New York, August 14, 2025 – Shares of Bullish (NYSE: BLSH), the regulated cryptocurrency exchange led by former NYSE president Tom Farley and backed by billionaire investor Peter Thiel, staged one of the most dramatic stock market debuts of the year.
The company priced its initial public offering at $37 per share, above the expected $32–$33 range, raising $1.1 billion and securing a market capitalization of roughly $5.4 billion at the IPO price.
Investor appetite proved insatiable—BLSH opened Thursday at $90, more than doubling its IPO price, and surged as high as $118 intraday before closing at $68, still up over 84% on the day. The wild swings triggered multiple volatility halts, underscoring the frenzied demand.
At its peak, Bullish briefly touched a market valuation near $13 billion, cementing its place as one of the largest-ever U.S. IPOs for a crypto-focused company.
Institutional Muscle Behind the Move
Bullish’s backers include a heavyweight roster: Peter Thiel, BlackRock, ARK Invest, Founders Fund, and Galaxy Digital. The exchange is positioning itself as a fully regulated, institution-friendly alternative in a crypto market still reeling from past scandals and regulatory uncertainty.
A Sign of the IPO Market’s Rebound
The listing comes amid a red-hot revival in U.S. IPO activity, with average first-day gains in 2025 hitting their highest since 2020. Bullish’s performance is seen as a bellwether for upcoming tech and digital asset offerings.
Caution Amid the Hype
While Thursday’s fireworks impressed Wall Street, analysts warn that outsized IPO pops can be difficult to sustain. “Bullish’s first-day rally reflects pent-up demand for high-growth, regulated crypto plays,” one market strategist noted. “But the real test will be whether the company can execute in a competitive, fast-changing market.”
BLSH closed Thursday at $68, valuing the company at around $10 billion—still a resounding success, but well off its intraday highs.
