Bullish Raises $1.1B in NYSE Debut, Riding the Crypto IPO Wave with Circle and eToro - Coinedict

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The crypto world just got another big Wall Street win. Bullish, the digital asset exchange backed by Peter Thiel, raised a massive $1.1 billion in its New York Stock Exchange (NYSE) debut — pricing shares at $37, well above the expected $32–$33 range. That pushed its valuation to $5.4 billion, showing that investor appetite for crypto firms is far from cooling down.

The IPO was underwritten by financial heavyweights like JPMorgan, Jefferies, and Citigroup, and demand was so strong that Bullish boosted its offering from 20.3 million shares to 30 million. Major buyers included BlackRock and Cathie Wood’s Ark Invest, which reportedly grabbed up to $200 million worth of shares.

Trading under the ticker BLSH, the listing is a comeback moment for Bullish after its 2022 SPAC plans collapsed. This time, the exchange is led by former NYSE president Tom Farley and boasts a hybrid model that blends centralized security with DeFi elements — an approach aimed squarely at institutions wary of fully decentralized platforms.

Crypto IPO Momentum Is Building
Bullish now joins Circle and eToro in a growing wave of billion-dollar crypto IPOs. Circle made headlines in June when its $1.2 billion offering sparked a 500% stock surge, while eToro’s May debut at a $5.4 billion valuation proved retail-focused platforms can hold their own — even if trading volumes later leveled off.

With $1.25 trillion in lifetime trading volume and ownership of CoinDesk, Bullish has the scale to compete with industry leaders like Coinbase and Kraken. But the big question is whether it can sustain post-IPO momentum. Circle thrived, eToro faced volatility — Bullish’s fate could swing either way.

One thing’s for sure: this latest debut cements the fact that crypto companies are no longer outsiders. They’re becoming permanent fixtures in the world’s biggest financial markets — and investors are watching closely to see who comes out on top.

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