The cryptocurrency exchange operator and media company Bullish made an astonishing debut on the New York Stock Exchange, with its stock price soaring by as much as 218%—clearly indicating a significant increase in institutional interest in crypto-related assets.
After weeks of speculation, Bullish went public on Wednesday at an IPO price of $37, higher than the previous target range of $32 to $33.
According to Yahoo Finance data, the stock traded under the ticker BLSH, reaching an intraday high of $118, a 218% increase from the IPO price, with a trading volume of approximately 38 million shares.
By the afternoon trading session, Bullish's stock price was still up 131% to about $86, bringing the company's market capitalization to around $13 billion. As previously reported by Cointelegraph, Bullish initially aimed for a valuation of $4.8 billion based on a planned issuance of 20.3 million shares.
However, Wednesday's report confirmed that the company issued 30 million shares in its debut, indicating strong and long-suppressed demand.
Founded in 2021, Bullish started as an institutional digital asset platform and expanded into the crypto media space in 2023 by acquiring the second-largest crypto publication, CoinDesk, for $72.6 million. The company's supporters include PayPal co-founder Peter Thiel.
Bullish initially planned to go public in 2021 through a special purpose acquisition company (SPAC), but that deal ultimately fell through.
This delay may ultimately benefit Bullish, as 2025 presents a more favorable environment for IPOs focused on cryptocurrency.
An increasing number of digital asset companies are listing on Wall Street, inspired by the Trump administration's recent GENIUS Act promoting innovation and adoption, as well as the pending CLARITY Act and anti-CBDC surveillance state legislation—both of which passed the House before the August recess.
Peter Kozyakov, co-founder and CEO of Web3 payment platform Mercuryo, told Cointelegraph that Bullish's public debut "reflects a clear surge in institutional interest in crypto-native companies."
"We see IPO demand coming from institutional investors who are now actively seeking to invest in companies that connect digital token services with the real economy, whether they are exchanges, stablecoin issuers, or payment platforms," he said.
Kozyakov attributes this trend to a clearer global regulatory shift favoring the industry, making compliant crypto companies increasingly attractive to major investors.
"Bullish's IPO did not chase hype; it is a clear example of this model working. This is a well-governed, regulatory-compliant company with institutional-grade infrastructure," he added.
This may help explain why Bullish's regulatory filings show that affiliates of BlackRock and ARK Investment Management were among the largest buyers of its IPO.
Related: When the scholarly atmosphere meets the crypto world: A detailed analysis of Ivy League schools' layout in crypto assets
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