Bullish, a cryptocurrency exchange backed by tech billionaire Peter Thiel and former New York Stock Exchange President Tom Farley, raised $1.1 billion in its initial public offering (IPO) and saw its stock price surge. The company priced its IPO at $37 per share, significantly above the expected range of $32 to $33.
The stock opened at $90 on the New York Stock Exchange, a gain of 143% compared to its IPO price. By day’s end, Bullish had a market value of $10.25 billion. The company sold 30 million shares in the IPO, representing 19.9% of its total stock.
Bullish focuses on institutional investors and blends decentralized finance protocols with the security of a centralized company. Tom Farley stated that the “institutional wave” in crypto has begun, and he believes Bullish’s IPO is a sign that this trend will continue to grow.
The company’s platform has seen significant trading volume, exceeding $1.25 trillion as of March 31. Bullish also owns the crypto news website CoinDesk. The recent success of other crypto companies’ IPOs, including Circle and eToro, suggests that the favorable attitude toward the crypto industry by the Trump administration is attracting more companies to go public.
This marks the second attempt by Bullish to go public since its launch in 2021.
Source: https://www.cnbc.com/2025/08/13/crypto-exchange-bullish-more-than-doubles-in-nyse-debut-after-pricing-ipo-above-expected-range.html