Bullish Becomes First Digital Asset Exchange to List on NYSE

The company raised $1.1 billion through its initial public offering, pricing 30 million shares at $37 each. This gave Bullish a market value of $5.4 billion at launch, though the stock’s strong performance pushed its valuation to over $13 billion by the end of trading day.

Bullish first filed for its IPO in July 2025. The company initially planned to sell fewer shares at a lower price range but increased both due to strong investor demand. The original plan called for 20.3 million shares priced between $28-$31 each, targeting a $4.2 billion valuation.

The final IPO terms showed how much appetite investors had for crypto-related stocks. Major institutional investors including BlackRock and ARK Investment Management showed interest in buying up to $200 million worth of shares at the offering price.

On trading day, Bullish stock opened at $90, nearly double its IPO price. The shares climbed as high as $118 before settling back. This performance made it one of the most successful IPOs of 2025.

Bullish was founded in 2020 as a spinoff from blockchain software company Block.one. The exchange is backed by billionaire investor Peter Thiel through his Founders Fund and Thiel Capital. Other major investors include Japanese financial firm Nomura and crypto investor Mike Novogratz.

The company is led by CEO Tom Farley, who previously served as president of the New York Stock Exchange. This Wall Street experience has helped Bullish position itself as an institutional-grade platform rather than targeting everyday retail investors.

Bullish also owns CoinDesk, the popular crypto news website it acquired in 2023. The exchange operates through subsidiaries in multiple countries including Hong Kong, Singapore, the United Kingdom, Germany, and Gibraltar.

The exchange has built impressive trading volumes since launching in 2021. In the first quarter of 2025 alone, Bullish handled over $2.5 billion in average daily trading volume. This made it rank among the top five exchanges for Bitcoin and Ethereum spot trading volume.

Since its launch, total trading volume on the Bullish platform has exceeded $1.25 trillion as of March 31, 2025. The company claims to hold over $1.9 billion in liquid assets, including cash, Bitcoin, stablecoins, and other digital currencies.

However, the company’s recent financial performance shows the challenges of operating in the volatile crypto market. Bullish reported $80 million in net income for 2024, but posted a significant $349 million loss in the first quarter of 2025. This compared to a $104.8 million profit in the same quarter of 2024.

While Coinbase became the first major crypto exchange to go public in the United States, it chose a different route. Coinbase went public through a direct listing on Nasdaq in April 2021, not through a traditional IPO on the NYSE.

Source: @NYSE

This makes Bullish’s achievement unique. The company completed a traditional initial public offering and chose the more prestigious NYSE over Nasdaq. Bullish focuses primarily on institutional clients, while Coinbase built its business around retail investors.

The timing also differs significantly. Coinbase went public during the 2021 crypto boom, while Bullish is entering public markets during a more mature phase of the industry with clearer regulatory guidelines.

Bullish’s successful IPO reflects broader changes in how traditional finance views cryptocurrency. The Trump administration has taken a more supportive stance toward digital assets, including signing the GENIUS Act into law in July 2025. This legislation provides the first major federal framework for stablecoins.

Several other crypto companies are following similar paths to public markets. Circle, the company behind the USDC stablecoin, went public in June 2025 and saw its stock price surge over 400% from its IPO price. Galaxy Digital moved its listing from Toronto to Nasdaq in May, while eToro completed its IPO around the same time.

Other major players including Gemini, Grayscale, and BitGo have filed paperwork for their own public offerings. This wave of IPOs shows how the crypto industry is becoming part of traditional financial markets.

The strong investor interest in these offerings also reflects growing institutional adoption of digital assets. Many pension funds and asset managers now seek exposure to cryptocurrency through publicly traded companies rather than holding crypto directly.

Bullish’s historic NYSE listing marks a turning point for the cryptocurrency industry. The successful IPO shows that major exchanges can attract mainstream investors and operate under traditional financial market rules.

The company’s institutional focus and experienced leadership team have positioned it well for this transition. With over $1 billion in fresh capital, Bullish can invest in technology upgrades, regulatory compliance, and geographic expansion.

For the broader crypto sector, Bullish’s success opens the door for more exchanges and related companies to pursue public listings. This could lead to greater legitimacy and mainstream adoption of digital assets over time.