Cryptocurrency exchange and media company Bullish went public on the New York Stock Exchange, with its stock price soaring 218%, showing a surge in institutional investor interest in crypto-related assets.
Bullish went public on Wednesday at an IPO price of $37, exceeding the previous target range of $32 to $33.
The stock trades under the BLSH code, reaching a high of $118, up 218% from the IPO price, with a trading volume of approximately 38 million shares.
By the afternoon, Bullish's stock price rose 131% to about $86, giving the company a market capitalization of approximately $13 billion. Bullish initially planned to issue 20.3 million shares, valuing it at $4.8 billion, but ultimately issued 30 million shares, reflecting strong demand.
Bullish was founded in 2021 and acquired CoinDesk for $72.6 million in 2023, which is the second-largest crypto publication in the world.
Bullish initially planned to go public via SPAC, but ultimately did not succeed, with 2025 becoming a more suitable time for crypto IPOs.
With the GENIUS Act and the pending CLARITY Act driving innovation, more digital asset companies are going public on Wall Street.
Bullish leads the crypto IPO wave
Bullish's listing reflects an increased interest from institutional investors in crypto companies. Mercuryo's CEO, Peter Kozyakov, stated that more institutional investors are seeking to connect with companies providing digital token services, such as exchanges and stablecoin issuers.
This trend is attributed to more favorable industry policies globally, making compliant crypto companies more attractive to large investors. Bullish's IPO is not merely a chase for hype, but a representation of clear compliance and robust corporate governance.
This also explains why BlackRock and ARK Investment Management became one of the largest buyers in its IPO.