#BullishIPO Bullish stock ends first day at $70 with 90% gain, giving crypto exchange market cap above $10 billion:

Cryptocurrency exchange operator Bullish (BLSH) rose 12% on Thursday before the bell, reaching $78, doubling its IPO price of $37 and valuing the company at more than $10 billion.

Still, this marked around a 16% drop from where the stock opened for trade.

Bullish stock opened for trade at $90 near 1:00 p.m. ET on Wednesday, and the stock traded hands as high as $118 per share shortly after, a more than 215% gain. The stock was halted for trade due to volatility at least twice within the first few minutes of trading.

The company, which operates a crypto exchange and owns the prominent trade publication CoinDesk, priced its IPO at $37 per share on Tuesday, above the $32 to $33 range the company had expected in its second shot at making a public market debut.

Bullish began its IPO process looking for a price between $28 and $31 per share. At 30 million shares offered, the IPO price saw Bullish raise $1.1 billion and value the fintech company at $5.41 billion.

The company's debut rode the outsized success of recent go-publics like Figma (FIG) and Circle (CRCL) and served as the latest sign that the IPO window remains wide open after a few challenging years for investors.

Through Wednesday, 2025 has so far seen 133 IPOs come to market worth more than $50 million, up more than 58% from the same time last year, according to IPO tracker and ETF operator Renaissance Capital.

Ahead of its IPO, Bullish also garnered major institutional interest. Asset management giant BlackRock and Cathie Wood's investment firm Ark Invest expressed interest in purchasing up to $200 million worth of shares in the offering, according to securities filings.

"We now intend to IPO because we believe that the digital assets industry is beginning its next leg of growth," Bullish CEO Thomas Farley, previously COO and president of the NYSE Group, wrote in a letter to investors about Bullish's offering.$XRP