It’s crypto fever on Wall Street. After the jaw-dropping IPO of Circle yesterday, another company in the sector arrived on the stock market with fireworks. This is Bullish, an exchange not very well-known in Italy, which closed the first trading day with a gain of 90% compared to the subscription price.
Subscription price was set between $28 and $31, for a total offering of 30 million shares. Shares opened as usual in the early afternoon in New York, then corrected the opening price from $90 to $70. Still, a great success, perhaps not on the scale of Circle, but nonetheless a success.
Bullish is bullish
Forgive us the wordplay, but we didn’t choose the name of this exchange and crypto service provider. However, the signal that came yesterday from Wall Street is yet another bullish indicator. Even though there wasn't a blast in the style of Circle – the company that issues USDC and reached a $40B cap in a short time – there was still an excellent sign.
Anyone looking at yesterday's trading chart may struggle to understand it, but something very... bullish happened again for the crypto world.
After an opening price of around $31, the stock immediately reached $90 after the opening, only to close at $70. Volatility is more than understandable during the first trading day of a stock, which nonetheless gathered a lot in terms of volumes and attention.
Some numbers on Bullish
As much as we are still in the territory of exchanges, we have before our eyes a beast quite different from Coinbase, the first exchange to go public.
The group mainly operates in the crypto exchange sector, with average volumes in 2025 of $1.2 billion on Bitcoin, $600 million on Ethereum, and $762 million on other cryptocurrencies.
The group has seen trading volumes grow steadily since 2023, although profits are struggling at least during the first part of 2025.
The group is also the owner of the news outlet Coindesk, historically one of the most important, which has however restricted the amount of publications right after the arrival of Bullish.
The performance during the first day and the overall valuation reached by the stock confirms a moment of great attention for the crypto world from institutional operators and more generally from stock exchanges.
