Cryptocurrency exchange
Bullish made a stunning Wall Street debut yesterday (Wednesday), with
shares more than doubling to give the company a nearly $13.2
billion valuation and mint two new crypto billionaires in the
process.
The
company’s stock opened at $90 and climbed as high as $118 before
settling at $68 – an 84% gain from its $37 IPO price. The debut
marked one of the year’s most successful public offerings and signals
growing mainstream acceptance of digital assets.
Bullish raised $1.1 billion in the offering after pricing shares above
its already-raised range of $32–$33. The company had initially targeted a
more conservative valuation but investor demand forced underwriters
to boost the price.
Bullish stock price after IPO. Source: Yahoo Finance
Bullish’s
successful IPO adds to a growing wave
of retail trading companies going public. The company joins an increasingly
crowded field of recent debuts including eToro, the Israeli-founded fintech
that went public on Nasdaq in May. eToro raised approximately $620 million at a
$52 IPO price, giving it a valuation of about $4.2 billion.
The NYSE welcomes @Bullish, the digital asset exchange, to celebrate its IPO! $BLSH@CoinDesk | @ThomasFarley https://t.co/83XyhdrM3l
— NYSE 🏛 (@NYSE) August 13, 2025
Like
Bullish, eToro also saw strong first-day performance, opening
at $69.69 and closing at $67 – a 29% gain from its offering price. However,
unlike Bullish’s institutional focus, eToro targets retail investors with its
social trading platform that allows users to copy strategies of successful
traders.
Founders Join
Billionaire Ranks
The
public listing catapulted co-founders Brendan
Blumer and Kokuei Yuan into the billionaire club.
Blumer, who serves as a board member, now holds a 30.1% stake
worth approximately $2.8 billion. Yuan, also a board member,
owns 26.7% valued at $2.5 billion.
Both men
previously struck gold in 2018 when their company Block.one
raised $4.2 billion through the largest initial coin offering in
crypto history. That venture, which created the EOS blockchain,
delivered early investors returns exceeding 6,500% before the
Securities and Exchange Commission later charged the company with
selling unregistered securities.
“We’ve
gone public today, and there’s a slew of others that are going
to follow us, and I think that is net beneficial, because it
gives people more options in terms of how they access this asset
class,” Bullish President Chris Tyrer told Reuters.
The first
plans to go…
