Bullish Exchange IPO on Wall Street
The financial markets witnessed a significant event with the initial public offering (IPO) of the cryptocurrency exchange Bullish, backed by billionaire Peter Thiel and his venture capital fund Founders Fund, led by former New York Stock Exchange president Tom Farley.
Key Details of the Offering:
• Listing Date: August 13, 2025.
• Stock Symbol: BLSH on the New York Stock Exchange (NYSE).
• Offering Price: $37 per share (higher than initial estimates of $32–33).
• Total funds raised: approximately $1.1 billion.
Performance on the First Trading Day:
• Opened at $90.
• Reached a peak of $118.
• Closed at $68, an increase of approximately 80–85% from the offering price.
Market Capitalization:
• Estimates ranged between $5.5 billion and $10 billion depending on the calculation methodology.
Offering Strength Factors:
1. Strong Institutional Demand: Major institutions such as BlackRock and ARK Invest participated in the offering.
2. Participation of Individuals: Bullish allocated about 20% of shares to individual investors to reduce price volatility, a higher percentage than usual.
3. Experience and Reputation: Led by Tom Farley, with a successful history on Wall Street.
4. Acquisition of CoinDesk (2023): What strengthened its media and marketing position in the crypto sector.
Background:
• Bullish attempted to list in 2022 through a SPAC deal, but it failed due to the collapse of the cryptocurrency market at that time.
• Returned strongly in 2025 to take advantage of improved regulatory climate and increased institutional interest in crypto.
Why was the offering described as “Bullish”?
The word Bullish in financial markets means optimism or expectation of rising. Since the company's stock jumped significantly from the first moment, the offering was considered evidence of the bullish mood of the market and the digital economy.
