Bullish shares closed up 84% at $68 in the crypto company's NYSE debut, above its IPO price of $37, giving it a $9.9B market value based on outstanding shares
Bullish entered the market after progressively enlarging its proposed offering, from an initial plan to sell 20.3 million shares to a larger, higher-priced IPO, then raising $1.1 billion at $37 a share. The debut turns that primary-market demand into a visible public-market valuation signal for the crypto exchange and CoinDesk owner.
Bullish’s public shareholders gained an immediate mark-to-market uplift, while the company begins trading with a $9.9 billion market value based on outstanding shares.
The $68 close establishes a substantially higher public reference price than the $37 IPO price for Bullish, its investors, and prospective counterparties.
Second-order effects
The sharp aftermarket premium may encourage other crypto businesses considering public listings to test investor demand, while increasing scrutiny of whether IPO pricing captures available demand.
Bullish’s stronger equity currency can improve its relative position when competing for capital, talent, and strategic opportunities against privately held exchange peers.
Third-order effects
If crypto-market infrastructure companies continue to achieve receptive IPOs and durable trading support, public markets could become a more regular financing and liquidity channel for the sector rather than an episodic outlet.
The gap between IPO and first-day pricing also keeps pressure on issuers and underwriters to balance capital raised against price realization for selling shareholders.
The trend: Bullish’s debut is one data point in the reopening of public-equity access for crypto infrastructure companies, with aftermarket trading increasingly shaping the terms of subsequent listings.
Regulated and Revolutionary🔔 @Bullish becomes the first digital asset exchange to list on the NYSE. $BLSH | @CoinDesk | @ThomasFarley [video]
@mikebelshe
Mike Belshe on x
Congratulations to our great friends and long time partners @ThomasFarley, @BrendanBlumer and @Bullish - well deserved! Great ticker name $BLSH
@nyse
@nyse on x
The first digital asset exchange to go public on NYSE 🔔 Congratulations CEO @ThomasFarley and the entire @Bullish team on this epic milestone. $BLSH | @CoinDesk [image]
@shardib2
@shardib2 on x
Hey, at least $BLSH opened like every other crypto listing on exchange does LMAO [image]
@dwr
Dan Romero on x
Treasury companies aside, there are now 5 American public companies that have majority / material revenue derived from crypto: Coinbase Robinhood Block Circle Bullish More soon.
@0xngmi
@0xngmi on x
participants in eos' 4bn ico ended up with tokens that nowadays have a mcap of 900m while bullish, a company that was fully funded by that ico, today ipo'd at a 12bn val with a >1bn cash sale, none of that going to eos holders and execs buying 9fig houses llamao
@moonoverlord
@moonoverlord on x
Never heard of this in my life and I spend 97 hours a day on cryptocurrency Hyperliquid
@tyler_did_it
@tyler_did_it on x
Wild first day of trading for Bullish (BLSH) Running from its $37 IPO to $118 at peak before falling back to $68 into the close Still nearly a 2x from IPO and another strong crypto IPO [image]
@bitwiseinvest
@bitwiseinvest on x
Congrats to our friends at @Bullish on an epic day.
@jdorman81
Jeff Dorman on x
Why investment banks matter $CRCL $BLSH - wildy overvalued, but the story was sold, so stocks up 3-5x post IPO $GLXY - wildly undervalued, but conversion from TSX to Nasdaq wasn't sold to new investors by an inv bank $COIN - direct listing, no one cared about it for years
@solana
@solana on x
Big congrats to the @Bullish team on their IPO today 🤘 ICYMI: Bullish is migrating their core infrastructure to Solana-native stablecoins to power custody, payments, trading, and settlement [image]
@nyse
@nyse on x
The NYSE welcomes @Bullish, the digital asset exchange, to celebrate its IPO! $BLSH @CoinDesk | @ThomasFarley https://x.com/...
@thomasfarley
Tom Farley on x
Who says you can't go home again? See you in the morning. @NYSE @Bullish [image]
@pitdesi
Sheel Mohnot on x
I finally got to take advantage of a mispriced IPO, though I'd asked for a few thousand shares and only got 109 Feels like free money in this market [image]