Bullish Crypto Exchange Makes Strong NYSE Debut

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Bullish, the cryptocurrency exchange backed by billionaire investor Peter Thiel, successfully debuted on the New York Stock Exchange on August 13, 2025, raising approximately $1.1 billion in its initial public offering (IPO).

IPO Pricing and First-Day Performance

The company priced its shares at $37, exceeding the expected range of $32 to $33. Bullish opened trading at $90, representing a 143% jump from its IPO price. Shares reached an intraday high of $118 before closing at $70, marking an overall first-day gain of nearly 90%. The closing price gave the exchange a market capitalization of more than $10 billion.

Strategic Positioning in the Crypto Market

This IPO marks a significant milestone for Bullish, which had previously attempted to go public via a SPAC merger in 2021. The company positions itself as a key player in the cryptocurrency sector by combining decentralized finance protocols with the security and oversight of centralized trading platforms.

Institutional Demand and Broader Market Context

The strong debut reflects growing institutional interest in the digital asset industry. Bullish’s launch follows a series of high-profile IPOs in the tech and crypto markets, underscoring robust investor appetite for new listings despite ongoing market volatility.

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