Shares of cryptocurrency exchange Bullish (BLSH) surged to $102 during their New York Stock Exchange debut on Wednesday, more than doubling their $37 IPO price. The Cayman Islands-based firm priced its offering above the revised $32-$33 range, achieving a $5.4 billion market valuation and raising $1.11 billion through the sale of 30 million shares—upsized from 20.3 million due to overwhelming demand.
Major institutional investors BlackRock and ARK Investment Management committed to purchasing up to $200 million worth of shares, signaling robust confidence. Bullish CEO Tom Farley emphasized the institutional adoption wave in crypto, contrasting the exchange's institutional focus with retail-centric platforms like Coinbase. Since its 2021 launch, Bullish has processed over $1.25 trillion in trading volume.
The successful IPO coincides with favorable regulatory shifts under the Trump administration, including the GENIUS Act, and Bitcoin's rally past $100,000. Bitget Research analyst Ryan Lee noted the offering reflects growing institutional trust in centralized exchanges but cautioned that sustained confidence hinges on regulatory clarity. This marks a resurgence for Bullish after a failed 2022 SPAC attempt, with backing from Peter Thiel and leadership from former NYSE president Tom Farley bolstering credibility.