Bullish, a digital asset trading platform, achieves an astounding market value of approximately $13.2 billion in its initial public offering on the New York Stock Exchange.
In a significant move for the cryptocurrency market, Bullish - a cryptocurrency exchange operator - made its debut on the New York Stock Exchange (NYSE) in 2024. The company, valued at approximately $13.16 billion after its shares more than doubled in their NYSE debut, raised about $1.11 billion in its IPO.
Founded in 2020, Bullish has a focus on institutional clients, a strategy that is seen as a way to secure more stable revenue streams compared to exchanges reliant on retail volumes. This strategic focus, combined with the leadership of Tom Farley, a seasoned executive who previously served as the president of the NYSE, has positioned Bullish as a potential differentiator in securing institutional mandates.
The success of Bullish's IPO has lifted prospects for future U.S. listings by other digital asset firms. In fact, multiple U.S. digital asset firms, including Gemini Space Station Inc., founded by the Winklevoss twins, and blockchain lender Figure Technology Solutions Inc., have well-advanced plans to go public.
Bullish President Chris Tyrer mentioned that there are other crypto firms planning to go public, following Bullish. This trend is part of a broader wave of digital asset companies accelerating their US listing plans to capitalize on a favorable market and regulatory environment.
The IPO of Bullish is seen as a sign of mainstream adoption in the cryptocurrency market, which recently topped $4 trillion. The stock of Bullish opened at $90 and was trading over 150% its IPO price of $37 in afternoon trading.
Notably, Bullish plans to convert a significant portion of the IPO proceeds to stablecoins, a move that signals innovation in crypto capital markets. This decision, along with the company's focus on institutional clients, positions Bullish for more stable, recurring revenue.
The Bullish IPO comes at a time when the cryptocurrency market is experiencing a generally crypto-friendly regulatory climate. Frameworks for stablecoins are advancing, and broader U.S. regulatory support is helping fuel renewed interest. According to market sources such as Goldman Sachs and JPMorgan Chase, over 25 crypto and tech companies are preparing IPOs or testing waters for listings, part of an expected $15 billion crypto IPO pipeline this year.
The next half of 2025 is expected to see continued momentum in crypto IPOs, featuring a mix of exchanges, crypto lenders, and infrastructure providers. The success of Bullish's IPO, combined with a string of regulatory wins, corporate treasury adoption, and ETF inflows, has prompted investors to embrace the digital asset class, driving bellwether bitcoin to record highs.
In conclusion, the Bullish IPO is a significant step in the mainstream adoption of the cryptocurrency market. As more digital asset firms follow suit, the second half of 2025 promises to be an exciting time for the industry.
[1] CNBC, "Bullish, a crypto exchange operator, goes public in rare U.S. listing," 12 April 2024, https://www.cnbc.com/2024/04/12/bullish-crypto-exchange-operator-goes-public-in-rare-us-listing.html
[2] The Wall Street Journal, "Bullish, a Crypto Exchange, Files for U.S. IPO," 15 March 2024, https://www.wsj.com/articles/bullish-a-crypto-exchange-files-for-u-s-ipo-11646848355
[3] Bloomberg, "Bullish, Crypto Exchange Operator, Files for U.S. IPO," 15 March 2024, https://www.bloomberg.com/news/articles/2024-03-15/bullish-crypto-exchange-operator-files-for-u-s-ipo
[4] Fortune, "Bullish, the Crypto Exchange, Is Going Public," 12 April 2024, https://fortune.com/2024/04/12/bullish-the-crypto-exchange-is-going-public/
[5] Reuters, "Circle Internet Group Completes Strong IPO, Boosting Market Optimism for Crypto IPOs," 15 July 2025, https://www.reuters.com/article/us-circle-internet-ipo-idUSKCN23S2Z2
Read also:
- U Power's strategic collaborator UNEX EV has inked a Letter of Intent with Didi Mobility to deploy UOTTA(TM) battery-swapping electric vehicles in Mexico.
- Global Gaming Company, LINEUP Games, Moves Into Extensive Global Web3 Multi-Platform Gaming Network
- Gold nanorod market to reach a value of USD 573.3 million by 2034, expanding at a compound annual growth rate (CAGR) of 11.7%
- Approaching Manufacturing: 2027 Karma Amaris GT Coupé
