Bullish’s IPO debut explodes with shares soaring more than 75 percent above price, cementing crypto’s place in the public markets

13 August 2025

A person walks past a banner for Bullish, a cryptocurrency exchange operator, during the company's IPO at the New York Stock Exchange (NYSE) in New York City, U.S., August 13, 2025. REUTERS/Brendan McDermid

On August 13, 2025, the cryptocurrency exchange Bullish, backed by billionaire investor Peter Thiel, made an electrifying debut on the New York Stock Exchange under the ticker BLSH, sending a clear signal that digital assets are becoming a force in mainstream finance. Priced at $37 per share already a jump above its originally expected range of $32–$33 the IPO raised $1.11 billion from 30 million shares, placing its initial valuation at approximately $5.4 billion.

Even more dramatic was the stock’s anticipated opening surge it was projected to trade over 75 percent higher than the IPO price, with pre-market valuations approaching $60–$65 per share. At the high end, that would elevate Bullish’s market value to more than $9.5 billion.

The explosive launch reflected broad investor enthusiasm. Multiple tailwinds are fueling this optimism, including pro-crypto policies under the Trump administration, growing institutional adoption, and regulatory clarity through measures like the Genius Act aimed at stabilizing the stablecoin market. Combined, these factors are helping to push Bitcoin to record highs and positioning crypto as legitimate institutional-grade assets.

Bullish attempts to differentiate itself from prior crypto entrants like Coinbase by focusing on institutional clients rather than retail traders. Its strategic emphasis on spot, futures, and derivatives trading for large clients aims to provide more consistent revenue flows. This institutional approach, combined with leadership that includes former NYSE president Tom Farley, has been pivotal in instilling investor confidence and overcoming skepticism surrounding crypto’s legitimacy.

Bullish’s acquisition of CoinDesk in 2023 also plays a role, giving it a notable presence in news, data, and analytics for the crypto sector. With high-profile institutional investors including BlackRock and Ark Investment Management pledging up to $200 million at the IPO price, Bullish tapped into serious capital and credibility. The surge in its debut reflects investor interest in crypto infrastructure with depth and scale.

This IPO is more than a headline it marks the largest U.S. IPO in the digital assets sector for 2025, arriving at a moment when regulatory frameworks, institutional adoption, and market optimism are aligning. The momentum is mirrored by other trend lines: stablecoin issuers like Circle have seen massive IPO returns, while reporting indicates that heavyweight firms like Gemini and Grayscale are exploring their own public listings.

Bullish’s debut may well herald a turning point where crypto evolves from speculative frontier into established pillar of public capital markets.