Bullish Surges 143 on NYSE Debut Backed by Thiel and Strong Crypto Demand

Bullish, a cryptocurrency exchange backed by prominent investors including Peter Thiel, made a strong debut on the New York Stock Exchange (NYSE) on Wednesday, as its shares opened at $90 per share—143% above the initial public offering (IPO) price of $37 per share [1]. The stock’s strong performance reflected sustained investor enthusiasm for crypto-related assets, with the shares briefly halting at $102.44 shortly after opening [2]. The company’s market valuation reached nearly $13.1 billion, signaling growing confidence in the sector [3].

The IPO was priced at $37 per share, above its initial expected range of $32 to $33, indicating strong investor confidence in Bullish’s business model and long-term potential [5]. The company, founded in 2021 and led by former NYSE president Tom Farley, offers a range of services, including spot and derivatives trading, liquidity services, and owns the crypto media company CoinDesk [6]. Its IPO raised approximately $1.1 billion, further reinforcing the growing acceptance of crypto-related equities in traditional financial markets [4].

Bullish’s debut follows a broader trend of strong performances in the cryptocurrency sector, with stablecoin issuer Circle also seeing a successful IPO earlier in the year. Circle’s shares opened at $69—167% above its upsized IPO price of $31 per share—and closed at $82 on its first day [8]. Analysts have noted that Bullish’s performance is part of an increasing interest in crypto-related assets, with several other firms, including Figure Technology, Gemini, Grayscale, and BitGo, preparing or having already filed for their own initial public offerings [9].

The surge in Bullish’s stock price highlights the evolving perception of cryptocurrency exchanges within traditional finance. While the market remains speculative, the company’s strong IPO and trading debut suggest a shift in investor sentiment, especially with regulatory clarity and rising institutional interest in digital assets [7]. The performance also underscores the broader optimism about the sector’s long-term growth potential, as more traditional investors seek exposure to crypto-related equities [10].

As regulatory frameworks continue to develop and investor demand grows, the market for crypto equities appears to be gaining traction. Bullish’s success could serve as a bellwether for future crypto-related IPOs and indicate a maturing market where digital assets are increasingly viewed as legitimate investment opportunities [10].

Source:

[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://finance.yahoo.com/news/crypto-exchange-bullish-opens-90-173526437.html

[3] https://www.reuters.com/business/finance/crypto-exchange-bullish-valued-nearly-132-billion-blowout-nyse-debut-2025-08-13/

[4] https://www.bloomberg.com/news/articles/2025-08-13/crypto-firm-bullish-surges-143-in-debut-after-1-1-billion-ipo

[5] https://breakingthenews.net/Article/Bullish-debuts-on-NYSE-at-dollar90-a-share-up-143-from-IPO-price/64644639

[6] https://www.axios.com/2025/08/13/bullish-ipo-crypto-pol

[7] https://seekingalpha.com/news/4484845-bullish-shares-open-trading-at-90-per-share-143-percent-above-ipo-price

[8] https://www.cnbc.com/2025/08/12/stock-market-today-live-updates.html

[9] https://blockworks.co/news/bullish-stock-surges-ipo-110

[10] https://www.investing.com/equities