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.

“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.”

In this Tekedia Daily video podcast, Ndubuisi Ekekwe argues that AI represents a generational opportunity comparable to the rise of Bitcoin, which saw an exponential increase in value from being nearly worthless to a significant asset. The speaker identifies three primary ways to capitalize on the AI revolution: by using AI to enhance productivity and increase earnings, by building AI-centric businesses and participating in the rapid creation of wealth, and by investing in the diverse range of companies that form the AI industry’s value chain.

The message is a clear call to action: engage with AI to avoid missing out on what is predicted to be a massive and transformative force.

Indeed, a powerful reminder that AI is not a fleeting trend but a significant industry transformation. Just as those who were skeptical of Bitcoin’s early days later regretted their inaction, the speaker warns against dismissing AI as mere “hype.” The future impact of AI is predicted to be immense, and individuals are encouraged to find their own way to participate in this unfolding opportunity.

The key takeaway is to learn, build, or invest in AI to secure a place in this new economic landscape.

Podcast Video: Sign-up at Blucera and check Tekedia Daily podcast category under Training module.

Airtel Africa and Vodacom Group have entered into a strategic infrastructure-sharing agreement covering Mozambique, Tanzania, and the Democratic Republic of Congo (DRC) in a bid to expand digital connectivity, improve service quality, and reduce operational costs across key African markets.

The deal, which remains subject to regulatory approvals, will see the two telecom giants share fiber-optic networks and tower infrastructure to accelerate the rollout of high-speed internet services, particularly in underserved and rural communities where deployment costs are high.

Under the arrangement, both companies will be able to leverage each other’s existing network assets, reducing the need for costly parallel infrastructure builds. This is expected to result in faster internet speeds, better service reliability, and improved access to mobile, fixed, and financial services.

Driving Digital Inclusion

Vodacom CEO Shameel Joosub called the partnership a “proactive step” toward a sustainable and inclusive digital future for Africa, noting that the company’s goal to connect 260 million customers by 2030 hinges on scalable, cost-efficient network solutions.

Airtel Africa CEO Sunil Taldar echoed this sentiment, stating that collaboration, even between competitors, has become essential to meet Africa’s growing demand for data-driven services.

“Accelerating the deployment of fibre connectivity is key to enabling 4G and 5G technologies in Africa,” Taldar said, adding that the move will also enhance network performance, extend rural coverage, and create more opportunities for digital and financial inclusion.

He noted that partnering with Vodacom will open up greater access to digital and financial opportunities for customers, while meeting all regulatory requirements.

Economic Impact of The Deal

Industry analysts say the deal reflects a broader shift in Africa’s telecom sector toward cooperative infrastructure models. As demand for data surges due to the rise of video streaming, fintech applications, and cloud-based services, operators are increasingly opting to share assets to keep costs down while speeding up network deployment.

In many African countries, infrastructure-sharing agreements have proven effective in bridging connectivity gaps in regions where return on investment is traditionally low. By pooling resources, operators can free up capital for service innovation, while governments benefit from quicker progress toward national broadband and digital economy goals.

The move also positions Airtel Africa and Vodacom to compete more aggressively with MTN Group, which has been expanding its own cross-border infrastructure-sharing agreements. Airtel Africa struck a similar deal with MTN earlier this year in Nigeria and Uganda, while Nigerian operator 9mobile recently partnered with MTN to cut capital expenditure and improve network reach.

Catalyst for 5G Readiness

Analysts also note that fiber connectivity is critical for powering next-generation networks. With the African 5G rollout still in early stages, deals like this could play a pivotal role in building the backbone infrastructure needed to support ultra-fast mobile networks. This, in turn, would enable advanced applications in telemedicine, e-learning, and remote work — areas that have seen increased adoption since the COVID-19 pandemic.

By pooling infrastructure in Mozambique, Tanzania, and DRC — three markets with growing internet penetration but significant connectivity gaps — Airtel Africa and Vodacom aim to deliver a sustainable model for expanding access while meeting rising consumer and enterprise demand for reliable, high-speed data services.