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Bullish (BLSH), a crypto exchange backed by Peter Thiel’s Founders Fund, among other powerhouse investors, made a spectacular market debut under the ticker BLSH yesterday, Aug. 13, The company priced its IPO at $37 per share, exceeding the expected $32–$33 range, and raised approximately $1.1 billion with 30 million shares sold.
On day one, Bullish’s shares rocketed, peaking around $118, resulting in an astonishing gain from the IPO price. Investor appetite was so intense that trading halts were triggered amid the volatility. Given its high-profile backing and positive investor sentiments, should you add BLSH to your portfolio?
Bullish is a crypto exchange and digital asset platform headquartered in the Cayman Islands. Bullish is particularly notable as the owner of CoinDesk, the influential crypto news, data, and index provider, following its acquisition in 2023.
When Bullish went public yesterday it raised about $1.1 billion and had set an initial valuation of around $5.4 billion. Driven by investor enthusiasm and a meteoric stock debut, its market cap surged, reaching around $10 billion currently.
Bullish’s debut on the New York Stock Exchange was nothing short of dramatic. Priced at $37 per share, already above its revised offering range, it opened trading around $90, instantly surging approximately 143% above the IPO price. The momentum continued midday, with the stock lifting as high as $118, representing a staggering 218.9% intraday jump over its offering price. By close, Bullish settled around $68, still delivering an impressive gain of 83.8% from its IPO price.
As of this afternoon, BLSH sits around $74.
BLSH stock has not only defied expectations but also underscored intense investor fervor for institutional-grade crypto platforms.
Bullish’s financial disclosures, as outlined in its SEC F-1 filing dated July 18, reveal both rapid growth and the inherent volatility of the crypto sector. The company swung from a net profit of $104.8 million in Q1 2024 to a net loss of approximately $348.6 million in Q1 2025. However, Bullish ended 2024 with a net income of $79.6 million, showing its ability to generate profitability in favorable market conditions.
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