Bullish Soars 89 on IPO Debut Amid Crypto Market Uncertainty

Bullish, a cryptocurrency and market intelligence platform, closed its New York Stock Exchange (NYSE) debut with a price 89% above its initial public offering (IPO) price, despite a volatile first-day performance. Shares of the company surged well beyond expectations shortly after the bell, only to retreat later in the session before finishing strongly. The IPO priced 30 million shares at $37 each—up from an initial estimated range of $32–$33—raising a total of $1.11 billion [1]. This marked a significant upsizing from an initial plan of 20.3 million shares priced between $28 and $31 [5].

The stock opened at $90, or 143% above the IPO price, before climbing to $118 minutes into trading. However, it later pulled back, closing the session at $89, still 89% higher than its $37 offering price [1]. The rollercoaster performance underscored the cautious optimism of investors toward the company’s long-term potential despite the uncertainty surrounding the broader crypto market.

Led by former NYSE president Tom Farley, Bullish has positioned itself as a comprehensive platform offering spot and derivatives trading, liquidity services, and media content through its subsidiary CoinDesk. As of March 31, the company held $1.7 billion in bitcoin, $144 million in stablecoins, $55 million in ether, and $28 million in cash [1]. Ryan McCulloch of Architect Partners noted that Bullish’s substantial cash and crypto reserves make it one of the best-capitalized entities in the sector, though its $13 billion valuation far exceeds those of comparable Asian-focused exchanges like Amber Group and OSL Group [1].

Matthew Sigel, who manages the VanEck Onchain Economy ETF (NODE), highlighted Bullish’s competitive edge, particularly its ability to leverage a large bitcoin treasury for tighter spreads in spot and derivatives markets. He also pointed to the potential compounding effect across Bullish’s trading, data, and index businesses, suggesting a path to $600 million in revenue and $200 million in EBITDA under favorable market conditions [1].

Despite these optimistic assessments, analysts caution that the initial success of the IPO should not be taken as a guarantee of future performance. Volatility in the first session suggests that investors remain cautious and are evaluating both the company’s strategic direction and the broader macroeconomic risks. The market’s reaction to Bullish’s debut may also set a tone for upcoming crypto-related IPOs, including those from Gemini, Grayscale, BitGo, and Figure Technology, which have all filed confidentially with the SEC [1].

The company’s decision to increase the size of its IPO reflects strong demand from investors but also raises expectations for future earnings. Whether Bullish can meet these expectations will depend on its ability to execute on strategic goals such as product innovation and market expansion. The performance of other newly listed companies and broader economic trends will also influence the trajectory of Bullish in the months ahead [1].