Crypto exchange Bullish is the latest IPO to explode higher in its trading debut
Shares of the Peter Thiel-backed cryptocurrency exchanged surged in their debut on the New York Stock Exchange on Tuesday after pricing above the expected IPO range.
The company priced its IPO at $37 per share, above the already-increased range of $32 to $33 a share.
The newly minted stock, which trades under the ticker BLSH, surged as much as 218% shortly after it began trading, hitting a high of $118 before paring gains. The company hit a market cap of about $13 billion during the session after its IPO valued it at $5.4 billion.
The dizzying day-one rally is the latest post-IPO surge this month. Earlier in August, design software firm Figma debuted, with shares soaring in their first day. The colossal rally demonstrated how starved investors are for new offerings, and how hot new tech firms can still drum up enormous interest in the market.
Stablecoin issuer Circle Internet Group is another example, with shares pushed up by IPO excitement and in the weeks that followed on bullishness in the crytpo space spurred by Donald Trump and recent legislative support for the market. CoreWeave, meanwhile, has risen over 200% since going public in March 2025.
Bullish's stock-market debut is also one of a handful of crypto IPOs either already completed or on the docket for this year. In addition to Circle, others include stock and crypto exchange eToro and Galaxy Digital, the crypto firm headed by Mike Novogratz, which transferred to the Nasdaq from Toronto in May.
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