Karsten Wenzlaff, Advisor
August 26th, 2025
Karsten Wenzlaff is a Crowdfunding and Fintech Expert from Germany. He is Secretary-General of Digit[...]
From SPAC Setback to $10 Billion Bullish IPO
Crypto IPO | Aug 14, 2025
Image: Freepik AI
Bullish’s $10B NYSE Debut Confirms 2025 as a Breakout Year for Crypto IPOs
Bullish is a Cayman Islands based crypto exchange focused on institutional grade digital asset trading and market intelligence, and also the media owner that also operates CoinDesk. Bullish first tried to go public through a SPAC deal in 2022 during a difficult period for crypto markets but that plan was abandoned. The company waited for market conditions to improve before trying again.
See: Trump Seeks Bank Plans for Fannie and Freddie IPO
By Q2 2025 sentiment toward both crypto and IPOs flipped positive. Supportive policy developments on stablecoin regulation from Washington helped stoke interest from big investors. At the same time Bitcoin was trading near $120,000 and other high profile fintech IPOs like Circle and Figma had delivered strong first day gains, fuelling expectations for Bullish.
The IPO Event
Bullish priced its IPO at $37 per share which was above its revised range of $32 to $33 and well above its original $28 to $31 range. The company sold 30 million shares and raised about $1.11 billion at a valuation of $5.41 billion at the offer price. JPMorgan, Jefferies and Citigroup were among the underwriters. BlackRock and ARK Invest each indicated plans to invest up to $200 million.
The shares began trading on the NYSE under the ticker BLSH on August 13 2025. They opened at $90 and quickly climbed to $118, which led to multiple trading halts for volatility. By the close the stock was at $68, an increase of about 84% from the offer price, valuing the company near $10 billion.
Outlook
Institutional interest in Bullish is significant. The company’s mix of a trading platform and media data outlet set it apart from competitors like Coinbase and Binance.
See: 10 Fintech and Crypto IPOs 2025 – Boom or Bubble?
Also the timing of the IPO, expectations for an interest rate cut in September, a rising crypto market and signs of clearer regulation in the United States, all contributed to this success.
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