Bullish’s IPO Opens to Frenzy, Hits Triple Digits Before PullbackThe stock opened at $90 at 1:00 p.m. ET, skyrocketing to $118 shortly after—more than a 215% increase from its IPO price of $37. Trading was temporarily halted at least twice within minutes due to extreme volatility.By the closing bell, Bullish’s shares had settled at $70, still representing a nearly 90% gain from the IPO price. In Thursday’s premarket session, the stock climbed another 12% to $78, valuing the company above $10 billion.Institutional Backing Fuels Market DebutAhead of the IPO, Bullish drew major institutional interest. BlackRock and Ark Invest, the firm led by Cathie Wood, signaled their intention to buy up to $200 million worth of shares, according to regulatory filings. CEO Thomas Farley, former president and COO of the NYSE Group, described the IPO as a strategic move to capitalize on what he sees as a turning point for institutional adoption of digital assets.
“We believe the digital assets industry is entering its next phase of growth,” Farley told investors. “Bullish’s institutional-grade market infrastructure is a proven model, and we’re bringing that reliability to the crypto market.”Second Attempt at Public Listing Proves SuccessfulThis IPO marks Bullish’s second attempt to go public. The company previously sought a listing through a SPAC merger in 2021 that would have valued it at $9 billion, but the deal collapsed under regulatory scrutiny. This time, Bullish offered 30 million shares at $37 each, raising $1.1 billion and valuing the firm at $5.41 billion at the offering price—before its first-day rally nearly doubled that valuation.IPO Market Sees Strong Recovery in 2025Bullish’s debut comes amid a revival in the IPO market. Data from Renaissance Capital shows that as of Wednesday, there have been 133 IPOs worth more than $50 million in 2025, up 58% from the same period last year. Recent high-profile IPOs such as Figma (FIG), Circle (CRCL), CoreWeave (CRWV), and Galaxy Digital (GLXY) have all seen strong first-day performances, though some have since moderated.Circle’s June debut saw shares jump 168% on day one, while Figma’s late-July listing spiked more than 250%. AI infrastructure provider CoreWeave is still up over 200% since its March IPO, despite recent pullbacks.Riding the Wave of Crypto and Tech Stock RalliesBullish’s success has been buoyed by a broader rally in cryptocurrency markets this year. Bitcoin has gained over 30% in 2025, Ethereum is up more than 40%, and Ripple’s XRP has surged by 57%.The Bullish Exchange, the company’s core business, offers both spot and derivatives trading tailored for institutional clients, with an average daily trading volume of $2.6 billion in Q1, according to its prospectus.With strong investor demand, high-profile backers, and a booming digital asset market, Bullish’s debut not only exceeded expectations but also reinforced that the IPO window in 2025 is wide open—defying early-year predictions of sluggish activity.
“We believe the digital assets industry is entering its next phase of growth,” Farley told investors. “Bullish’s institutional-grade market infrastructure is a proven model, and we’re bringing that reliability to the crypto market.”Second Attempt at Public Listing Proves SuccessfulThis IPO marks Bullish’s second attempt to go public. The company previously sought a listing through a SPAC merger in 2021 that would have valued it at $9 billion, but the deal collapsed under regulatory scrutiny. This time, Bullish offered 30 million shares at $37 each, raising $1.1 billion and valuing the firm at $5.41 billion at the offering price—before its first-day rally nearly doubled that valuation.IPO Market Sees Strong Recovery in 2025Bullish’s debut comes amid a revival in the IPO market. Data from Renaissance Capital shows that as of Wednesday, there have been 133 IPOs worth more than $50 million in 2025, up 58% from the same period last year. Recent high-profile IPOs such as Figma (FIG), Circle (CRCL), CoreWeave (CRWV), and Galaxy Digital (GLXY) have all seen strong first-day performances, though some have since moderated.Circle’s June debut saw shares jump 168% on day one, while Figma’s late-July listing spiked more than 250%. AI infrastructure provider CoreWeave is still up over 200% since its March IPO, despite recent pullbacks.Riding the Wave of Crypto and Tech Stock RalliesBullish’s success has been buoyed by a broader rally in cryptocurrency markets this year. Bitcoin has gained over 30% in 2025, Ethereum is up more than 40%, and Ripple’s XRP has surged by 57%.The Bullish Exchange, the company’s core business, offers both spot and derivatives trading tailored for institutional clients, with an average daily trading volume of $2.6 billion in Q1, according to its prospectus.With strong investor demand, high-profile backers, and a booming digital asset market, Bullish’s debut not only exceeded expectations but also reinforced that the IPO window in 2025 is wide open—defying early-year predictions of sluggish activity. 
