Bullish Shares Surge After IPO
Shares of crypto exchange Bullish more than tripled the offering price on Wednesday, indicating ongoing interest in digital asset companies going public.
The shares—BLSH—rose as high as $118 after being offered at $37 in the IPO. Recent trading showed shares around $84, maintaining a 126% increase for the day.
Bullish’s market value reached $12.2 billion based on outstanding shares, with a platform that encourages clients to buy, sell, and speculate on digital coins and tokens. Bullish primarily targets institutional investors rather than retail traders.
> The first digital asset exchange to go public on NYSE 🔔 Congratulations CEO @ThomasFarley and the entire @Bullish team on this epic milestone. $BLSH | @CoinDesk pic.twitter.com/GtefYl5mty
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> — NYSE 🏛 (@NYSE) August 13, 2025
Bullish’s debut follows successful public offerings from other major companies in the sector. San Francisco-based Circle, the issuer of the USDC stablecoin, had a standout debut, tripling its stock from an original IPO price of $31 to a peak of $299. It was recently trading at $153.
Brokerage platform eToro also saw a 29% increase after its Nasdaq debut in May.
Bullish CEO Tom Farley, previously the president of NYSE, indicated in August that the firm aimed for an IPO as the digital assets industry was entering a new phase of growth.
In 2021, the Peter Thiel-backed firm agreed to go public via a merger with special purpose acquisition company Far Peak, valuing the firm at around $9 billion. However, plans fell through a year later amid market challenges and the collapse of several crypto firms.
Currently, the crypto environment has improved, with a more favorable regulatory landscape. The SEC approved spot Bitcoin and Ethereum ETFs last year, and President Trump has surrounded himself with crypto-friendly staff, campaigning to support the industry and receiving backing from Silicon Valley entrepreneurs.
Under Trump’s administration, the SEC has dismissed many high-profile lawsuits and investigations against crypto firms.
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