Rapid Gain of 83% in Initial Trading Following $1.1 Billion Initial Public Offering (IPO)

Bullish, a cryptocurrency trading platform, made a strong public market debut on the New York Stock Exchange (NYSE) on March 31, 2025. The company, backed by billionaire Peter Thiel, raised $1.1 billion in its initial public offering (IPO) and closed its first day of trading with a market value of $9.9 billion.

The IPO was oversubscribed, with the company selling 30 million shares, more than the originally planned 20.3 million shares. JP Morgan, Jefferies, and Citigroup led the underwriting syndicate for Bullish's offering. Notable investors such as BlackRock and ARK Investment Management showed interest in purchasing up to $200 million worth of Bullish shares at the IPO price.

On its first day, Bullish's shares surged 83% to close at $68. Trading continued strong in after-hours sessions, with shares climbing above $75. The stock opened at $90, but settled at $68 by market close. The performance of Bullish exceeded expectations.

Bullish's strong debut validates its positioning as institutional interest in cryptocurrency trading continues to grow. The company reported handling $250 billion in digital asset trades in 2024. This growth is a testament to the increasing adoption of digital assets by traditional financial firms, who are increasingly offering digital asset services to clients.

In addition to its trading platform, Bullish acquired CoinDesk, a crypto news site, in 2023. This acquisition underscores Bullish's commitment to providing comprehensive digital asset solutions to its clients.

The net income projection for Bullish's second quarter is $106-109 million. With its strong debut and continued growth, Bullish is poised to make significant strides in the digital asset sector. The company's success reflects the continued investor enthusiasm for digital asset platforms despite market volatility in the sector.

Rapid Gain of 83% in Initial Trading Following $1.1 Billion Initial Public Offering (IPO)