A Spectacular NYSE Debut

IPO date: August 13, 2025. After shelving a 2021 SPAC plan, Bullish opted for a traditional listing — and the decision paid off. The company priced its offering at $37, above the indicated $32–$33 range, raising approximately $1.11 billion.

Ticker: BLSH

Day-one range: up to $118 intraday (+218% vs. IPO price)

Close: ~$86 (+131%)

Shares traded: ~38M on debut

Offering size: 30M shares (vs. 20.3M planned)

Valuation: intraday peak ~$13B (vs. initial target ~$4.8B)

The larger-than-planned float underscored pent-up demand from investors eager for regulated crypto infrastructure names.

Who’s Behind Bullish — and Who Bought

Bullish counts Peter Thiel among its marquee backers and is helmed by Tom Farley, the former president of the NYSE. Regulatory filings show that BlackRock and ARK Investment Management were among the largest buyers in the offering.

The company is positioned squarely for institutional clients, offering a regulated venue for spot and derivatives trading and emphasizing robust governance and infrastructure.

Crypto IPO Fever

Bullish isn’t alone. In July, stablecoin issuer Circle also executed a highly successful IPO, opening with a strong double-digit gain and securing a multibillion-dollar valuation.

The pipeline looks active: Kraken and several other major players have outlined concrete IPO plans. If market conditions hold, these listings could further amplify institutional participation across the crypto stack.

Why This Matters for the Entire Sector

The back-to-back successes of Bullish and Circle send a clear message: crypto is no longer a niche — it’s an investable asset class for the mainstream institutional crowd. Billion-dollar proceeds, robust books, and participation from global heavyweights like BlackRock and ARK Invest show capital markets are increasingly willing to price regulated crypto companies as growth stories.

The knock-on effects could be meaningful: stronger confidence in listed crypto names, deeper liquidity for spot Bitcoin ETFs, accelerated funding for infrastructure projects, and broader DeFi integrations as public-market validation attracts more long-only capital. 

As covered earlier by FORECK.INFO, U.S. spot Ethereum ETFs — spearheaded by BlackRock and Fidelity — have racked up six straight days of inflows, pulling in a combined $2.33 billion