Bullish Crypto Exchange Soars 90% in IPO Debut, Hits $10B Valuation

Bullish (BLSH) closed its first trading day at $70, marking a 90% jump from its $37 IPO price and valuing the crypto exchange at over $10B. The stock peaked at $118 shortly after opening but faced multiple halts due to volatility, reflecting intense market interest. The IPO raised $1.1B, with backing from BlackRock and Ark Invest, as CEO Thomas Farley highlighted crypto’s ’inflection point’ for institutional adoption.

The exchange, catering to institutional clients, averages $2.6B in daily volume and owns CoinDesk. Its debut follows successful IPOs like Circle and Figma, which saw 168% and 250% first-day gains, respectively. Bullish’s rally aligns with Bitcoin and Ethereum’s 30-40% yearly growth, defying Wall Street’s cautious 2025 IPO predictions.

Farley, former NYSE president, emphasized Bullish’s compliant infrastructure as key to crypto’s next growth phase. The offering revives optimism after a failed 2021 SPAC merger, showcasing renewed investor appetite for crypto-linked equities amid broader market recovery.

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