Bullish Surges 89 on Debut After $1.1 Billion Crypto IPO

Bullish, a leading crypto exchange, made a significant debut in U.S. markets through its initial public offering (IPO) in August 2025. The IPO, initially planned for 20.3 million shares, was expanded to 30 million shares due to strong institutional interest. The company raised $1.1 billion, pricing each share at $37, which resulted in an initial valuation of $5.4 billion [2]. The stock opened at $90 per share, more than 200% above the IPO price, and reached an intraday high of $118 [6]. By the end of its first trading day, the stock closed at $70, reflecting an 89% increase from its offering price [3].

The IPO marked a pivotal moment for the crypto sector, highlighting renewed institutional confidence in digital-asset markets. The listing was supported 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]. Farley emphasized the company’s mission to deliver institutional-grade access to digital assets, positioning Bullish as a key player in the evolving financial landscape [4].

The company’s market capitalization surged past $16 billion within a single day of trading [6], underscoring the speculative yet robust nature of the sector. Analysts attributed the strong performance to the broader optimism surrounding cryptocurrencies and Bullish’s strategic positioning as a rare U.S.-listed crypto exchange [5]. However, the stock also experienced significant intraday volatility, dropping from $118 to $68 before stabilizing near the close [5]. This fluctuation aligns with historical patterns observed in similar listings, such as Coinbase’s, where early enthusiasm is often followed by profit-taking and recalibration [7].

The regulatory environment remains a critical factor for Bullish and its peers. As crypto IPOs attract heightened scrutiny, the company’s success will likely influence how regulators and investors perceive the broader digital-asset ecosystem. The IPO also signals continued institutional interest in cryptocurrencies, reinforcing the sector’s potential despite ongoing challenges related to market stability and regulatory clarity [7].

Bullish’s entry into the public market underscores the growing mainstream acceptance of crypto-related businesses. Competing with established players like Coinbase, the firm’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].

Source: [1] https://www.reuters.com/business/finance/crypto-exchange-bullishs-shares-set-open-over-75-above-ipo-price-debut-2025-08-13/

[2] https://www.cnbc.com/2025/08/13/crypto-exchange-bullish-more-than-doubles-in-nyse-debut-after-pricing-ipo-above-expected-range.html

[3] 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

[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/