Cryptocurrency exchange operator Bullish rose 12 percent in pre-market trading Thursday, reaching 78 dollars per share and doubling its initial public offering price of 37 dollars. The rally briefly pushed the company’s valuation above 10 billion dollars, despite the stock still trading 16 percent below its opening price on debut day. Bullish began trading on the New York Stock Exchange shortly after 1:00 p.m. ET on Wednesday, opening at 90 dollars before climbing as high as 118 dollars.
The stock was halted twice due to volatility in the opening minutes. The IPO raised approximately 1.1 billion dollars by offering 30 million shares, giving Bullish a valuation of 5.41 billion dollars at its IPO price. The offering exceeded both its revised pricing range of 32 to 33 dollars and its original target range of 28 to 31 dollars. The company, which operates the Bullish Exchange and owns crypto news outlet CoinDesk, targets institutional clients in the digital asset space.
In the first quarter of the year, Bullish processed an average of 2.6 billion dollars in daily trading volume. The firm initially attempted to go public through a SPAC merger in 2021 that would have valued it at 9 billion dollars, but the deal was later withdrawn following regulatory scrutiny. Strong institutional interest backed the offering. BlackRock and Cathie Wood’s ARK Invest signaled plans to purchase up to 200 million dollars in shares, according to securities filings.
Bullish IPO draws major institutional backing from top investors
On the first day of trading, ARK Invest acquired a total of 2.53 million shares across its ARK Innovation, ARK Next Generation Internet, and ARK Fintech Innovation ETFs. Thomas Farley, CEO of Bullish and former president of the NYSE Group, said the company is positioning itself for the next wave of growth in the digital asset sector. In a letter to investors, Farley wrote that Bullish is at the inflection point of institutional adoption and offers a compliant infrastructure model designed for regulated markets. Bullish’s IPO follows a string of successful public listings in the technology and crypto sectors.
Regulatory clarity supports stronger crypto market outlook
Design software firm Figma and stablecoin manager Circle have both seen substantial early gains in their respective IPOs this year. According to Renaissance Capital, the 2025 IPO market has recorded 133 deals valued over 50 million dollars, up 58 percent from the same period last year. The debut also coincided with a rally in the broader cryptocurrency market. Bitcoin reached a new all-time high above 124,000 dollars on Wednesday, while Ethereum neared its record levels. Analysts attribute the surge to growing institutional participation, improved regulatory clarity, and broader macroeconomic factors pressuring fiat currencies. – By CryptoWire News Desk.