Overview

• Bullish raised $1.1 billion by selling 30 million shares at $37 each in its NYSE IPO.
• Stock opened near $90, hit an intraday high of $118 and settled at $68, marking an 84 percent first-day gain.
• Cathie Wood’s ARK Invest acquired about $172 million of shares and BlackRock signaled plans for up to $200 million in pre-IPO purchases.
• Backed by Peter Thiel and led by ex-NYSE president Tom Farley, Bullish owns CoinDesk and has processed over $1.25 trillion in trading volume since 2021.
• Management plans to channel the proceeds into dollar-pegged stablecoins and pursue broader corporate growth initiatives.