Peter Thiel Backed Exchange Debuts On NYSE

Bullish is debuting on the NYSE today after raising over $1 billion in an upsized IPO. The offering was priced at $37 per share, valuing the company at almost $5.5 billion.

Bullish IPO Soars as Crypto Demand Surges

Bullish, the cryptocurrency exchange operator that owns CoinDesk, begins trading today on the New York Stock Exchange under the ticker “BLSH.” According to an NYSE post, the sale of 30 million shares raised $1.11 billion, giving Bullish a valuation of about $5.41 billion.

The IPO is reported to be more than 20 times oversubscribed. The numbers is a sign of high investor demand in crypto-affiliated stocks despite the recent volatility in the market.

This much-awaited initial offering was upsized and it was sold at $37 per share above the initial range of $32 to $33. Founded by former New York Stock Exchange president Tom Farley and backed by billionaire Peter Thiel, Bullish offers spot trading, futures, and derivatives services.

The platform also owns crypto media outlet CoinDesk, adding a media and information arm to its core exchange business. Analysts see Bullish’s arrival as part of a broader wave of digital asset firms seeking public market exposure.

These firms are making such moves under the Trump administration’s crypto-friendly regulatory stance. Institutional demand has been a major driver behind the offering’s momentum.

As part of the IPO, BlackRock and ARK Invest plan to buy up to $200 million of the shares provided. Such interest by a large-scale investment firm is a major endorsement of Bullish’s growth. The offering was led by JPMorgan, Jefferies and Citigroup.

The debut will test investor sentiment for crypto exchanges in public markets. It could also set the tone for other blockchain companies eyeing listings in 2025.

Bullish’s Debut Leads Crypto’s Public Market Charge

The company’s listing comes during a resurgence in U.S. IPO activity after more than two years of subdued market conditions. Earlier this year, stablecoin issuer Circle made its public debut, with shares climbing over 400% since.

Figma also surged 250% after its debut just two weeks ago. President Donald Trump recently signed legislation establishing a regulatory framework for U.S. dollar-pegged stablecoins.

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Paul

Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
He can be reached via [email protected]

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