Before the market opened on Thursday, shares of Bullish (BLSH), a cryptocurrency exchange platform, experienced a surge of 12%, reaching a price of $78. This significant increase represents a doubling of the company’s initial public offering (IPO) price of $37, resulting in a valuation exceeding $10 billion for the fintech firm.
Despite the pre-market gains, the stock price experienced a decrease of approximately 16% from its opening trading price.
Bullish shares commenced trading at $90 around 1:00 p.m. ET on Wednesday. Shortly thereafter, the stock reached a high of $118 per share, marking a gain of over 215%. Due to significant price fluctuations, trading was temporarily suspended at least twice in the initial minutes.
The company, which not only operates a digital currency exchange but also owns the well-known media outlet CoinDesk, priced its IPO at $37 per share on Tuesday. This figure was above the anticipated range of $32 to $33 that the company had indicated during its second attempt to list publicly.
Earlier in the IPO process, Bullish aimed for a price range of $28 to $31 per share. With 30 million shares made available, the ultimate IPO price allowed Bullish to secure $1.1 billion, placing the company’s worth at $5.41 billion.
Bullish had previously attempted to become a public entity through a special purpose acquisition company (SPAC) merger in 2021. This deal, which would have valued the company at $9 billion, ultimately failed due to increased regulatory scrutiny, prompting Bullish to withdraw its registration.
The company’s market entry follows the notable successes of recent IPOs such as Figma (FIG) and Circle (CRCL), suggesting that the IPO market remains receptive after a period of challenges for investors.
According to data from Renaissance Capital, an IPO tracking firm and ETF provider, in 2025 so far, 133 IPOs have been completed, each valued at over $50 million. This figure signifies an increase of more than 58% compared to the same period in the previous year.
Leading up to its IPO, Bullish attracted significant interest from major institutional investors. BlackRock, a prominent asset management firm, and Ark Invest, led by Cathie Wood, indicated their interest in potentially acquiring up to $200 million worth of shares in the offering, as disclosed in securities filings.
In a message to investors concerning the Bullish offering, CEO Thomas Farley, previously the COO and president of the NYSE Group, explained that the IPO was motivated by a belief that the digital assets sector is poised for its next phase of expansion.
Farley stated, “I am of the opinion that the digital assets sector stands at the forefront of growing institutional embrace, positioning Bullish uniquely at the heart of this landscape. Our proven approach to compliant, institutionally focused infrastructure is both effective and reliable, and Bullish is excited to introduce this demonstrated model to the cryptocurrency arena.”
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The core of Bullish’s operations lies within its Bullish Exchange, a platform for spot and derivative digital asset transactions, specifically tailored for institutional clients. The company’s prospectus indicates that it handled an average of $2.6 billion in daily transaction volume during the first quarter.