Bullish's IPO Surges 218% Amid Strong Institutional Demand

Bullish, a cryptocurrency exchange and media company, debuted on the NYSE with a valuation of $13 billion, nearly triple its original target of $4.8 billion. The company's shares surged 218% to an intraday high of $118, with heavy volume and strong demand. Backers include PayPal co-founder Peter Thiel. The IPO reflects growing institutional appetite for crypto-native companies and a clearer US regulatory backdrop.

Bullish, a cryptocurrency exchange and media company, made a significant splash on the New York Stock Exchange (NYSE) on August 13, 2025, with a valuation of $13 billion, nearly tripling its original target of $4.8 billion. The company's shares surged 218% to an intraday high of $118, driven by strong demand and heavy trading volume. The IPO reflects the growing institutional appetite for crypto-native companies and a clearer regulatory environment in the United States.

The Bullish IPO was priced at $37 per share, raising approximately $1.1 billion and valuing the company at $5.4 billion before trading began. The stock opened at $90 on the NYSE under the ticker BLSH, a 143% increase from the IPO price. Within minutes of opening, the stock was halted several times due to volatility, with the price surging as high as $112 during the intraday session. By the end of trading, Bullish's market capitalization neared $14 billion, placing it among the most valuable publicly listed crypto companies globally [1].

Backers of Bullish include PayPal co-founder Peter Thiel, who has been a vocal advocate for crypto and blockchain technology. The company's CEO, Tom Farley, who previously served as the president of the NYSE, has led the exchange since its inception in 2021. Bullish is focused on institutional investors and blends decentralized finance protocols with the security of a centralized company, targeting corporate treasuries, asset managers, and professional traders [2].

The IPO comes at a time when crypto-focused companies are increasingly pursuing public listings. Other notable crypto exchanges planning IPOs include Kraken and OKX, with Circle's successful IPO adding billions to its market cap. The surge in crypto IPO activity is driven by significant regulatory progress in the United States and growing institutional interest in digital assets [3].

Bullish's rapid growth is evident in its financials. In the first quarter of 2025, trading volumes jumped 78% year-over-year, with the exchange averaging $2.55 billion in daily trading volume and surpassing $1.25 trillion in lifetime trading volume since its 2021 launch. While posting a Q1 net loss, Bullish projects Q2 profitability with net income estimated between $106 million and $109 million. The company disclosed about $2 billion in crypto reserves, ensuring the exchange can weather large-scale transactions and market shocks [3].

Bullish's IPO reflects and shapes the crypto landscape by legitimizing the institutional crypto narrative and setting a standard for future crypto IPO aspirants. The company's public debut is likely to embolden other crypto companies, such as Gemini and Grayscale, already reported to be considering public offerings [3].

References:
[1] https://www.cnbc.com/2025/08/13/crypto-exchange-bullish-more-than-doubles-in-nyse-debut-after-pricing-ipo-above-expected-range.html
[2] https://www.ainvest.com/news/bullish-expands-ipo-size-targets-4-82-billion-valuation-cryptocurrency-enthusiasm-2508/
[3] https://blockchainmagazine.net/bullish-exchange-nyse-surge-turning-point/