Crypto Exchange Operator Bullish (BLSH) launched its IPO on the US stock market on Wednesday, almost tripling its value in just a few hours. Initially trading at $37 per share, BLSH shares have grown just over 80% in a day, trading at $68 with the market shutdown. Stock surged from up to 200% of the day to $110, but within the first few minutes of the transaction, at least two volatility stopped trading.
At the IPO price, which was offered 30 million shares, bulls raised $1.1 billion, valued the fintech company at $5.4 billion. Several crypto-based fintech platforms and companies have been successful in the stock market this year, and Stablecoin issuer CRCL has inspired many efforts. By Wednesday, 2025, 133 IPOs have so far been in the market with over $50 million, up more than 58% from last year, according to IPO Tracker and ETF operator Renaissance Capital.
Plus, Bullish has been on the rally this year with major cryptocurrencies. Bitcoin has grown by more than 28% since the start of the year, but Ethereum’s ETH has risen by more than 40%, riding a major surge in the past two months. The “bulky” crypto market and recent success in crypto forward stocks portray the bright future for BLSH for the coming months.
Bullish in particular already has several top investors interested in its stock. According to securities filing, asset management giants BlackRock and Cathy Wood’s investment company fund Ark Invest has expressed interest in purchasing up to $200 million worth of shares in the offering.
“We are planning an IPO because we believe the digital asset industry is beginning to grow next,” said Thomas Farley, former COO and CEO of NYSE Group, in a letter to investors regarding the delivery of Bullish. “We believe that the digital asset industry is at an inflection point of institutional adoption and bullishness is uniquely positioned at the heart of this market. We are proud to see that our market infrastructure model, focused on compliant institutions, is time-tested and working.
