New York, August 13, 2025 — Bullish (NYSE: BLSH), the cryptocurrency exchange backed by billionaire Peter Thiel and major institutional investors, stunned Wall Street on Wednesday with one of the most explosive IPO performances of the year.
The initial public offering (IPO) was priced at $37 per share, above the expected $32–$33 range, giving Bullish a valuation of roughly $5.4 billion. Investor appetite was overwhelming, with demand exceeding available shares by more than 20 times. In response, the company increased the offering size from 20.3 million to 30 million shares.
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| Bullish IPO Surges Over 140% |
Stock Price Skyrockets Over 140%
Bullish shares opened in the $55–$60 range, about a 62% jump from the IPO price. The surge didn’t stop there — within hours, BLSH stock soared to over $100, peaking around $102.44 before triggering a circuit breaker halt due to extreme volatility.
By the end of its first trading session, the stock had more than doubled in value, signaling massive investor confidence in the company’s growth potential.
Largest Digital Asset IPO in the U.S. This Year
The offering raised approximately $1.1 billion, making it the largest U.S. digital asset company IPO of 2025. Bullish’s investor lineup includes BlackRock, Galaxy Digital, ARK Invest, and Peter Thiel — a roster that has further fueled market enthusiasm.
Institutional Focus Sets Bullish Apart
While many crypto exchanges cater primarily to retail investors, Bullish is laser-focused on institutional clients. It blends decentralized finance (DeFi) protocols with the security and oversight of centralized exchanges. The company also owns CoinDesk, one of the most influential cryptocurrency news and data platforms.
Financial Outlook
Although Bullish reported a net loss in Q1 2025, it highlighted strong trading volume growth and expects profitability to improve as market adoption continues. Analysts suggest the stock’s blockbuster debut reflects not only bullish sentiment for crypto but also confidence in Bullish’s hybrid exchange model.
Summary:
IPO priced at $37, raising $1.1B.Demand exceeded supply 20×, prompting a bigger share offering.
FAQ's
Q1: What is Bullish and why is it in the news?
Bullish is a cryptocurrency exchange that recently went public on the New York Stock Exchange (NYSE) under the ticker BLSH. Its IPO made headlines after the stock price more than doubled on debut, signaling strong investor interest.
Q2: What was the Bullish IPO price?
The IPO was priced at $37 per share, which was higher than the expected range of $32–$33 due to strong demand.
Q3: How much did Bullish stock rise on its first day?
On its debut, Bullish shares opened between $55 and $60 — a jump of about 62% from the IPO price — and at times traded above $100, more than 140% higher.
Q4: How much money did Bullish raise from the IPO?
Bullish raised approximately $1.1 billion, making it the largest U.S. digital asset company IPO in 2025.
Q5: Who are Bullish’s major investors?
The company is backed by big names like Peter Thiel, BlackRock, Galaxy Digital, and ARK Invest.
Q6: How is Bullish different from other crypto exchanges?
Unlike retail-focused exchanges, Bullish targets institutional investors and blends decentralized finance (DeFi) protocols with a centralized trading structure for more security and liquidity.
Q7: Does Bullish own any other companies?
Yes, Bullish owns CoinDesk, a leading crypto news and data platform.
Q8: Should I invest in Bullish stock?
While the IPO performance was impressive, investing in crypto-related stocks carries risks. Always do your research or consult a financial advisor before investing.
