Bullish (BLSH) surges 83% on debut after $1.1 billion IPO

Crypto exchange Bullish (BLSH) jumped 83% to $68 in its first day on the NYSE Wednesday, after selling 30 million shares at $37, raising $1.1 billion and ending the day with a $9.9 billion market cap. The stock hit an intraday high of $118 before closing.

Co-founded by Block.one CEO Brendan Blumer and backed by billionaire Peter Thiel, Bullish targets institutional clients with spot, margin, and derivatives services, having processed $1.25 trillion in trading volume since 2021.

The IPO comes amid a wave of companies capitalizing on the favorable regulatory environment under President Trump, including Circle, Galaxy Digital, and eToro. BLSH shares extended gains in after-hours trading, rising another 11% to $75.