Bullish (BLSH) lived up to its name at the first tick – jumping to $90.00 in its opening trade on the New York Stock Exchange shortly after 1 p.m. EDT today – for a moonshot gain of 143.24 percent from its $37.00 IPO price. After about 90 seconds of trading and a climb to $102.44 – up 196.86 percent – Bullish trading was halted. Trading quickly resumed and the stock went above $115 – up about 205 percent. By around 1:44 p.m., Bullish shares were trading at around $93 to $94 – still more than double the IPO price – on volume of about 30.3 million shares so far. At that point, Bullish stock was up about 151.8 percent from its IPO price. (A moonshot occurs when a stock doubles its IPO price – or more – on its first day of trading.)
Bullish (BLSH) closed at $68.00 – up $31.00 for a gain of 83.78 percent from its $37.00 IPO price – on NYSE volume of 56.4 million shares on Wednesday, Aug. 13, 2025 – its first day of NYSE trading.
With the Bullish IPO planned so the stock would start trading on the NYSE on Aug. 13th, do you think someone at Bullish – or the NYSE – or both – likes the number 13?
Bullish (BLSH) priced its IPO at $37.00 – $4.00 above the top of its recently increased range – and sold 30 million shares – the number in the prospectus – to raise $1.11 billion on Tuesday night, Aug. 12, 2025 – in one of the most highly anticipated IPOs of this hot IPO summer.
Bullish, the crypto exchange and CoinDesk publisher backed by billionaire Peter Thiel, had a market cap of about $13.2 billion after it started trading on the NYSE, as Bloomberg noted. At pricing, Bullish had a market cap of about $5.41 billion.
Tom Farley, the CEO of Bullish, is the former president of the NYSE Group, which includes the New York Stock Exchange.
J.P. Morgan and Jefferies were the lead book-running managers of the IPO. Citigroup was the joint book-running manager. Cantor, Deutsche Bank Securities and Societe Generale acted as additional book-running managers. The co-managers were Canaccord Genuity, Keefe, Bruyette & Woods (a Stifel company), Oppenheimer & Co. and Rosenblatt.
By pricing the IPO at $37.00 a share, Bullish raised about $125 million more than it would have if it had done the deal at the $32.50 mid-point of its range. Bullish increased the IPO’s size and the price range early Monday, Aug. 11, to 30 million shares at $32.00 to $33.00 to raise $975 million – up from the original terms disclosed a week earlier of 20.3 million shares at $28.00 to $31.00 to raise $598.8 million.
Bullish launched its IPO on Aug. 4th – about two weeks after President Donald Trump signed the Genius Act, the first federal law to regulate stablecoins, on July 18, 2025.
Founded in 2020, Bullish (BLSH) was created “with the vision to build an institutional-grade global exchange,” according to the prospectus. Its goal is “to drive the adoption of stablecoins, digital assets, and blockchain technology.” The company is based on Grand Cayman.
Bullish acquired CoinDesk in 2023. Through that acquisition, “we expanded our product offering to provide trusted insights, authoritative news, data, indices and transparent analysis to the digital assets industry while facilitating partnerships, investment opportunities, and community engagement through our flagship Consensus conference. Our October 2024 acquisition of CCData significantly expanded our data and information services integrating one of the industry’s foremost digital asset data and index providers and further cementing our best-in-class product suite.”
The company was not profitable for the 12 months that ended March 31, 2025, according to the prospectus.
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