Nikolas Sargeant
Cryptocurrency exchange operator Bullish made a spectacular debut on the New York Stock Exchange Wednesday, with shares surging more than 150% above its initial public offering price of $37. The stock opened at $90 and reached intraday highs of $118 before settling around $92.60, giving the company a market valuation of approximately $13.16 billion on its first day of trading.
The impressive debut underscored growing institutional confidence in the cryptocurrency sector, which recently topped $4 trillion in total market capitalization. Bullish raised $1.11 billion in its IPO, initially valuing the company at $5.4 billion, making it one of the largest crypto-related public offerings in recent years. The parent company of crypto news website CoinDesk priced its shares above the expected range, signaling strong investor demand ahead of the listing.
Peter Thiel's backing and NYSE-experienced leadership bolster credibility in crypto's $4T market boom, contributing to the positive market reception. Major institutional investors including BlackRock and Ark Invest were among early buyers, demonstrating mainstream adoption of digital asset investments. The successful debut comes amid a broader rally in crypto-related stocks and growing regulatory clarity in the United States. The stablecoin issuer Circle has also applied to join the NYSE
U.S. capital markets have been generally bullish on crypto-related investments since President Trump took office, creating a favorable environment for digital asset companies seeking public listings. The Bullish debut may pave the way for other cryptocurrency firms to pursue IPOs, as investor appetite for exposure to the digital asset ecosystem continues to strengthen. The company's strong performance reflects broader institutional adoption trends and increasing integration of cryptocurrency services into traditional financial markets.
