14.08.2025 06:38
Bullish, the Peter Thiel-backed cryptocurrency exchange, experienced a spectacular debut on the New York Stock Exchange on August 13th. Its shares, trading under the ticker symbol BLSH, nearly doubled on their first day of trading, closing at $68 – an impressive 83% increase from its initial public offering (IPO) price of $37. This remarkable performance attracted significant investor attention.
The surge in Bullish's stock price was further amplified by a substantial investment from Ark Invest, the renowned investment firm led by Cathie Wood. On the very first day of trading, Ark Invest acquired a staggering 2.5 million BLSH shares, demonstrating strong confidence in the company's future prospects. This purchase was spread across three of Ark Invest's ETFs: ARK Innovation ETF (ARKK), ARK Next Generation Internet ETF (ARKW), and Ark Fintech Innovation ETF (ARKF).
Bullish's successful IPO marks a significant milestone, particularly considering its previous attempt to go public via a Special Purpose Acquisition Company (SPAC) merger in 2021. That deal ultimately failed amidst regulatory uncertainty. However, with the crypto regulatory landscape evolving, Bullish, along with other firms like Circle (CRCL), has opted for a traditional IPO route. Bullish CEO Thomas Farley, in a statement to investors, attributed the IPO decision to a perceived burgeoning growth in the digital asset industry and a commitment to transparency and compliance.
The company's initial public offering was significantly oversubscribed, receiving twenty times the number of subscriptions compared to the 30 million shares initially offered. This overwhelming demand underlines the considerable interest in Bullish and the wider cryptocurrency exchange market. The substantial first-day gains and prominent investor backing suggest a promising future for Bullish on Wall Street.
