Overview

• Bullish sold 30 million shares at $37 each, raising about $1.1 billion in its NYSE initial public offering on August 13.
• The stock opened near $90, climbed to intraday highs around $118 and closed about $68, reflecting an 83–84% gain.
• Cathie Wood’s ARK Invest purchased roughly 2.53 million shares (about $172 million) across three ETFs, and BlackRock had shown pre-IPO interest.
• Post-debut market capitalization estimates diverged—from roughly $9.5 billion at market close to more than $13 billion at intraday peaks—creating ambiguity around its valuation.
• Investors will be watching how Bullish manages insider lock-up expirations and deploys its IPO proceeds to support future growth.