Bullish IPO Prices at $37 Shares Valuing Company at $4.82 Billion

Bullish, the cryptocurrency trading platform backed by Peter Thiel and former NYSE President Tom Farley, has significantly increased its initial public offering price to $37 per share, raising the company’s valuation to approximately $4.82 billion. This adjustment reflects strong demand from both institutional and retail investors, with the final offering size expanding to 30 million shares and raising $1.1 billion in total. The IPO exceeded the initial estimated price range of $32–$33 and allocated 20% of shares to individual investors, indicating a strategic emphasis on broad-based ownership [1].

The company’s shares opened on the NYSE under the ticker symbol BLSH at $102, more than doubling the IPO price. At one point during its debut session, the stock climbed as high as $118, showcasing strong market enthusiasm for the platform’s entry into the public market. This performance places Bullish among the most successful IPOs for a crypto-related company in recent history [2]. The offering was oversubscribed by more than 20 times the original offering size, with institutional investors, including BlackRock and ARK Invest, expressing significant interest [3].

The IPO’s success is seen as a test of investor appetite for publicly traded crypto infrastructure platforms. Farley’s leadership, combined with the company’s regulatory readiness, has positioned Bullish as a more credible player in the crypto space compared to many of its peers. This differentiation has likely contributed to the strong reception from the market [4].

Analysts note that the long-term sustainability of Bullish’s valuation will depend on several factors, including regulatory clarity, market volatility, and the company’s operational scalability. The IPO’s performance may also serve as a benchmark for future crypto-related offerings, especially for companies with strong governance and clear business models [5].

The demand for Bullish’s IPO underscores the continued interest in digital asset platforms, despite the inherent volatility in the crypto markets. Institutional participation, particularly from major players like BlackRock and ARK Invest, has reinforced perceptions of legitimacy and growth potential in the crypto infrastructure sector [6].

The success of Bullish’s IPO echoes the impact of Coinbase’s 2021 IPO, which similarly drove institutional interest in digital assets. As the market for cryptocurrencies like Bitcoin and Ethereum continues to evolve, the performance of Bullish on the public markets may accelerate mainstream adoption and regulatory developments [7].

Bullish’s strong market debut also signals broader investor confidence in the convergence of traditional and digital financial markets. The company’s ability to attract both institutional and retail investors highlights the growing appeal of crypto-related equities and the potential for innovation in asset management and trading infrastructure.

Source:

[1] The (https://www.wsj.com/finance/stocks/bullish-ipo-blsh-stock-5815d8c1)

[2] CTV (https://www.ctvnews.ca/business/article/crypto-exchange-bullish-valued-at-nearly-us132-billion-in-blowout-nyse-debut/)

[3] MLQ.ai (https://mlq.ai/news/bullish-makes-stock-market-debut-testing-appetite-for-crypto-ipos/)

[4] MarketWatch (https://www.marketwatch.com-story/investors-bid-up-for-bullishs-ipo-as-the-coindesk-parent-gets-set-to-go-public-03f32f61)

[5] CoinDesk (https://www.coindesk.com/markets/2025/08/13/crypto-exchange-bullish-shoots-above-usd100-as-shares-debut-more-than-doubling-ipo-price)

[6] MSN (https://www.msn.com/en-us/money/topstocks/bullish-shares-open-trading-at-90-per-share-143-above-ipo-price/ar-AA1KsXda)

[7] CoinMarketCap (https://coinmarketcap.com/community/articles/689cf109c91b307d4e4e6cd8/)