#BullishIPO
## đ Bullish IPO: Crypto Exchange Soars in Blockbuster NYSE Debut
đ„ Record-Setting First Day
Cryptocurrency exchange Bullish (BLSH) exploded onto the NYSE on August 13, 2025, pricing its IPO at $37/shareâabove its initial \$28â\$31 target and revised \$32â\$33 range. The stock opened at $90 (143% above IPO price), surged to a high of $118 and closed at $68 marking an 84% first-day gain The debut raised $1.11 billion , valuing Bullish at $10.3 billion post-tradingânearly double its pre-IPO \$5.5 billion valuation.
đ€ Leadership & Backing
Led by Tom Farley (ex-NYSE president) and chaired by Brendan Blumer, Bullish targets institutional investors with a hybrid decentralized/centralized model. Backed by Peter Thiel, the exchange also owns Coin Deskand data firm CC Data,diversifying revenue beyond trading fees.
đ Market Context & Demand
The IPO capitalized on resurgent investor confidence in crypto fueled by:
* **Pro-crypto U.S. policies**: Trumpâs "Genius Act" stabilizing stablecoin regulations
* **Institutional adoption**: New rules allowing crypto in 401(k) retirement plans
* **Tech IPO boom**: Following strong debuts of Circle (+168%) and Figma (+250%)
đ Unique Strategies
* **Stablecoin proceeds**: Bullish converted part of its IPO proceeds to stablecoins, a first for a traditional IPO
* **Institutional focus**: Unlike retail-heavy rivals such as Coinbase, Bullish aims for stable recurring revenue from institutions
* **Regulatory edge**: Nearing a **NY BitLicense**, enabling operations in the critical state market
đ Broader Implications
The blockbuster debut signals a crypto IPO renaissance with Gemini and Grayscale also filing to go public.
đĄ The takeaway: Bullishâs explosive entry reflects institutional cryptoâs maturation but sustainability hinges on navigating volatile markets and delivering on its acquisition-driven growth model.