Bullish raises $1.11B in NYSE debut, stock surges 218%, signaling strong institutional demand and renewed confidence in crypto IPOs.
Cryptocurrency exchange Bullish made a strong debut on the New York Stock Exchange on Wednesday. According to Bloomberg, the company raised $1.11 billion in its initial public offering (IPO). Bullish priced its shares at $37 each, higher than the expected range of $32 to $33. This valued the company at approximately 5.4 billion dollars in the market. These initial shows demonstrate the increase in the levels of investor confidence in the crypto space.
Bullish, which had a billionaire investor, Peter Thiel, as a cornerstone, had its stock price skyrocket. The stock traded under the stock symbol BLSH and it had an intraday high of 118. This was a 218 percent increase on the IPO price. The volume of trading reached approximately 38 million shares. The rally indicates the high demand of institutional and retail investors.
In the beginning, Bullish was to sell 20.3 million shares at a price of 28 to 31 dollars. Nonetheless, with the demand being high, the firm raised it to 30 million shares. There was investor enthusiasm with the IPO being oversubscribed over 20 times. The offering was led by major banks such as JPMorgan, Jefferies, and Citigroup. Also, Bullish provided underwriters with a 30-day option of disposing of an additional 4.5 million shares.
Related Reading: Crypto Exchange Bullish Aims for $4.23B Valuation in IPO | Live Bitcoin News
Bullish also owns CoinDesk, one of the popular crypto news websites. The firm targets institutional investors and provides spot trading, margin trading, and crypto derivatives. In contrast to more retail-oriented exchanges such as Coinbase, Bullish is focused on institutional investors and the stable revenues they produce. The approach is attractive to such big investors as BlackRock and ARK Invest, which promised to purchase up to 200 million worth of shares.
It is an important time to have an IPO. Bitcoin is up around 120,000 close to its record. In the meantime, the new U.S. laws in the Trump administration favor the crypto development. In July, President Trump signed the Genius Act which established stablecoin regulations. This has given confidence to investors. Naturally, this is the trend that Bullish plans to follow by turning most of its IPO funds into stablecoins.
Bullish’s debut is part of a broader IPO market recovery. For example, in June, stablecoin company Circle raised more than 1 billion dollars, and shares increased by 400%. Other cryptocurrency companies, such as Gemini and BitGo, have similarly listed on the U.S. markets. The success of Bullish may prompt more blockchain firms to go public.
Bullish is promising yet risky in finances. In Q1 2025, the firm posted a loss, although it anticipates that its Q2 earnings will reach between $106m and 109m in profits. Its trade volume was also increased between 2022 and 2024, i.e., in 2022 its trading volume was 72.7 billion dollars, while in 2024 it is 250 billion dollars. Bullish has 2 billion in crypto assets and the majority of it in Bitcoin. The crypto market is, however, volatile and competition with Binance and coinbase is still stiff.
This is the second time Bullish is going public. It attempted a SPAC merger in 2021 but walked away because of market difficulties. Things are now improved, and Bullish has succeeded. This successful entry indicates that crypto will do well in the mainstream finances. Nevertheless, caution should be exercised by the investors because of the volatility of the sector.
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