a centralized exchange together.

The listing also follows a wave of successful crypto-related IPOs, including Circle (CRCL) and Figma (FIG), which saw their shares soar in their first days of trading. Bitcoin (BTC-USD) and Ethereum (ETH-USD) have both seen significant gains this year, with Bitcoin up more than 30% and Ethereum up more than 40% since the beginning of 2025 [3].

Bullish's main business comes from its Bullish Exchange, a digital assets spot and derivative exchange geared toward institutional-sized clients. The operator processed an average $2.6 billion in daily volume through Q1, according to the company's prospectus. The company expects to swing to profitability in Q2, with projected net income between $106 million and $109 million [4].

References:
[1] https://finance.yahoo.com/news/bullish-stock-opens-at-90-surges-more-than-200-giving-crypto-exchange-market-cap-above-16-billion-133442772.html
[2] https://www.tradingview.com/news/the_block:008ede36a094b:0-crypto-firm-bullish-s-shares-surge-150-above-ipo-price-in-nyse-debut/
[3] https://www.investors.com/news/bullish-ipo-cryptocurrency-blsh-stock-coindesk-peter-thiel-bitcoin/
[4] https://economictimes.indiatimes.com/news/international/us/bullish-ipo-raises-1-1b-in-oversubscribed-debut-at-5-4b-valuation-as-peter-thiel-backed-exchange-rides-crypto-market-boom/articleshow/123283072.cms