Bullish Exchange Hits $13.2B Valuation in NYSE IPO, Raises $1.1B
The Bullish Exchange IPO debuted on the NYSE at $90 per share, valuing the Peter Thiel-backed crypto platform at $13.2B and raising $1.1B through 20.3M shares. The offering, under ticker BLSH, opened 143% above its $37 IPO price, peaked at $118 and closed slightly below opening. Led by ex-NYSE president Tom Farley, Bullish Exchange holds a $1.7B Bitcoin treasury, plus $144M in stablecoins and $55M in ETH, enabling tighter spreads and a strong position in spot and derivatives markets. With its valuation surpassing Asia-focused rivals and aligning with industry names like Coinbase and eToro, the Bullish Exchange IPO underscores growing institutional confidence and supportive US regulation. VanEck analysts project a bull scenario path to $600M in revenue and $200M in EBITDA. The listing marks one of 2025’s largest crypto exchange debuts.
Bullish
The strong debut of the Bullish Exchange IPO is likely bullish for the wider crypto market. In the short term, the high opening price, robust valuation at $13.2B and significant capital raise reinforce positive investor sentiment. The platform’s $1.7B Bitcoin treasury, along with tight spreads in spot and derivatives markets, can boost liquidity and trading volumes. Over the long term, the listing underlines growing institutional confidence and supportive US regulation, paving the way for more crypto exchange IPOs and deepening the integration of digital assets into traditional finance. This legitimization trend should sustain upward momentum for major cryptocurrencies like BTC and ETH.