Stock Skyrockets 83% in Initial Trading Following a $1.1 Billion IPO

In a significant development for the crypto industry, Bullish, a cryptocurrency trading platform led by former NYSE president Tom Farley, made a successful public market debut on the New York Stock Exchange (NYSE) this week. The company, which operates a digital asset trading platform, raised $1.1 billion in its Initial Public Offering (IPO).

JP Morgan, Jefferies, and Citigroup led the underwriting syndicate for Bullish's offering. The company sold 30 million shares, more than the initially planned 20.3 million shares, indicating strong investor interest. The stock opened at $90 and settled at $68 by market close on its first day. However, after-hours trading continued strongly, with shares climbing above $75.

Traditional financial firms are increasingly offering digital asset services to clients, and Bullish's successful IPO is a testament to this trend. BlackRock and ARK Investment Management had indicated interest in purchasing up to $200 million worth of shares at the IPO price.

The strong debut of Bullish is a reflection of continued investor enthusiasm for digital asset platforms. It marks another successful return to public markets for crypto companies, following in the footsteps of Coinbase, which went public in April 2021.

Bullish's net income is projected to be $106-109 million for the second quarter of 2025. The company's market valuation stands at $9.9 billion. The company priced its expanded offering at $37 per share.

Bullish's IPO was financed through a massive public sale round, accounting for about 85% of all capital raised in that fundraising week in August 2025. The first-day performance of Bullish reflects continued investor enthusiasm for digital asset platforms despite market volatility in the sector.

In addition to its trading platform, Bullish owns CoinDesk, the crypto news site it acquired in 2023. The company reported handling $250 billion in digital asset trades in 2024. The strong debut of Bullish validates its positioning as institutional interest in cryptocurrency trading continues to grow.