Shares of Bullish soar in NYSE debut after crypto exchange prices IPO above expected range
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Shares of crypto exchange Bullish surged after the company raised about $1.1 billion in an initial public offering.
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3 min read
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cryptocurrency
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August 13, 2025
08:38 PM
CNBC
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In this articleBLSH your favorite stocksCREATE FREE ACCOUNTwatch now6:2906:29Bullish CEO Tom Farley: The institutional wave in crypto has begunSquawk on the Streets of crypto exchange Bullish soared Wednesday after the cryptocurrency exchange raised $1.1 billion in an initial public offering.The stock opened at $90 on the New York Stock Exchange, 143% above its IPO price of $37
At one point, it rose as high as $118 before closing at $68, a gain of more than 83%.The company priced its IPO early Wednesday far above this week's expected range of $32 to $33 and an initial range last week of between $28 and $31, valuing the company at almost $5.6 billion before trading began
By day's end, Bullish had a market value of some $10.25 billion, based on its 150.684 million s outstanding.Bullish sold 30 million s in the IPO, representing 19.9% of its total stock
Stock Chart IconStock chart iconBullish (BLSH) briefly soared more than 140% in its trading debut Wednesday.Bullish, led by former New York Stock Exchange President Tom Farley and backed by billionaire Peter Thiel, focuses on institutional investors and blends decentralized finance tocols with the security of a centralized company."The last leg of growth in crypto, the last 10 years, was basically all retail and … the institutional wave has begun," Farley told CNBC's "Squawk on the Street" on Wednesday. "It's here, and it's a question of how big it will be
Based on the reception we've gotten thus far as part of our IPO, it feels institutional investors feel this could be the moment."Since the company's launch in 2021, total trading volume on the Bullish platform exceeded $1.25 trillion as of March 31
The Cayman Islands-headquartered company also owns the crypto news website CoinDesk, which includes crypto indexes, data and analytics.Bullish joins a host of companies looking to take advantage of the Trump administration's favorable attitude toward the crypto industry
In June, stablecoin issuer Circle made a highly successful stock market debut, raising more than $1 billion
That ed the transfer of Mike Novogratz's Galaxy Digital to the Nasdaq from Toronto, and stock and crypto trading app eToro's IPO that valued it at $5.4 billion
Crypto custody startup BitGo and crypto exchange Gemini have also confidentially filed for U.S. listings
This is the second attempt by Bullish to go public in the four years since the company launched.Don't miss these cryptocurrency insights from CNBC : Expect the crypto rally to cool in August as new tariffs ratchet up macroeconomic concernsEther treasury companies are just getting started, could own 10% of coin one day, says Standard CharteredSell Coinbase as crypto stock's rally runs out of steam, says Compass Point
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