Bullish shares surge 218% on NYSE debut driven by strong institutional demand

Bullish, a cryptocurrency exchange operator and media firm, delivered a standout performance on its New York Stock Exchange debut, with shares climbing as high as 218% above the initial offering price of $37. The stock, trading under the ticker BLSH, reached an intraday high of $118.00, translating to a 218% surge on a trading volume of about 38 million shares [1]. By the afternoon, shares were still up 131% at approximately $86, giving Bullish a market capitalization of around $13 billion—well above its initial $4.8 billion valuation target based on the planned issuance of 20.3 million shares. Instead, the company issued 30 million shares, underscoring strong investor demand [1].

Founded in 2021 as an institutional digital asset platform, Bullish expanded in 2023 by acquiring CoinDesk, the world's second-largest cryptocurrency publication, for $72.6 million. The firm includes PayPal co-founder Peter Thiel among its major backers and has positioned itself as a bridge between traditional finance and the crypto industry [1].

Bullish had initially aimed for a 2021 public listing via a special purpose acquisition company (SPAC), but the deal fell through. The delay may have worked in the company’s favor, as 2025 appears to be a more favorable environment for crypto-focused IPOs. Several digital asset firms are now pursuing public listings, supported by the Trump administration’s recent push for innovation through the GENIUS Act and other legislative measures such as the CLARITY Act and the Anti-CBDC Surveillance State Act, which passed the House before the August recess [1].

The Bullish IPO reflects a broader trend of growing institutional interest in crypto-native companies. Institutional investors are increasingly seeking exposure to firms that connect digital token services to the real economy, including exchanges, stablecoin issuers, and payments platforms [1]. According to Peter Kozyakov, co-founder and CEO of Mercuryo, this trend is fueled by clearer and more supportive regulatory developments globally, which have made compliant crypto firms more attractive to major investors. He noted that Bullish’s IPO was not driven by hype but rather by strong governance, regulated operations, and institutional-grade infrastructure [1].

Bullish’s regulatory filings identified affiliates of BlackRock and ARK Investment Management as among the largest buyers in its IPO, signaling significant institutional backing [1]. This support highlights the increasing legitimacy of crypto infrastructure in the eyes of traditional finance and points to the ongoing integration of digital assets into mainstream capital markets.

Source: [1] Bullish stock surges 218% in NYSE debut as crypto enters Wall Street limelight (https://cointelegraph.com/news/bullish-nyse-ipo-crypto-demand)