Bullish breaks the market: Stock jumps 90% triggering circuit breaker, and m-cap hits $10 billion - here's what it does
Crypto exchange operator
Bullish (
BLSH
) stunned markets on Wednesday as it exploded in its public debut, soaring more than 90% and triggering multiple trading halts due to extreme volatility, as per a report. At one point, shares rocketed as high as $118, more than a 215% gain from its
IPO
price of $37, before eventually cooling off, according to Yahoo Finance.
Bullish IPO: Valuation Surpasses $10 Billion After Explosive Debut
As of Thursday morning pre-market trading, Bullish had settled around $77, still more than double its listing price and valuing the company at over $10 billion, as per the report.
For a company that just in 2021 was struggling to make its IPO happen, this week's trading frenzy marks a dramatic comeback, according to the Yahoo Finance report.
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Bullish, which operates a digital asset exchange geared toward institutional investors, initially aimed to go public back in 2021 through a SPAC deal that valued it at $9 billion, according to the report. But regulatory scrutiny forced the company to shelve its plans until now, as per Yahoo Finance.
On Tuesday, Bullish priced its long-awaited IPO at $37 per share, raising $1.1 billion and giving the company a starting valuation of $5.41 billion, according to the report. Just 24 hours later, shares opened at $90, trading as high as $118 before settling back, as per the Yahoo Finance report.
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Why Bullish Shares Were Halted: Understanding IPO Volatility
The debut was so hot that trading was halted at least twice within the first minutes, according to the report. This pattern is called a circuit breaker, where trading is halted temporarily to curb panic-selling on stock exchanges, as per Investopedia.
What Is Bullish?
Founded in 2020, Bullish Exchange operates a digital assets spot and derivative exchange focused on institutional-sized clients, handling more than $2.6 billion in average daily trading volume as of Q1, as reported by Yahoo Finance.
The company also owns CoinDesk, one of the most prominent crypto news publications, giving Bullish a strong foothold not only in trading but in media and market influence, according to the report.
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Bullish IPO Attracts Big-Name Investors Like BlackRock and Ark Invest
Bullish's debut wasn't just another IPO, it also drew major institutional interest before the listing, as per the report.Investment giants like BlackRock and Cathie Wood's Ark Invest expressed interest in buying up to $200 million worth of shares, reported Yahoo Finance, citing securities filings.
CEO Thomas Farley Says Bullish Is Built for Crypto's Next Growth Wave
Bullish CEO Thomas Farley, who is the former COO and president of the NYSE Group, said in a letter to investors that "We now intend to IPO because we believe that the digital assets industry is beginning its next leg of growth," as quoted in the report.
Farley highlighted that, "I believe that the digital assets industry is at the inflection point of institutional adoption, and Bullish is uniquely positioned at the center of this market. The compliant, institutional-focused market infrastructure model is time-tested and works, and Bullish is proud to be the one bringing this proven framework to the crypto landscape," as quoted in the Yahoo Finance report.
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Bitcoin, Ethereum, and XRP Gains Boost Confidence in Crypto IPOs
Bullish's IPO is part of a broader rebound in both crypto markets and tech IPOs in 2025, according to the report.
Bitcoin has jumped more than 30% since the start of the year, ETH is up more than 40%, Ripple's XRP is up more than 57%, as reported by Yahoo Finance. Meanwhile, other digital asset firms like Circle and Galaxy Digital have also surged after going public, according to the report.
FAQs
Why did Bullish's stock price rise so much on IPO day?
Strong institutional interest and renewed enthusiasm for crypto helped drive the stock up over 90% right after it started trading.
What was Bullish's IPO price?
Bullish priced its IPO at $37 per share.
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