#BullishIPO Highlights of the Bullish IPO

• IPO Pricing & Size: Bullish priced its offering at $37 per share, surpassing its $32–$33 range, and raised approximately $1.1 billion, valuing the company at around $5.4 billion  .

• Volatile Market Debut: On its first trading day, BLSH opened at ~$90, soared to an intraday high of ~$118 (an ~83–84% spike), before closing around $68–$70, leading to a market cap nearing $10 billion     .

• Oversubscription & Institutional Backing: Demand was so strong that the offering size increased. Major institutions like BlackRock, ARK Investment, Galaxy Digital, Founders Fund, and others showed notable interest—ARK alone considered buying up to $200 million in shares      .

• Market Tailwinds: Bullish’s listing is emblematic of a broader resurgence in IPO activity. Through mid-August 2025, there were 133 IPOs—up 58% versus 2024—though total proceeds were slightly down 4% to $22.2 billion  . The “spillover” effect from recent successful IPOs has created a favorable environment for new listings .

• Crypto Benefits & Risks: Bullish differentiates itself with institutional-grade infrastructure and crypto media ownership (CoinDesk). However, as with most hot IPOs, early gains may not reflect long-term performance   .