Share this article
Crypto Platform Bullish Shares Debut Above $100, More Than Doubling IPO Price
The company opened for trade on the New York Stock Exchange under the ticker "BLSH" on Wednesday.
Updated Aug 14, 2025, 7:19 a.m. Published Aug 13, 2025, 5:08 p.m.
What to know:
- Bullish (BLSH) opened on the NYSE Wednesday at $102 a share versus the $37 IPO price. They closed at $68.
- The IPO had expanded to 20.3 million shares earlier this week amid strong demand, with BlackRock and Ark Investment Management signaling interest in buying up to $200 million worth.
- Since launching in 2021, Bullish has processed over $1.25 trillion in trading volume and is entering public markets as Wall Street’s interest in regulated crypto platforms grows.
Shares of crypto exchange Bullish (BLSH) soared as high as $102 in initial trades on Wednesday, their first day of action on the New York Stock Exchange before closing at $68.
The company priced its initial public offering (IPO) at $37 per share, above the expected $32 to $33 range. That price valued the Cayman Island-based crypto exchange at a total market value of $5.4 billion.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Bullish, which is the owner of CoinDesk, earlier this week expanded the amount of shares it sold in its IPO to 20.3 million as investor appetite turned out to be larger than anticipated. Both BlackRock and Ark Investment Management had expressed interest to buy up to $200 million worth of shares.
“The last leg of growth in crypto in the last 10 years was basically all retail and if you look now, the institutional wave has begun, it’s here, it’s a question of how big it will be,” Bullish CEO Tom Farley said in an interview with CNBC.
Unlike retail-focused exchanges such as Coinbase or Kraken, Bullish targets institutional investors seeking exposure to digital assets while relying on the oversight and safeguards of a centralized platform.
The exchange saw trading volume of over $1.25 trillion as of March 31, since its launch in 2021, according to a filing.
“Bullish's $1.1 billion IPO raise reflects growing institutional confidence in the crypto exchange sector, driven by a favorable regulatory environment under the Trump administration and Bitcoin's surge past $100,000,” said Ryan Lee, chief analyst at Bitget Research.
“This success, alongside Circle's strong IPO performance, signals that institutional investors are increasingly viewing centralized exchanges as viable long-term investments. However, sustained confidence will depend on regulatory clarity and market stability,” he said.
The company’s debut comes at a time of booming interest in crypto-related projects, specifically from Wall Street, as U.S. regulators are getting close to a regulatory framework for the space, allowing participants to engage in a safe way.
UPDATE (Aug. 14, 07:19 UTC): Adds closing share price in first paragraph.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
XRP Underperforms Market as Sudden Bitcoin Surge Ends Up in $387M Liquidations
XRP's technical outlook remains uncertain, with support at $2.05 and resistance at $2.17, as traders watch for volume expansion
What to know:
- XRP posts gains but underperforms compared to the broader digital asset surge, with below-average trading volume raising questions about the move's strength.
- Bitcoin's rise above $94,000 triggered a broad market rebound, leading to significant liquidations and reshuffling of positions.
- XRP's technical outlook remains uncertain, with support at $2.05 and resistance at $2.17, as traders watch for volume expansion to confirm momentum alignment.
Top Stories
