The company raised $1.1 billion through its initial public offering, priced 30 million shares at $37 each. This gave Bullding a market value of $5.4 billion at launch, but the strong performance of the stock made its valuation exceeding $13 billion by the end of trading day.
From filing to trading floors
Bullish first applied for an IPO in July 2025. The company initially planned to sell fewer stocks in the lower price range, but increased due to strong investor demand. The original plan was to demand 20.3 million shares, priced at $28-31 each, with a valuation of $4.2 billion.
The final IPO terminology showed how much appetite investors were cast against crypto-related stocks. Major institutional investors, including BlackRock and Ark Investment Management, have expressed interest in purchasing stocks worth up to $200 million at the offer price.
On trading day, bulls opened for $90, almost doubled the IPO price. The stock reached $118 before it settled down. This performance has made it one of 2025's most successful IPOs.
Company background and leadership
Bullish was founded in 2020 as a spinoff from the Blockchain Software Company block. The exchange is supported by billionaire investor Peter Thiel through his founder fund and Tiel Capital. Other major investors include Japanese financial company Nomura and crypto investor Mike Novogratz.
The company is led by CEO Tom Farley, who previously served as president of the New York Stock Exchange. This Wall Street experience helped me to position myself as a facility-grade platform rather than targeting everyday retail investors.
Bullish also owns Coindesk, the popular Crypto News website that it acquired in 2023. The exchange is operated through subsidiaries in several countries, including Hong Kong, Singapore, the UK, Germany and Gibraltar.
Strong trading performance despite recent losses
The exchange has built an impressive trading volume since its launch in 2021. In the first quarter of 2025 alone, bulls processed average daily trading volumes of over $2.5 billion. This ranked it in one of the top five exchanges in trading volumes for Bitcoin and Ethereum Spot.
Since its launch, as of March 31, 2025, the bullish platform's total trading volume has exceeded $1.25 trillion. The company claims to own more than $1.9 billion in liquid assets, including cash, Bitcoin, stubcoin and other digital currencies.
However, the company's recent financial performance illustrates the challenges of operating in the volatile crypto market. Bullish reported net profit of $80 million in 2024, but recorded a significant loss of $349 million in the first quarter of 2025.
It's different from the Coinbase path
Coinbase became the first major crypto exchange to be published in the US, but chose a different route. Coinbase published its direct list of Nasdaq in April 2021, not through the traditional NYSE IPO.
Source: @nyse
This makes Bullish's achievements unique. The company completed its traditional initial public offering and chose the NYSE, which is more prestigious than the Nasdaq. Bullish focuses primarily on institutional clients, while Coinbase has built its business around retail investors.
The timing is also very different. Coinbase was published during Crypto Boom in 2021, but Bullish is entering the open market at a more mature stage in the industry with clearer regulatory guidelines.
The crypto industry will become mainstream
Bullish's successful IPO reflects a broader shift in how traditional finance views cryptocurrency. The Trump administration has taken a more supportive attitude towards digital assets, including signing the Genius Act in July 2025. This law provides the first major federal framework for stubcoin.
Several other crypto companies are following similar paths to the open market. Circle, the company behind USDC Stablecoin, was published in June 2025 and it was revealed from the IPO price that its share price exceeded 400%. Galaxy Digital moved the list from Toronto to Nasdaq in May, with Etoro completing the IPO at the same time.
Other major players, including Gemini, Grayscale and Bitgo, have submitted documents for their official services. This wave of IPOs indicates that the crypto industry has become part of traditional financial markets.
The strong investor interest in these products also reflects the growing institutional adoption of digital assets. Many pension funds and asset managers want exposure to cryptocurrency through publicly traded companies rather than directly retaining cryptocurrency.
What does this mean for cryptography?
Bullish's historic NYSE list is a turning point for the cryptocurrency industry. A successful IPO shows that major exchanges can attract mainstream investors and operate under traditional financial market rules.
The company's institutional focus and experienced leadership team positioned it well for this transition. With over $1 billion in fresh capital, Bullish can invest in technology upgrades, regulatory compliance and geographical expansion.
For the broader crypto sector, successful bulishing opens the door for more exchanges and affiliates to pursue public lists. This can lead to the legitimacy and mainstream adoption of digital assets over time.
