Bullish, a cryptocurrency exchange operator and media company, made a significant entry into the public market on Wednesday, with its stock price surging as much as 218% during its NYSE debut. Trading under the ticker symbol BLSH, the stock opened at an IPO price of $37, quickly climbing to an intraday high of $118. This impressive surge signals a growing acceptance and interest in regulated crypto businesses within traditional financial markets.
The company's debut reflects Wall Street's increasing appetite for crypto-related assets. By the afternoon session, the shares remained up by 131% at around $86, resulting in a market capitalization of approximately $13 billion for Bullish. The strong performance indicates substantial investor confidence in the company's potential and the broader crypto market.
Bullish initially aimed for a $4.8 billion valuation with the issuance of 20.3 million shares. However, due to high demand, the company increased the share issuance to 30 million for its debut. This adjustment underscores the strong investor interest and confidence in Bullish's business model and future prospects.
Founded in 2021, Bullish began as an institutional digital asset platform. In 2023, it expanded its reach by acquiring CoinDesk, a prominent crypto news and data site, for $72.6 million. This strategic move has positioned Bullish as a significant player in both the exchange and media sectors of the cryptocurrency industry.
The company had initially planned to go public via a special purpose acquisition company (SPAC) in 2021, but the deal was unsuccessful. However, this delay may have worked to the company's advantage, with 2025 proving to be a more favorable environment for its public debut. The current administration's crypto-friendly stance has invigorated capital markets this year, contributing to a positive backdrop for Bullish's entry into the public market.
Bullish is focused on institutional investors, blending decentralized finance (DeFi) offerings with the security of a centralized company. The company plans to convert a significant portion of the IPO proceeds into U.S. dollar-denominated stablecoins. This move could further solidify its position in the crypto market and facilitate smoother transactions and operations.
