Bullish, backed by Peter Thiel, saw its stock soar over 150% on its NYSE debut, jumping from $37 to $93.83 on the first day.
Following Circle, this performance fuels interest in crypto IPOs, with Grayscale, Kraken, and BitGo considering going public.
The IPO comes in a favorable American digital asset landscape driven by a ‘risk-on’ market and a surge in institutional demand.
Bullish Succeeds IPO with Phenomenal Stock Rise
The New York stock market has witnessed a stunning moment. Bullish, a crypto platform backed by billionaire Peter Thiel, made its debut on the New York Stock Exchange with a lightning-fast surge of over 150% from its opening price. The 30 million shares, initially priced at $37, above the expected range of $32 to $33, were trading at $93.83 by the end of the day.
Prior to its IPO, the company had raised $1.11 billion, confirming investors’ appetite for booming crypto values.
After Circle, a New Crypto Success Story on Wall Street
This performance echoes that of Circle, the issuer of the stablecoin USDC, whose shares surged over 500% on its IPO. This precedent paved the way for a new wave of players ready to seize the opportunity: Grayscale, Kraken, and BitGo are also considering going public to raise funds on public markets.
For Bullish, this successful debut is not just a spotlight moment; it’s also a validation of large-scale crypto platforms in a regulatory and political environment favorable in the United States.
A Market Ready to Absorb Crypto IPOs
The demand for digital asset-related stocks has possibly never been stronger. Institutional investors, long hesitant, now seem ready to bet on the sector’s growth. Some projects go even further: they use companies already listed on Nasdaq or NYSE to become ‘crypto treasury accumulation machines’, through the creation of Digital Asset Treasury (DAT).
JPMorgan and Jefferies, leading Bullish’s introduction, took advantage of an American market in ‘risk-on’ mode since the arrival of Donald Trump in power, whose administration clearly intends to support the digital asset industry.
What This Means for the Crypto Market
Bullish’s IPO could mark a turning point in the sector’s perception. If upcoming IPOs confirm this trend, Wall Street could become a massive capital relay for crypto companies, accelerating their development and legitimacy.
For investors, it’s also a signal: the boundary between traditional finance and digital assets is rapidly fading. And with triple-digit gains on the first day of trading, the temptation to position early on future crypto IPOs may be stronger than ever.
