Peter Thiel-Backed Crypto Exchange Bullish Nearly Doubles in Trading Debut
Shares of Bullish, a cryptocurrency exchange backed by billionaire venture capitalist and PayPal founder Peter Thiel, made a remarkable debut on the New York Stock Exchange (NYSE) on Wednesday. The company’s stock price nearly doubled on its first day of trading, signaling strong investor enthusiasm for crypto-related public offerings.
Bullish priced its initial public offering (IPO) at $37 per share, a figure that already surpassed its earlier projected range of $32 to $33 and exceeded an even earlier forecast of $28 to $31. Trading on Wednesday saw the shares soar as high as $118 during the session before closing at $68—almost double the IPO price. This surge reflects robust demand and optimism surrounding the company and the broader cryptocurrency market.
The IPO raised approximately $1.1 billion by selling 30 million shares. Based on the total shares outstanding as disclosed in Bullish’s regulatory filings, the company’s market capitalization now approaches $10 billion.
Strong Performance and Market Context
Bullish operates a cryptocurrency exchange along with owning CoinDesk, a leading crypto media outlet. According to its IPO prospectus, Bullish reported a 78% year-over-year increase in trading volume in the first quarter of this year, with an average daily trading volume of $2.55 billion. These impressive figures helped generate strong interest ahead of the public listing.
Bullish’s successful market debut comes amid a series of favorable crypto IPOs this year, reflecting an improving climate for new crypto listings. Major cryptocurrencies have been performing well, paving the way for positive investor sentiment. On Wednesday, Bitcoin and Ether traded near record highs, with Bitcoin hovering around $122,900 and Ether exceeding $4,700. This upward momentum stems partly from growing optimism about a regulatory environment that is becoming more welcoming to cryptocurrencies.
Industry experts interpret Bullish’s IPO success as an indicator of increasing appetite from investors for crypto-related companies entering public markets. The substantial capital raised will also likely support Bullish’s expansion and continued innovation as the company capitalizes on a maturing digital asset ecosystem.
In Summary
Bullish’s IPO results underscore the growing confidence in cryptocurrency exchanges as viable public companies, with strong volume growth and investor demand translating into a robust market valuation from day one. Supported by Peter Thiel’s backing and buoyed by bullish market conditions, Bullish’s debut marks a notable milestone within the evolving crypto sector.
As the crypto space develops and regulatory frameworks potentially become more defined, Bullish’s performance could serve as a bellwether for future industry listings and investments.
For news tips or inquiries, please contact Investopedia’s editorial team at [email protected].
This article was updated on August 13, 2025, to reflect the latest share price information.