Peter Thiel-backed cryptocurrency exchange Bullish made a striking debut on the New York Stock Exchange on Wednesday, surging more than 80% in its first day of trading and underscoring investor appetite for digital asset stocks amid a political and regulatory environment increasingly favorable to the sector.
The Cayman Islands–domiciled exchange priced its initial public offering at $37 a share, raising $1.11 billion and giving it a market capitalization of $5.4 billion at the offer price. Investor enthusiasm was evident even before trading began, as the company twice raised its target price in the days leading up to the listing.
Shares opened at $90, rocketed to $118 intraday, and settled at $68 — still 83% above the IPO price — for a fully diluted valuation reaching about $13.16 billion. In late afternoon trading, the stock was quoted at $92.60, more than 150% higher than its offer price.
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“Bullish came out with an attractive initial valuation, and investors responded by aggressively bidding it up during the pre-IPO process,” said Jeff Zell, senior research analyst at IPO Boutique.
Bullish president Chris Tyrer said the offering’s reception reflected the public capital markets’ growing willingness to back crypto-focused businesses, citing the strong post-listing performance of Circle Internet, the stablecoin operator whose shares have surged since its June debut.
“We’ve gone public today, and there’s a slew of others that are going to follow us, and I think that is net beneficial, because it gives people more options in terms of how they access this asset class,” Tyrer told Reuters.
The IPO came as bitcoin prices have reached record highs, driven in part by US President Donald Trump’s reversal of the Biden-era crackdown on digital assets. Trump has positioned himself as a staunch ally of the cryptocurrency industry, with his administration advancing legislation to regulate stablecoins — most notably the Genius Act — and supporting broader corporate adoption of blockchain technologies. The White House’s pro-crypto stance, coupled with ETF inflows and growing interest from corporate treasuries, has accelerated mainstream acceptance of digital assets.
Bullish, which describes itself as an “institutionally focused” exchange, caters to quantitative traders and hedge funds rather than retail investors. The company says it handled about 35% of all bitcoin spot trading in 2024, excluding offshore platforms such as Binance. In addition to operating its trading platform, Bullish owns CoinDesk, the crypto news outlet and data provider it acquired in 2023. The exchange also maintains large reserves of bitcoin and stablecoins on its balance sheet and plans to convert a significant portion of its IPO proceeds into stablecoins — a segment of the market that has expanded rapidly since the passage of the Genius Act.
Among Bullish’s earliest backers were Thiel, US crypto billionaire Mike Novogratz, and British hedge fund manager Alan Howard, though Howard has since exited his stake. Tyrer emphasized that while Thiel provided early funding, “he is not really involved day to day” in the company’s operations.
Bullish’s debut comes amid a wave of blockbuster US IPOs in recent weeks. Circle’s shares jumped 168% on their first day, while design software company Figma soared 250%. The sharp rallies have renewed criticism from some investors, such as venture capitalist Bill Gurley, that IPO underwriters are leaving substantial money on the table by underpricing offerings.
Despite the market’s euphoria, Bullish reported a net loss of $349 million in the three months to March 31, compared with net income of $105 million in the same period last year. The exchange abandoned an earlier attempt to go public via a special purpose acquisition company in 2021 when rising US interest rates dampened equity markets.
Now, buoyed by shifting political winds and record digital asset valuations, Bullish is one of only a few crypto exchanges to achieve a US listing. Its rival, Coinbase, which caters more to retail investors, became the first crypto firm to join the S&P 500 in May. Bullish is also close to securing a coveted New York “BitLicense,” which would allow it to operate in the state under strict know-your-customer, anti-money laundering, and capital requirements.
For Tyrer, the market debut is less about chasing the highs and more about preparing for the inevitable cycles in digital assets.
“Crypto is an asset class that has cycles. Peaks are peaky and troughs are deep,” he said. “I don’t think we have yet seen anything that would lead me to believe we’re in a bubble.”