14.08.2025 03:02
Bullish, the cryptocurrency exchange boasting prominent backing from Palantir co-founder Peter Thiel's Founders Fund, along with Nomura and Galaxy Digital, experienced a spectacular debut on the New York Stock Exchange. Its shares surged over 150%, far exceeding initial expectations, closing at $75.3 after reaching a peak of $109.9 during the trading day. This remarkable performance valued the firm at approximately $9.94 billion.
Having already secured $1.11 billion in pre-IPO funding, Bullish priced its 30 million shares at $37, surpassing the projected range. This successful initial public offering (IPO) marks a significant event, representing a rare US listing for a cryptocurrency exchange and highlighting the burgeoning confidence in the digital asset sector. Jeff Zell, a senior research analyst at IPO Boutique, attributed the strong investor response to Bullish's attractive initial valuation and aggressive pre-IPO bidding.
The company's journey to the public market wasn't without its challenges. After abandoning a planned SPAC merger in 2022, Bullish successfully navigated the IPO process, confidentially filing with JPMorgan and Jefferies in June. The firm’s leadership, headed by former New York Stock Exchange president Tom Farley, who will assume the chairman role, is a key factor contributing to its success. Farley's extensive market structure expertise and strong relationships with institutional clients provide Bullish with a significant competitive edge in the rapidly evolving cryptocurrency exchange landscape.
Bullish's focus on institutional clients positions it to capitalize on the anticipated growth in institutional crypto holdings driven by emerging regulations. This strategic focus mirrors the success of other firms like Circle Internet Group, whose shares skyrocketed over 500% upon its debut, illustrating the robust investor appetite for crypto-related equity investments. The NYSE's enthusiastic welcome of Bullish, alongside the pursuit of public listings by other notable companies such as Gemini, Grayscale, Figure Technology, and BitGo, further underscores the growing momentum in this sector. The listing also comes at a time of heightened investor optimism within the digital assets market.
