Bullish Shares Plummet 40% After IPO

Shares of Bullish have traded down 40% from their highs after a strong opening, despite still being roughly double the IPO price. This comes after just two trading days following the public offering.

Shares of Bullish (BLSH) have experienced a significant drop, trading down 40% from their highs after a strong opening, despite still being roughly double the initial public offering (IPO) price. This comes just two trading days following the public offering [1].

Bullish, a cryptocurrency exchange operator, made its debut on the New York Stock Exchange (NYSE) on August 13, 2025, with a market capitalization of $16 billion [2]. The stock opened at $90 per share, more than 200% above the IPO price of $37, and reached an intraday high of $118 [3]. By the end of the first trading day, the stock closed at $70, reflecting an 89% increase from its offering price [3].

However, the stock has since fallen to around $45 per share, a 40% decrease from its high of $118 [1]. Despite this decline, the stock remains roughly double its IPO price, indicating a strong opening performance.

The volatility in Bullish's stock price is not unusual for cryptocurrency-related companies. The crypto sector has historically experienced significant price fluctuations, and this IPO was no exception. The stock experienced at least two trading halts due to volatility within the first few minutes of trading [3].

The strong opening of Bullish's stock was driven by several factors, including the broader optimism surrounding cryptocurrencies, institutional confidence in the sector, and the company's strategic positioning as a U.S.-listed crypto exchange [2]. The IPO was backed by high-profile investors, including Peter Thiel, and was led by Tom Farley, previously with the New York Stock Exchange, and Brendan Blumer from Block.one [5].

The drop in Bullish's stock price can be attributed to profit-taking by investors who bought the stock at its highs, as well as broader market conditions and regulatory scrutiny [7]. The crypto sector continues to face challenges related to market stability and regulatory clarity, which may impact the stock's performance in the future.

Despite the recent decline, Bullish's entry into the public market underscores the growing mainstream acceptance of crypto-related businesses. The company's ability to raise nearly $1.1 billion and achieve a valuation in excess of $13 billion in its first day of trading reflects both the opportunities and risks associated with this high-growth sector [7].

References:
[1] https://finance.yahoo.com/news/bullish-stock-ends-first-day-at-70-with-90-gain-giving-crypto-exchange-market-cap-above-10-billion-133442763.html
[2] https://www.ainvest.com/news/bullish-surges-89-debut-1-1-billion-crypto-ipo-2508/
[3] https://www.ainvest.com/news/ethereum-news-today-bullish-surges-84-nyse-debut-spurring-crypto-stock-market-rally-2508/
[4] https://www.bloomberg.com/news/articles/2025-08-13/crypto-firm-bullish-surges-143-in-debut-after-1-1-billion-ipo
[5] https://www.investors.com/news/bullish-ipo-cryptocurrency-blsh-stock-coindesk-peter-thiel-bitcoin/
[6] https://finance.yahoo.com/news/bullish-stock-opens-at-90-surges-more-than-200-giving-crypto-exchange-market-cap-above-16-billion-133442772.html
[7] https://www.reuters.com/business/finance/crypto-exchange-bullish-valued-nearly-132-billion-blowout-nyse-debut-2025-08-13/