Bullish IPO 2025: Stock Surges Over 200% on First Day, Market Cap Tops $10 Billion – Key Drivers Behind the Rally
Bullish surged nearly 200% on its NYSE debut on Aug. 13, 2025, pushing its market cap above $10 billion. Here’s the breakdown and future outlook.
Key Takeaways
On August 13, 2025, cryptocurrency exchange Bullish made a spectacular debut on the New York Stock Exchange (NYSE). The stock soared as much as 218% during the session, pushing its market cap past $10 billion by the closing bell. This rally wasn’t just a trading frenzy—it reflected broader investor sentiment toward the crypto industry and the IPO market at large.
Background: From Startup to IPO
Founded in 2021, Bullish quickly built a strong institutional client base. The IPO was priced at $37 per share—above the expected range. Backing from Peter Thiel and plans to secure a New York BitLicense helped cement investor confidence.
First-Day Price Action and Market Cap Spike
Shares opened at $90, up 143% from the IPO price, and climbed to an intraday high of $118 before settling at $68–$70. Intraday market cap peaked at $13.16 billion, with a closing valuation near $10 billion.
Capital Raised and Allocation Plans
The IPO raised approximately $1.1 billion. Bullish plans to hold a portion of the proceeds in stablecoins and invest in infrastructure expansion and new service development.
Expert Insights: Why the IPO Succeeded
Wall Street analysts credit Bullish’s institutional focus, supportive U.S. regulation, and the ongoing Bitcoin bull run for the strong debut. University of Florida’s Jay Ritter noted the potential “spillover effect” that could lift other upcoming IPOs.
Market Impact: A Signal for Crypto and IPO Revival
The success of Bullish has sent a positive signal to the broader crypto sector, potentially accelerating IPO plans for exchanges like Gemini and Grayscale. It also contributed to the best median first-day return for U.S. IPOs since 2020—19% in 2025.
What’s Next: Opportunities and Risks Ahead
The key question is whether Bullish can sustain its momentum. Rapidly changing regulations, market overheating, or disappointing earnings could dampen investor enthusiasm. As with all hot IPOs, the post-debut period will be critical in proving long-term value.
Bullish’s debut performance injected fresh energy into both the crypto and IPO markets. Its long-term success will hinge on regulatory adaptability, innovation, and investor trust. Market watchers should keep an eye on Bullish’s quarterly results and the broader wave of crypto IPOs.
