Bullish Stock Roars in Latest Crypto IPO, Tripling Offering Price

Shares of crypto exchange Bullish more than tripled the offering price Wednesday, signaling continued interest in digital asset companies going public. 

The shares—BLSH—rose as high as $118 after being offered at $37 in the IPO. Shares were recently trading for about $84 a pop after dipping from the early afternoon peak, currently up 126% on the day.

Bullish’s market value was $12.2 billion, based on the outstanding shares listed in its filing. The firm’s platform allows clients to buy, sell, and bet on the future price of digital coins and tokens, with Bullish more focused on institutional investors rather than retail traders.

The firm’s debut comes as other major companies in the space have also hit traditional markets: San Francisco-based Circle, which issues the USDC stablecoin, had a roaring June NYSE debut where its stock tripled from its original IPO price of $31 per share before soaring to a peak of $299. It was recently trading at $153. 

And brokerage platform eToro’s stock closed 29% higher following its Nasdaq debut in May.

Bullish CEO Tom Farley, who previously was NYSE’s president, said in August that the firm intended to IPO as “the digital assets industry is beginning its next leg of growth.”

Back in 2021, the Peter Thiel-backed firm—which is also now the parent company of crypto publication CoinDesk—agreed to go public via merger with special purpose acquisition company (SPAC) Far Peak in a merger that valued the firm around $9 billion. 

But the plans fell apart a year later due to “time constraints and market conditions” during a brutal bear market and the collapse of several top crypto companies.

Now, though, the crypto space has a far more friendly regulatory environment: The SEC last year approved spot Bitcoin and Ethereum ETFs, and President Trump has employed crypto-friendly staff. The Republican campaigned on a ticket to help the space and received money from Silicon Valley entrepreneurs. 

Under Trump, the SEC has scrapped nearly all of its high-profile lawsuits and investigations against firms in the space.