Bullish Shares Surpass $100 on IPO Debut, More Than Double Offering Price

Shares of Bullish (BLSH) surged to $102 on the New York Stock Exchange on Wednesday, more than doubling its initial public offering (IPO) price of $37 per share [1]. This marked the company’s public debut under the ticker symbol “BLSH” and reflected robust investor demand for the crypto exchange [1]. The IPO initially priced above its expected range of $32 to $33, giving the Cayman Island-based firm a market value of $5.4 billion [1].

Bullish expanded its IPO to 20.3 million shares earlier in the week due to strong interest, with major institutional investors such as BlackRock and Ark Investment Management signaling intent to purchase up to $200 million worth of the offering [1]. The company, which launched in 2021, has facilitated over $1.25 trillion in trading volume to date, according to its filing [1].

The exchange distinguishes itself by catering to institutional investors rather than retail traders, offering exposure to digital assets within a centralized framework that emphasizes oversight and security [1]. CEO Tom Farley noted in an interview with CNBC that the institutional wave in crypto is now firmly underway, following a decade driven largely by retail enthusiasm [1].

Ryan Lee, chief analyst at Bitget Research, commented that the $1.1 billion raised in Bullish’s IPO reflects growing institutional confidence in the sector, supported by a favorable regulatory environment and Bitcoin’s recent price movement [1]. He also noted that alongside Circle’s successful IPO, the trend highlights how institutional investors are increasingly viewing centralized exchanges as viable long-term investments, though regulatory clarity and market stability will remain critical for sustained confidence [1].

Bullish’s public listing aligns with a broader surge in interest from Wall Street in crypto-related projects, as U.S. regulators edge closer to finalizing a framework for the industry that could enable safer participation [1]. The company’s success in the IPO market underscores the evolving maturity of the crypto sector and the increasing appeal of regulated platforms to institutional capital.

References:

[1] title: Crypto Exchange Bullish Shoots Above $100 as Shares Debut, More Than Doubling IPO Price The company opened for trade on the New York Stock Exchange under the ticker "BLSH" on Wednesday.

url: https://www.coindesk.com/markets/2025/08/13/crypto-exchange-bullish-shoots-above-usd100-as-shares-debut-more-than-doubling-ipo-price