#BullishIPO

Bullish, a cryptocurrency exchange and the owner of CoinDesk, launched its initial public offering (IPO) on the New York Stock Exchange in August 2025. The IPO was initially priced at $37 per share, above the expected range of $32–$33, raising about $1.1 billion and giving Bullish an initial valuation around $5.4 billion.

On its first trading day, Bullish shares opened at $90—a 143% increase from the IPO price—and briefly peaked at $118 due to extreme volatility, before ending the day at $68–$70, up roughly 84%–90% from its IPO price. The company's market cap soared past $10 billion following this debut, with subsequent trading pushing the value as high as $13.2 billion at one point.

Key facts about the Bullish IPO:

Ticker symbol: BLSH

Exchange: NYSE

Shares issued: 30 million

Funds raised: $1.1 billion

Initial IPO price: $37/share (above expected)

Opening trade: $90/share

Peak intraday price: $118/share

First day closing price: $68–$70/share

Market capitalization (after debut): Over $10 billion, reaching up to $13.2 billion at its height.

Bullish's IPO is seen as a pivotal moment for the crypto sector, reflecting renewed investor appetite for digital assets and crypto infrastructure companies. The offering drew interest from major institutional backers such as BlackRock and Cathie Wood's Ark Invest. The successful debut was buoyed by favorable regulatory developments in the U.S., a general rally in crypto markets, and strong demand from institutions now entering the crypto space.

Founded in 2020 and led by former NYSE president Tom Farley, Bullish targets institutional crypto investors with a platform for spot and derivatives trading. This IPO marks Bullish’s second attempt to go public, following a failed SPAC deal in 2021.