Bullish IPO: $1.11B Raised, Shares Jump 218%
Bullish IPO raised $1.11B at $37 per share in its NYSE debut, drawing 20× oversubscription and strong institutional demand. Shares surged 218% intraday to $118, triggering trading halts amid volatility, before settling near $71 and pushing peak market cap above $16B. Led by Peter Thiel and underwriters JPMorgan, Jefferies, and Citigroup, the exchange sold 30M shares plus a 4.5M over-allotment. Major backers BlackRock and ARK Invest committed $200M.
Bullish IPO funds will convert to stablecoins under the Genius Act. Owner of CoinDesk, Bullish offers spot, margin, and derivatives trading. After a Q1 loss, it forecasts $106M–$109M profit in Q2. Trading volume jumped from $72.7B in 2022 to $250B in 2024. With $2B in crypto assets (mainly BTC) and facing Binance and Coinbase, this listing signals revived institutional confidence and may encourage more public blockchain listings.
Bullish
The Bullish IPO’s oversubscription and 218% intraday surge reflect robust institutional demand and market confidence, supporting a bullish outlook. In the short term, high trading volumes and backing from major institutions like BlackRock and ARK Invest could drive further price momentum. Over the longer term, Q2 profit forecasts, stablecoin conversion under U.S. regulations, and expanded trading services (spot, margin, derivatives) strengthen Bullish’s growth potential. However, volatility and competition from Binance and Coinbase remain factors. Overall, the Bullish IPO signals a positive catalyst likely to sustain upward pressure on its stock.