MNN (Web Desk); Cryptocurrency exchange operator Bullish soared in its New York Stock Exchange debut on Wednesday, with its market value reaching $13.16 billion after shares more than doubled — signaling strong investor confidence and boosting prospects for future U.S. listings by other digital asset companies.
Bullish, which also owns crypto news outlet CoinDesk, raised $1.11 billion in its IPO, giving it an initial valuation of $5.4 billion. The move reflects growing mainstream adoption in a crypto market that recently surpassed $4 trillion.
“Bullish entered with an attractive initial valuation, and investors aggressively bid it up during the pre-IPO process,” said Jeff Zell, senior research analyst at IPO Boutique.
The stock opened at $90, surged as much as $118, and was last seen at $92.60, up more than 150 percent from its IPO price of $37.
A series of regulatory wins under a pro-crypto White House, rising corporate adoption, and ETF inflows have fueled investor enthusiasm, sending bitcoin to record highs. Other firms, including Gemini and Grayscale, have also filed confidentially to go public.
“We’ve gone public today, and many others will follow. That’s good for the market because it gives people more ways to access this asset class,” Bullish President Chris Tyrer told Reuters.
Tyrer added the company is close to securing New York’s BitLicense, which requires compliance with know-your-customer, anti-money-laundering, and capital standards. The firm also plans to convert a significant portion of IPO proceeds into stablecoins, a fast-growing crypto segment boosted by the Genius Act signed by U.S. President Donald Trump, creating a regulatory framework for dollar-pegged tokens.
Institutional focus
Bullish’s listing joins Coinbase as one of the few U.S.-listed crypto exchanges. Founded in 2020, it targets institutional clients — a market expected to grow as new regulations open the door for alternative investments in 401(k) retirement plans.
“A purely institutional strategy positions Bullish for more stable, recurring revenues than retail-focused exchanges, which are more cyclical,” said Michael Hall, co-chief investment officer at Nickel Digital Asset Management.
Bullish CEO Tom Farley, a former NYSE president, brings credibility to a sector still working to overcome reputational challenges. “That kind of leadership can be a differentiator in winning institutional mandates,” Hall noted.
Source: Reuters
