Bullish Skyrockets 90% on IPO Debut, Crypto Exchange Now Worth Over $10B

​A Debut to Remember
Crypto exchange Bullish came charging out of the IPO gate like it owned the track. On its first day of trading, the stock surged to a $10+ billion market cap, closing at $70—a whopping 90% jump from its IPO price of $37. The wild ride included an opening print at $90, a sprint to $118 for a jaw-dropping 215% intraday gain, and multiple trading halts as Wall Street scrambled to keep up.

Second Time’s the Charm
It was a second shot at going public for Bullish, which scrapped a 2021 SPAC deal after regulators gave it the side-eye. This time, demand was fierce. The IPO priced above expectations, netting the company $1.1 billion from 30 million shares. Big-name backers like BlackRock and Ark Invest had already circled, ready to scoop up $200 million in stock.

CEO’s Big Picture Vision
CEO Thomas Farley, a former NYSE Group president, framed the debut as perfectly timed. “The digital assets industry is at an inflection point for institutional adoption,” he told investors. Bullish’s bread and butter—the Bullish Exchange—processes $2.6 billion in daily spot and derivatives trades for heavyweight clients. Now, with a public listing, it’s positioning itself as crypto’s institutional safe haven.

Riding the IPO Hot Streak
The IPO also rode the coattails of a sizzling debut season. Circle’s shares exploded 168% on day one back in June, while Figma shot up more than 250% in July. Even after some price cool-offs, these names remain miles above their launch points. Add in crypto’s own bull run—Bitcoin is up over 30% this year, Ethereum more than 40%, and Ripple’s XRP up a staggering 57%—and Bullish’s timing looks less lucky and more calculated.

The Big Question
​Whether the $10 billion valuation holds is anyone’s guess, but for now, Bullish has proven one thing: in 2025’s IPO market, bold bets and big pops are back in style.