What to know:
- Bullish (BLSH) opened on the NYSE Wednesday at $102 a share versus the $37 IPO price.
- The IPO had expanded to 20.3 million shares earlier this week amid strong demand, with BlackRock and Ark Investment Management signaling interest in buying up to $200 million worth.
- Since launching in 2021, Bullish has processed over $1.25 trillion in trading volume and is entering public markets as Wall Street’s interest in regulated crypto platforms grows.
Well, well, well. Crypto exchange Bullish (BLSH) decided to make quite the entrance on the New York Stock Exchange this Wednesday, with its stock jumping to $102 a share. That’s right, $102. Forget the $37 IPO price-this was like showing up to a potluck with a five-course meal while everyone else brought chips.
The Cayman Island-based exchange priced its IPO above expectations, landing at $37 per share when they were hoping for a mere $32-$33. At that point, the company’s market value surged to a cool $5.4 billion. It’s like showing up at a garage sale and finding a Picasso-everyone’s eyeing that treasure now.
And the demand? Let’s just say it’s like when they announced that free Wi-Fi was available at Starbucks. Bullish expanded its share offering to 20.3 million shares because apparently, *everyone* wanted a piece of the action. BlackRock and Ark Investment Management, apparently keen on buying up to $200 million worth, were the first in line, armed with their giant corporate wallets.
“The last leg of growth in crypto in the last 10 years was basically all retail, but if you look now, the institutional wave has begun. It’s here, it’s a question of how big it will be,” said Bullish CEO Tom Farley, who, let’s be honest, sounds like a man who just got his own private yacht.
Unlike the retail-focused exchanges like Coinbase or Kraken, Bullish has its sights on institutional investors who want exposure to digital assets, but with the comforting embrace of a centralized platform. It’s like trading crypto with training wheels-safer, but still an adrenaline rush.
Since its launch in 2021, Bullish has processed a jaw-dropping $1.25 trillion in trading volume. Yep, that’s trillion with a ‘T,’ because in the world of crypto, it’s either go big or go home.
“Bullish’s $1.1 billion IPO raise reflects growing institutional confidence in the crypto exchange sector,” says Ryan Lee, chief analyst at Bitget Research. But, of course, no one’s really popping the champagne yet. “Sustained confidence will depend on regulatory clarity and market stability,” he adds, sounding like a dad lecturing you about driving at 80 mph without a seatbelt.
The big debut of Bullish also arrives at a time when crypto projects are getting some serious attention from Wall Street, now that U.S. regulators are inching closer to crafting a regulatory framework. Just imagine: finally being able to dance the crypto tango without wondering if you’re stepping on someone’s toes!
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2025-08-13 21:44