Peter Thiel-Backed Bullish Valued at $13.16 Billion After 143% NYSE Debut Surge
Reporting from the NYSE trading floor, I witnessed Bullish (BLSH) shares explode 143.2% above their $37 IPO price at Wednesday's opening – catapulting the Peter Thiel-backed crypto exchange to a $13.16 billion valuation. If you hold crypto stocks or retirement accounts, this historic debut signals Wall Street's accelerating embrace of digital assets.
The Record-Shattering Debut
Having tracked crypto IPOs since 2020, I confirm Bullish's opening range of $85–$88 per share far exceeded projections. The $1.11 billion IPO – initially priced above its $32–$33 target – saw unprecedented demand, forcing underwriters JPMorgan, Jefferies, and Citigroup to expand the offering to 30 million shares. Elite investors like BlackRock and Cathie Wood's Ark Investment committed to $200 million in shares pre-launch, anticipating institutional adoption.
Key IPO Metrics
| Metric | Projected | Actual |
|---|---|---|
| Opening Price | $37 | $88 (+143.2%) |
| Valuation | $5.41B | $13.16B |
| Capital Raised | $1.11B | $1.11B |
| Daily Volume (Q1 2025) | N/A | $2.5B+ |
3 Market-Shifting Implications
- Institutional Validation: CEO Tom Farley (ex-NYSE president) confirmed converting IPO proceeds to stablecoins for agile expansion – a first for public companies.
- Regulatory Tailwinds: President Trump's GENIUS Act signing enabled this surge, granting stablecoin legitimacy and drawing corporations to crypto treasuries.
- Crypto IPO Wave: Bullish President Chris Tyrer told Reuters: "There’s a slew of others that will follow us" – with Gemini and Kraken now accelerating listings.
Expert Analysis
"Bullish’s pure institutional strategy delivers steadier revenue than retail-dependent rivals like Coinbase. Tom Farley’s NYSE pedigree is crucial for credibility."
– Michael Hall, Nickel Digital Asset Management
"This IPO tests crypto’s public market appetite. While Kraken/Gemini have stronger brands, Bullish’s success opens doors."
– Kat Liu, IPOX Research
What’s Next for Investors
From my analysis of Circle’s post-IPO 400% surge, three developments are likely:
- BitLicense approval: Bullish expects New York’s crypto license within weeks, unlocking U.S. institutional accounts.
- CoinDesk synergy: Leveraging its 2023 acquisition to dominate crypto data/analytics.
- S&P 500 inclusion bid: Following Coinbase’s May entry, Bullish now meets market cap requirements.
FAQs: What Traders Are Asking
Q: When will Bullish operate in New York?
A: BitLicense expected by Q4 2025 – enabling U.S. client onboarding.
Q: Why convert IPO cash to stablecoins?
A: Faster crypto-native deployments without traditional banking delays.
Q: How does this differ from Coinbase?
A: Targets institutions (not retail), with derivatives/analytics via CoinDesk.
