Bullish (BLSH), the cryptocurrency exchange and owner of CoinDesk, delivered one of the most dramatic market debuts of the year on Wednesday. Shares opened for trade at $90—already far above the $37 IPO price—before surging to $112, triggering a volatility halt within seconds of the open. At its peak, the stock was up more than 200% from the offer price, giving Bullish a market capitalization north of $16 billion. Trading later resumed near $102 per share.
The strong debut capped a whirlwind lead-up to the IPO. Bullish had already raised its price range twice, from an initial $28–$31 to $32–$33, and finally to $37 per share on Tuesday. That final pricing implied a $5.41 billion valuation and raised $1.1 billion through the sale of 30 million shares. The offering drew heavy institutional interest, with BlackRock and Ark Invest committing up to $200 million in combined purchases.
For Bullish, this marks a redemption arc after its failed 2021 plan to go public via a SPAC merger that would have valued the firm at $9 billion. The deal collapsed under regulatory pressure, forcing the company to shelve its public ambitions for nearly four years.
CEO Thomas Farley—formerly president of NYSE Group—told investors the timing now aligns with a broader turning point for the sector. “The digital assets industry is at the inflection point of institutional adoption, and Bullish is uniquely positioned at the center of this market,” Farley said, emphasizing the company’s “compliant, institutional-focused market infrastructure” as a competitive edge.
Bullish operates a spot and derivatives exchange geared toward institutional clients, processing an average $2.6 billion in daily trading volume in Q1, according to its prospectus. The company also benefits from the broader crypto rally of 2025, with Bitcoin up 28% year-to-date, Ethereum up 40%, and XRP surging 57%.
Its explosive start adds to a streak of blockbuster fintech listings. Circle (CRCL) surged 168% in its June debut, Figma (FIG) jumped over 250% on opening day in late July, and CoreWeave (CRWV) has soared more than 280% since March. Digital asset and blockchain services firm Galaxy Digital (GLXY), public since May, is also up 18%.
According to Renaissance Capital, 133 IPOs worth $50 million or more have hit the market so far in 2025, a 58% increase from last year. Bullish’s performance underscores that, despite a slow stretch in recent years, the IPO window is now wide open—and crypto remains at the forefront of investor excitement.
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