tl;dr
Shares of cryptocurrency exchange Bullish surged on their IPO debut on August 13, opening at $37, reaching an intraday high of $118, and closing near $84, a 126% gain, valuing the company at about $12.2 billion. Bullish serves institutional investors with spot and derivative crypto products. This st...
Shares of cryptocurrency exchange Bullish soared dramatically on their debut trading day, August 13, more than tripling the initial public offering (IPO) price. The stock, trading under the symbol BLSH, opened at $37 and reached an intraday high of $118 before settling near $84, marking a remarkable 126% gain from its IPO price. This surge valued Bullish at approximately $12.2 billion based on its regulatory filings.
Bullish primarily serves institutional investors, offering both spot markets and derivative products linked to cryptocurrencies. This strong IPO performance signals renewed investor confidence in digital asset companies within public markets.
Bullish’s successful debut forms part of a broader positive trend for crypto-related IPOs this year. For instance, Circle, the issuer of the USDC stablecoin, saw its shares triple upon listing on the NYSE in June, peaking at $299 before stabilizing around $153. Similarly, eToro, a trading platform, gained nearly 30% during its first day on the Nasdaq in May.
The company's CEO, Tom Farley, a former NYSE president, attributed the decision to go public to Bullish’s vision of entering the next growth phase of the digital asset industry. Backed by Peter Thiel, Bullish initially planned to list through a $9 billion merger with Far Peak, a special purpose acquisition company, in 2021. However, the deal was scrapped amid a market downturn and several crypto sector bankruptcies.
Since that challenging period, sentiment around cryptocurrency firms has improved, buoyed by a more favorable regulatory environment following the rollback of stringent enforcement actions from the previous U.S. administration. Bullish’s IPO success reflects this evolving landscape and growing appetite for digital asset ventures among public market investors.