Bullish, the crypto exchange backed by billionaire Peter Thiel, made its debut on the New York Stock Exchange today, raising $1.11 billion in an initial public offering that drew overwhelming interest.
The Cayman Islands-based firm, founded by former NYSE president Tom Farley, listed under the ticker “BLSH” after selling 30 million shares at $37 each, valuing the company at about $5.41 billion.
According to the IPO report, the offering was over 20 times oversubscribed, showing strong interest from big investors in crypto-linked firms despite recent market swings.
Furthermore, the company’s IPO came in above its initial range of $32 to $33, driven by high investor demand. According to the NYSE, the listing marks one of the largest offerings by a digital asset exchange.
Bullish operates a platform that offers spot trading, futures, and derivatives services, and it also owns the crypto media outlet CoinDesk. The company’s arrival on the public markets comes amid a wave of digital asset firms seeking to go public during the Trump administration’s crypto-friendly regulatory push.
Notably, Large institutions, including BlackRock and ARK Invest, have committed to purchasing up to $200 million worth of shares in the offering. JPMorgan, Jefferies, and Citigroup served as lead underwriters.
Earlier this week, Bullish had already drawn attention by increasing its IPO target to $990 million, up from $629 million initially planned.
That adjustment boosted its projected valuation to $4.8 billion before the final pricing pushed it higher. The company’s earlier attempt to go public via a SPAC merger in 2021, which would have valued it at about $9 billion, was shelved in 2022 due to market shifts.
Bullish’s debut also comes at a time of renewed activity in the U.S. IPO market, with notable recent listings like Circle and Figma seeing triple-digit percentage gains. Meanwhile, President Donald Trump recently signed legislation creating a regulatory framework for U.S. dollar-pegged stablecoins, further fueling optimism for the sector.
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