Bullish stock surges above $110 per share minutes after public debut

The crypto platform’s stock opened at $90, which was about 143% above its IPO price

article-image

T. Schneider/Shutterstock modified by Blockworks

share

The stock of crypto exchange Bullish popped in the first few minutes after its New York Stock Exchange listing Wednesday, marking more evidence of demand for equity exposure in the segment. 

Bullish on Tuesday revealed the pricing of its initial public offering of 30 million shares at $37 per share. That was up from a per-share price between $32 and $33 that the company anticipated in a Monday filing to the SEC.

BLSH shares opened around 1 pm ET at $90 — about 143% above the IPO price. Minutes later, the company’s stock surged to $118, according to Yahoo Finance data. 

Led by former NYSE president Tom Farley, Bullish launched in 2021 with backing from Block.one, Thiel Capital, Galaxy Digital, Nomura and others. It offers a spot and derivatives exchange, as well as liquidity services; Bullish also owns crypto media company CoinDesk.

As of March 31, Bullish held $28 million in cash, $144 million of US dollar stablecoins and $1.7 billion worth of bitcoin and $22 million of ether, the Monday filing shows.

Bullish’s IPO comes about two months after stablecoin issuer Circle listed on the NYSE. 

CRCL stock opened around $69 during its June 5 debut — more than double the upsized IPO price of $31 per share. The shares rose slightly above $100 that day before settling at $82 at market close. 

Read more: Circle ends NYSE debut up 167% from IPO price

Though the USDC issuer’s stock price peaked near $300 on June 23, CRCL shares were trading for around $155 on Wednesday afternoon.

Industry watchers predicted Circle’s IPO would lead to more companies following suit. 

Most recently, Figure Technology confidentially filed a draft registration statement with the SEC. Gemini and Grayscale did the same in June, while BitGo filed such paperwork last month.

Check out today’s Forward Guidance newsletter for more on Bullish’s NYSE debut.

This is a developing story.

Updated 8/13/2025 at 1:33 p.m. to correct an error in the article subheading.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template (11).png

Research

Union’s technical design brings measured improvements to crosschain interoperability. By combining a consensus-verified hub with novel constructs like state lenses and ZK proofs for client updates, Union achieves an interoperability protocol that is highly performant, trust-minimized, and scalable.

article-image

It’s unclear whether the celeb ever knew about the account made using his name

article-image

Sharps Technology raised $400 million in PIPE offering

article-image

Offchain Labs’ Tandem will work exclusively with Succinct on a zkVM

article-image

Fundstrat’s chief investment officer may be the apex bull

article-image

MetaMask now lets users create and restore wallets via social accounts

article-image

Filing seeks to expand regulated crypto exposure, with Coinbase Custody as fund custodian