New York, August 13, 2025 – The much-anticipated Bullish IPO made waves on Wall Street Wednesday, with BLSH stock closing its first day of trading at $70 — a staggering 90% jump from its IPO price of $37. The performance places Bullish among the year’s hottest market debuts and pushes the crypto exchange’s market capitalization above $10 billion.
A Rollercoaster First Day for BLSH
Shares of BLSH opened at $90, immediately surging to an intraday high of $118 — a gain exceeding 215% from the Bullish IPO price. Trading was halted twice within minutes of the opening due to extreme volatility. By the closing bell, the Bullish stock price had settled at $70, still delivering early investors a remarkable first-day return.
The IPO saw Bullish offer 30 million shares, raising $1.1 billion and valuing the company at $5.41 billion at its pricing. Institutional enthusiasm was strong, with investment giants BlackRock and Cathie Wood’s Ark Invest expressing interest in acquiring up to $200 million worth of shares.
From SPAC Setback to IPO Triumph
This debut marks a comeback for Bullish after a failed 2021 SPAC merger that would have valued the company at $9 billion. That deal collapsed amid regulatory scrutiny, forcing the crypto exchange to withdraw its registration. This time, the company’s public market entry has been met with significant optimism from both institutional and retail investors.
CEO Tom Farley, formerly the COO and president of the NYSE Group, framed the IPO as a strategic move to capture the next wave of digital asset adoption. “The digital assets industry is at the inflection point of institutional adoption, and Bullish is uniquely positioned at the center of this market,” Farley said. The firm’s institutional-focused infrastructure model, he added, brings compliance and trust to the often volatile crypto sector.
Riding the IPO Wave of 2025
The strong performance of BLSH stock comes amid a broader resurgence in U.S. IPO activity. So far in 2025, 133 companies have gone public with offerings worth more than $50 million, up 58% from the same period last year, according to Renaissance Capital. Recent high-profile debuts like Figma (FIG) and Circle (CRCL) have also generated market excitement.
The Bullish IPO was priced above its initial range of $32 to $33, reflecting heightened demand. Initially, the company considered a price between $28 and $31 before revising upward. The enthusiasm on display suggests investors are eager to gain exposure to well-capitalized crypto platforms with established operational models.
Crypto Meets Wall Street
Beyond its exchange business, Bullish owns CoinDesk, a leading crypto media outlet, giving it both market infrastructure and content influence in the blockchain industry. The company’s dual position as a market operator and media presence could prove advantageous in building brand authority and user trust in the competitive crypto trading space.
The success of BLSH also signals renewed confidence in crypto-related equities after a period of market caution. While digital assets have faced regulatory headwinds, companies like Bullish — with compliance-focused models and high-profile leadership — are increasingly seen as safer bets in the evolving landscape.
Outlook for BLSH Stock Price
While the Bullish stock price cooled from its intraday peak, market analysts say early volatility is common for high-profile IPOs, especially in emerging sectors like digital assets. The strong debut suggests sustained interest, but future performance will depend on trading volumes, regulatory developments, and the broader crypto market cycle.
Given the enthusiasm surrounding the debut, many investors will be watching whether BLSH can maintain its momentum in the coming weeks — or if the market will see a natural correction after the initial hype.
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