Bullish (BLSH) surges 83% on its first day of trading, raising $1.1 billion

Cryptocurrency exchange Bullish (BLSH) surged 83% on its first day of trading on the New York Stock Exchange on Wednesday, closing at $68. The company issued 30 million shares at $37 each, raising $1.1 billion, with a closing market capitalization of $9.9 billion, and at one point reaching a high of $118 during intraday trading.

Bullish was co-founded by Brendan Blumer, CEO of Block.one, and is backed by billionaire Peter Thiel, offering spot, leveraged, and derivative services to institutional clients, processing a total trading volume of $12.5 trillion since 2021.

This IPO coincides with a favorable cryptocurrency regulatory environment under President Trump, with companies like Circle, Galaxy Digital, and eToro also going public or switching listings. The BLSH stock price continued to rise 11% in after-hours trading, reaching $75.