- Bullish IPO Details: Oversubscribed, Upsized, Unstoppable
- Bullish’s First Day; From $37 to $118. What This Signals for Crypto Listings?
- Why the Wild Enthusiasm for Bullish Stock?
- What Comes Next for Bullish and for the Crypto Sector?
On August 13, 2025, Bullish, which is the cryptocurrency exchange backed by Peter Thiel and owner of CoinDesk, made a remarkable debut on the New York Stock Exchange under the symbol BLSH. This was not just another IPO, it was a massive moment that highlighted a new renewed faith of investors in the crypto infrastructure, institutional adoption of digital assets and the importance of regulatory clarity.
Let’s break down with this blog how Bullish’s strong NYSE debut became one of the most successful crypto exchange IPOs in history, and what it means for investors and the broader digital asset market.
Bullish IPO Details: Oversubscribed, Upsized, Unstoppable
Bullish priced its IPO at $37 per share which was above its earlier guidance of $32 to $33. They initially planned to offer 20 million shares, but raised the offering to 30 million shares to meet the overwhelming demand from investors. This IPO offering raised about $1.11 billion and gave Bullish an initial valuation around $5.4 billion.
Key Metrics of Bullish IPO
| Metric | Value |
| IPO Date | August 13, 2025 |
| IPO Price | $37/share |
| Shares Issued | 30 million (upsized from ~20 million) |
| IPO Proceeds | ~$1.11 billion |
| Initial Valuation | ~$5.4 billion |
| Opening Price | ~$90 |
| Intraday Peak | ~$118 |
| Closing Price | ~$92–93 |
| Peak Valuation | ~$13.16 billion |
Source: SEC Edgar Filing, Yahoo Finance, Bloomberg
Bullish’s First Day; From $37 to $118. What This Signals for Crypto Listings?
Bullish’s stock opened at approximately $90, soaring 143 percent above the IPO price. In intraday trading, it reached a peak near $118, before settling between $92 and $93 as per Yahoo Finance. Business Insider noted a 218% intraday spike. This rapid ascent pushed Bullish’s market valuation to nearly $13.16 billion during the trading frenzy. The trading had to be halted twice for Bullish’s stock during the first few minutes of trading due to heightened volatility.
Bullish’s triumph is not an isolated win. It signals a revived appetite for crypto-related IPOs. Other players like Gemini and Grayscale are reportedly lining up for public listings. Earlier this year, Circle and Figma had already shown strong early gains, and Bullish’s success may usher in more mainstream financial infrastructure for crypto.
Why the Wild Enthusiasm for Bullish Stock?
Several factors combined to make this listing extraordinary:
- Institutional Focus: Bullish has built its business model around institutions where it offers spot, margin and derivatives trading all through unified cross-collateralized accounts and efficient API access.
- Media and Data Revenue: As the parent of CoinDesk, Bullish monetizes news, indexes and analytical tools. This data and media arm adds diversified revenue beyond trading fees.
- Regulatory Relief: Bullish benefited from clearer regulation most notably the recently enacted Genius Act, which established a regulatory framework for stablecoins. This regulatory move certainty has moved institutional capital from interest to action.
- Investor Confidence: Big institutional names like BlackRock and ARK Invest stepped forward, indicating interest in buying up to $200 million in shares.
What Comes Next for Bullish and for the Crypto Sector?
- Sustained Traction: Buyers will be watching trading volumes, new product rollouts and whether these early gains are sustainable or just speculative.
- Full US Licenses: Bullish is reportedly nearing a BitLicense for New York operations which will potentially expand its institutional market reach.
- Macro and Policy Outlook: This positive momentum will depend on continued policy support, including stablecoin regulation and pro-crypto initiatives from Washington.
- Sector Momentum: If Bullish’s peers follow through with their respective listings, Bullish may become a precedent for a new wave of crypto infrastructure firms tapping public markets.
Bullish rewrote the playbook for crypto IPOs. It showed how institutional design, media integration, regulatory clarity and elite backers can transform a digital-asset exchange into a Wall Street powerhouse. The IPO day peak valuation of over $13 billion spoke volumes.
For investors and industry watchers alike, the BLSH IPO offers lessons and hope for a mature, institutional-grade crypto finance ecosystem. That story is just beginning.
Disclaimer:
The content is meant for education and general information purposes only. Investments in the securities market are subject to market risks, read all the related documents carefully before investing. Past performance is not indicative of future returns. The securities quoted are exemplary and are not a recommendation. This in no way is to be construed as financial advice or a recommendation to invest in any specific stock or financial instrument.The figures mentioned in this article are indicative and for general informational purposes only. Readers are encouraged to verify the exact numbers and financial data from official sources such as company filings, earnings reports, and financial news platforms. The Company strongly encourages its users/viewers to conduct their own research, and consult with a registered financial advisor before making any investment decisions. All disputes in relation to the content would not have access to an exchange investor redressal forum or arbitration mechanism. Registered office address: Office No. 507, 5th Floor, Pragya II, Block 15-C1, Zone-1, Road No. 11, Processing Area, GIFT SEZ, GIFT City, Gandhinagar – 382355. IFSCA Broker-Dealer Registration No. IFSC/BD/2023-24/0016, IFSCA DP Reg No: IFSC/DP/2023-24/010.