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5d ago

Bullish Prices IPO at $37, Raises $1.11 B, Shares More Than Double in NYSE Debut

Institutional backers signaled strong demand with nearly $200 million in orders, marking a pivot toward dollar-pegged stablecoin reserves.

A person walks past a banner for Bullish, a cryptocurrency exchange operator, during the company's IPO at the New York Stock Exchange (NYSE) in New York City, U.S., August 13, 2025. REUTERS/Brendan McDermid
Crypto platform bullish shares debut above $100, more than doubling ipo price
Peter Thiel-backed Bullish pushes IPO target higher, eyes $4.8b valuation

Overview

  • Bullish sold 30 million shares at $37 each, raising about $1.11 billion and valuing the Peter Thiel-backed exchange at roughly $5.4 billion.
  • Underwriters JPMorgan Chase, Jefferies and Citigroup anchored the upsized offering while BlackRock and ARK Investment Management indicated orders for up to $200 million of shares.
  • Company filings disclosed estimated Q2 net income of $106–$109 million, reversing earlier quarterly losses.
  • Bullish plans to convert a significant portion of IPO proceeds into dollar-pegged stablecoins as part of its treasury strategy.
  • Shares opened at $90 and more than doubled the IPO price in volatile NYSE trading, underscoring strong investor appetite and market swings.