Cryptocurrency exchange operator Bullish (BLSH.N) was valued at approximately $13.16 billion after its shares more than doubled during its debut on the New York Stock Exchange on Wednesday. This highlighted investor confidence in the sector and improved the outlook for future listings of other digital asset companies in the U.S.
The parent company of cryptocurrency news site CoinDesk raised $1.11 billion during its IPO, valuing the business at $5.4 billion — another sign of growing adoption of digital assets in a market that recently surpassed $4 trillion.
“Bullish offered an attractive initial valuation, and investors responded with aggressive share price growth even before the IPO,” said Jeff Zell, senior analyst at IPO Boutique.
Shares opened at $90 and traded more than 150% above the IPO price of $37 in afternoon trading. They rose to $118 before falling back to $92.60.
A series of regulatory wins under the pro-crypto White House, the adoption of corporate treasury bonds, and inflows into ETFs have boosted interest in an asset class once considered niche. This helped Bitcoin — the market leader — reach record prices.
Other companies planning to go public include exchange operator Gemini and asset manager Grayscale, which have filed for public offerings.
“Today we went public, and there are many others to follow. It gives people more access to this asset class,” Bullish president Chris Tyrer said in an interview with Reuters.
According to him, Bullish is close to completing the two-year process of obtaining a virtual currency BitLicense in New York. The license requires companies to comply with client identification, anti-money laundering regulations, and maintain sufficient capital.
Backed by Peter Thiel, the company plans to convert a significant portion of IPO proceeds into stablecoins — a rapidly growing segment of the cryptocurrency market following U.S. President Donald Trump signing the Genius Act, which sets a regulatory framework for dollar-linked cryptocurrencies.
Institutional Focus
Bullish’s debut is a rare case of a cryptocurrency exchange listing in the U.S. The company joins larger retail-focused competitor Coinbase (COIN.O), which in May became the first crypto player added to the S&P 500 index.
Founded in 2020, Bullish targets institutional clients. Its crypto assets are expected to grow, partly due to a new White House directive allowing alternative investments in 401(k) retirement plans.
“A purely institutional strategy allows Bullish to generate more stable and predictable revenue than exchanges reliant on retail trading, which is often cyclical and sentiment-driven,” explained Michael Hall, co-head of investments and partner-founder of Nickel Digital Asset Management.
Bullish CEO Tom Farley previously led the New York Stock Exchange.
“For a sector still struggling with reputation challenges, such managerial experience can be a decisive factor in attracting institutional clients,” Hall added.