Thomas Daniels
In one of the most striking initial public offerings of 2025, cryptocurrency exchange and media firm Bullish surged as much as 218% in its New York Stock Exchange debut, underscoring Wall Street’s mounting demand for regulated digital asset companies.
The IPO, priced at $37 per share, exceeded earlier guidance of $32 to $33. Trading under the ticker BLSH, Bullish’s stock rocketed to an intraday peak of $118, before settling in the afternoon at around $86 — still up 131% from its opening price. The rally pushed the company’s market capitalization to approximately $13 billion on trading volume exceeding 38 million shares, according to Yahoo Finance.
Initially targeting a $4.8 billion valuation via the planned issuance of 20.3 million shares, Bullish instead released 30 million shares in its debut, a move interpreted as evidence of robust investor demand.
Founded in 2021 as an institutional digital asset platform, Bullish expanded into crypto media in 2023 through its $72.6 million acquisition of CoinDesk, the second-largest cryptocurrency publication globally by readership. The company’s backers include PayPal co-founder Peter Thiel.
Bullish had previously attempted a SPAC listing in 2021, but the deal collapsed. In hindsight, the delay appears advantageous, as 2025’s regulatory and political climate — including the GENIUS Act, pending CLARITY Act, and the Anti-CBDC Surveillance State Act — has created a fertile environment for crypto-related IPOs.
Industry observers note the IPO’s significance in validating the institutional case for regulated crypto enterprises. “We’re seeing demand for IPOs coming from institutional investors actively seeking exposure to firms bridging digital tokens with the real economy,” said Peter Kozyakov, CEO of Web3 payments platform Mercuryo. Kozyakov highlighted that clearer, pro-industry regulations have elevated compliant crypto companies into attractive assets for heavyweight investors.
Regulatory filings revealed BlackRock and ARK Investment Management affiliates among the largest IPO buyers, reinforcing the narrative that Wall Street’s biggest players are now taking sizable positions in crypto-native firms with strong governance and institutional-grade infrastructure.
