The exchange priced its upsized IPO at $37 per share, above initial estimates, raising $1.11 billion and valuing the company at roughly $5.4 billion.
Investor demand was intense, with reports indicating the deal was more than 20 times oversubscribed. The strong reception comes despite recent crypto market swings, signaling continued appetite for blockchain-related equities.
Founded by former NYSE president Tom Farley and supported by billionaire investor Peter Thiel, Bullish offers spot, futures, and derivatives trading.
Its ownership of CoinDesk adds a media and information division to its core exchange services. BlackRock and ARK Invest are expected to purchase up to $200 million of the newly issued shares — a significant vote of confidence from institutional investors.
The listing arrives amid a rebound in U.S. IPO activity, with Circle and Figma also delivering triple-digit gains post-debut this year.
Analysts note that Bullish’s public launch benefits from a regulatory climate seen as favorable under President Donald Trump, particularly after his recent signing of legislation creating a legal framework for dollar-backed stablecoins.
With JPMorgan, Jefferies, and Citigroup leading the offering, Bullish’s performance will be closely watched as a potential benchmark for other blockchain companies planning listings in 2025.
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