By Esther Ososanya
Shares of cryptocurrency exchange operator Bullish (BLSH.N), owner of CoinDesk, surged nearly 62% above their initial public offering (IPO) price on Wednesday.
The sharp rise signals renewed investor confidence in the digital asset sector and boosts the outlook for future U.S. listings by other crypto companies.
If trading holds between $55 and $60 on the NYSE, Bullish’s market value will reach about $8.77 billion.
The Peter Thiel-backed firm priced its IPO at $37 per share, already above an upsized range. That gave the company an initial valuation of $5.41 billion.
Biggest U.S. Digital Asset Listing of 2025
Bullish raised $1.11 billion in its IPO, making it the largest U.S. listing by a digital assets company this year.
This follows stablecoin giant Circle (CRCL.N), which raised $1.05 billion in June before its own record-breaking debut.
Notably, Circle’s shares now trade at more than five times their IPO price.
READ ALSO: Trump to Allow 401(k) Investments in Crypto, Private Equity
Regulatory wins under a pro-crypto White House, growing corporate treasury adoption, inflows into exchange-traded funds (ETFs), and bitcoin’s record highs have all driven optimism.
Analysts believe these factors are cementing digital assets as a mainstream investment class.
Following Bullish’s strong debut, several crypto firms, including Gemini and asset manager Greyscale, are preparing to go public.
The revived IPO market also benefits from robust tech earnings and expectations of lower tariffs and interest rates. J.P. Morgan and Jefferies served as lead underwriters for Bullish’s listing.
Esther Ososanya is an investigative journalist with Pinnacle Daily, reporting across health, business, environment, metro, Fct and crime. Known for her bold, empathetic storytelling, she uncovers hidden truths, challenges broken systems, and gives voice to overlooked Nigerians. Her work drives national conversations and demands accountability one powerful story at a time.
