Bullish IPO stuns as BLSH stock may jump 62% to $55–$60 after massive demand — Peter Thiel-backed crypto a must-buy?
kicked off today, with shares of the Peter Thiel-backed crypto exchange, BLSH, expected to open in the $55–$60 range. That would mark roughly a
62% jump
from the initial $37 IPO price. The surge reflects investor excitement, fueled by demand more than
20 times
the available shares, Bloomberg reported Wednesday. For traders and institutional investors, this signals one of the most watched crypto market debuts in recent years.
Why Bullish is capturing investor attention
Bullish isn't just another exchange. It combines
institutional-grade trading
with
CoinDesk ownership
, giving it a unique edge in data, media, and crypto indices. The platform focuses on Bitcoin and Ethereum, offering spot and derivatives trading with liquidity and compliance front and center. Analysts note that targeting institutional investors, rather than retail traders alone, may provide more stable growth in volatile crypto markets.
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What is the Bullish IPO price and valuation?
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Bullish IPO priced at $37 per share with a $5.4B valuation.
Peter Thiel's involvement adds credibility. His Founders Fund, along with interest from
BlackRock, Galaxy Digital, and ARK Invest
, reflects strong institutional confidence. According to MarketWatch, ARK Invest may purchase up to
$200 million
worth of shares at the IPO price.
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How demand shaped the IPO
Bullish initially planned to offer 20.3 million shares at $32–$33. Strong investor interest prompted the company to
increase the offering to 30 million shares
and raise the price to $37. Despite this, a third of institutional orders went unfilled, with allocations prioritized for long-only investors and existing relationships.
This pattern mirrors
Circle Internet Group's IPO
in June, which also experienced outsized demand and saw shares rise more than
400%
since listing. The comparison highlights a renewed appetite for crypto-linked public offerings.
Financials show a quick turnaround
While Bullish posted a net loss in the first quarter of 2025, management expects to swing to profitability in Q2 with projected net income between $106 million and $109 million. Trading volumes tell the story—$250 billion in 2024, compared with just $72.7 billion in 2022, a growth trajectory that suggests its institutional bet is paying off.
The company also disclosed crypto holdings worth about $2 billion, the majority in Bitcoin, with smaller allocations to Ethereum and stablecoins. Those reserves aren't just balance sheet filler—they're part of the firm's liquidity strategy, giving it the ability to settle trades quickly and withstand market shocks.
What investors should weigh
While momentum is strong, there are factors to consider:
Profitability:
Bullish reported a net loss in Q1 2025 but projects Q2 net income of
$106–$109 million
. Execution on margins and cash flow will be crucial for sustained performance.
Volatility:
Crypto markets remain unpredictable. Price swings in Bitcoin and Ethereum could directly impact results.
Competition:
Established exchanges and brokers present ongoing challenges. Bullish's niche focus and CoinDesk integration offer differentiation but require execution.
Disclosure:
As a foreign private issuer, Bullish may provide lighter ongoing disclosure than domestic peers, a factor for cautious investors.
What this means for the crypto market
Bullish's debut underscores renewed institutional confidence in crypto, especially amid regulatory clarity for stablecoins under the Trump Administration. The IPO serves as a signal that digital assets are attracting mainstream investment, bridging the gap between retail enthusiasm and professional trading.
If BLSH opens near the projected range, it could set the tone for
future crypto IPOs
, influencing how exchanges, institutional investors, and regulators approach listings moving forward.
FAQs:
Q1. What is the Bullish IPO opening price and expected BLSH stock range?
BLSH is set to open between
$55–$60
, about 62% above the IPO price of $37.
Q2. Who backs Bullish in its IPO and why does it matter?
Bullish is backed by
Peter Thiel, BlackRock, Galaxy Digital, and ARK Invest
, signaling strong institutional confidence.
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