#BullishIPO

Bullish Makes a Striking Debut: A Model “Bullish IPO”

Bullish, the cryptocurrency exchange operator and parent company of CoinDesk, captured investors' attention with its spectacular public debut in mid-August 2025.

IPO Pricing & Valuation: Bullish priced its shares at $37 each, exceeding the originally expected range of $32–$33. The company raised approximately $1.11 billion, resulting in a valuation of around $5.4 billion.

Trading Surge: The first trading day showcased explosive demand—shares surged 84%, closing around $68, reflecting a valuation surge to nearly $11 billion. On the second day, prices hovered between $75+, reaching intraday peaks up to $118.

Institutional Confidence: The IPO was supported by heavyweight underwriters—JPMorgan, Jefferies, and Citigroup—and saw strong investor backing from firms like BlackRock and ARK Invest, with ARK acquiring over 2.5 million shares across its ETFs.

Business Model and Competitive Edge: Unlike retail-heavy platforms, Bullish positions itself as an institutional-grade exchange, focusing on deep liquidity for major cryptos like Bitcoin and Ethereum. Its strategic acquisition of CoinDesk in 2023 also gives it influence in crypto media and market intelligence.

Industry Significance: Bullish’s launch was part of a broader crypto IPO wave—Circle Internet Group’s IPO and strong filings from other firms like Gemini and Grayscale reflect renewed market optimism in regulated crypto infrastructure.