#BullishIPO IPO Highlights

IPO Pricing & Raise

Bullish priced its IPO at $37 per share, well above its initially expected range of $32–$33.

It raised approximately $1.1 billion through the sale of 30 million shares (with underwriters given options for additional shares).

This priced the company’s valuation initially at around $5.4 billion.

Market Debut Performance

On its first trading day (August 13, 2025), Bullish’s stock soared:

Opened at $90, peaked near $118, and closed in the $68–$70 range.

That’s roughly an 84–90% first-day gain over the IPO price.

Market Cap Surge

The stock’s intraday peak propelled Bullish’s market cap to between $10 billion and $13 billion, depending on the data source.

Strategic Backing & Institutional Interest

Backed by Peter Thiel’s Founders Fund and other investors like Galaxy Digital and ARK Invest.

Institutional players such as BlackRock and Cathie Wood’s ARK have made notable investments—ARK reportedly acquired over 2.5 million shares.

Company Profile

Operates a crypto exchange offering spot, futures, and derivatives trading.

Owns CoinDesk, acquired in 2023.

Led by Tom Farley, former NYSE president.

Bullish focuses on institutional clientele and holds significant cryptocurrency assets.