Bullish IPO Soars Nearly 90% as Ark Invest Buys $172M Stake in Debut
Bullish (NYSE: BLSH), the cryptocurrency exchange operator backed by billionaire investor Peter Thiel, made a high-impact debut on the New York Stock Exchange Wednesday, closing at $70 — up nearly 90% from its IPO price of $37 — and giving the company a market capitalization exceeding $10 billion.
The volatile first day of trading saw the stock open at $90 and spike as high as $118 before retreating, prompting multiple volatility halts in the opening minutes. Bullish still ended the day with one of the year’s most notable IPO gains, followed by an additional 11.2% rise in after-hours trading.
BLSH stock price (Source: Google Finance)
Ark Invest Makes $172 Million Bet
Cathie Wood’s Ark Invest was among the most aggressive institutional buyers on debut day, acquiring $172 million worth of Bullish shares across three of its ETFs:
- ARK Innovation ETF (ARKK): 1.7 million shares
- ARK Next Generation Internet ETF (ARKW): 545,416 shares
- ARK Fintech Innovation ETF (ARKF): 272,755 shares
The purchases signal Ark’s bullish stance on digital asset infrastructure and institutional crypto adoption.
IPO Raises $1.1 Billion After Strong Demand
Bullish priced its IPO above initial expectations, first targeting $28–$31 per share, then adjusting to $32–$33, before ultimately settling at $37 due to strong investor demand. The 30 million-share offering raised $1.1 billion, initially valuing the company at $5.41 billion before its debut rally pushed that figure above $10 billion.
Proceeds from the IPO will go toward general corporate and working capital needs, as well as potential future acquisitions.
Second Attempt at Going Public
The IPO marks Bullish’s second attempt at a public listing after a planned $9 billion SPAC merger fell through in 2021 amid regulatory scrutiny. This year’s listing follows a resurgence in investor appetite for high-growth fintech and crypto companies, with 2025 IPO volumes already up 58% year-over-year, according to Renaissance Capital.
CEO’s Institutional Crypto Vision
“We now intend to IPO because we believe that the digital assets industry is beginning its next leg of growth,” said Thomas Farley, the company’s CEO and former NYSE Group president, in a letter to investors. “The compliant, institutional-focused market infrastructure model is time-tested and works, and Bullish is proud to bring this proven framework to the crypto landscape.”
Bullish operates the Bullish Exchange, a spot and derivatives platform for institutional-sized clients that averaged $2.6 billion in daily trading volume in Q1 2025. It also owns CoinDesk, a leading cryptocurrency news outlet.
Riding Crypto’s 2025 Rally
Bullish’s blockbuster debut comes amid strong year-to-date gains in major cryptocurrencies:
With strong institutional backing, a favorable market environment, and renewed enthusiasm in the IPO market, the Bullish IPO could signal a broader wave of public listings in the digital asset sector.
