Stock market newcomer, The Bullish Exchange, experienced a successful launch on the NYSE, garnering a $13.2 billion market valuation.
In a significant development for the crypto industry, Bullish, a digital assets exchange, recently went public with a traditional Initial Public Offering (IPO) on the New York Stock Exchange (NYSE). The company, which rang the NYSE opening bell this week, is now trading under the ticker symbol BLSH.
Bullish's IPO was one of the most successful of the year, marking a significant milestone in institutional adoption of cryptocurrencies. The company managed to raise $1.1 billion in the offering, significantly surpassing its initial target of $629.3 million by selling 20.3 million shares.
The stock's opening price was set at $90, and it reached a high of $118 before adjusting to its current price of $68, as of press time, according to Google Finance.
Bullish's successful IPO adds it to a growing list of trading companies that have gone public, with notable examples including eToro, which joined the stock exchange in May and reached a valuation of approximately $4.2 billion, and the issuer of the second-largest stablecoin by market capitalization, Circle, which raised $1.1 billion in its IPO and listed on the NYSE with a valuation of $6.9 billion.
Another major crypto company preparing for an IPO is Kraken, one of the top ten global cryptocurrency exchanges. While Kraken initially planned an IPO in 2022 following Coinbase’s successful 2021 debut, market conditions delayed this. As of early 2025, Kraken is preparing to go public in 2026 amid a friendlier regulatory climate, but it has not yet completed an IPO or established a valuation from going public.
Besides Coinbase, Bullish is the primary crypto corporation that has gone public on traditional stock markets with a disclosed valuation. This underscores the growing institutional validation of crypto infrastructure.
| Company | IPO Status | Valuation at IPO | Notes | |--------------|----------------------|------------------|----------------------------------------| | Coinbase | Public since 2021 | ~ $85 billion* | First major crypto exchange IPO | | Bullish | IPO completed August 2025 | $5.4 billion | Successful institutional-grade IPO | | Kraken | Preparing IPO (2026) | Not yet public | Delayed due to market and regulatory factors |
*Coinbase valuation is based on its public market cap at IPO time (not directly from search results but widely known).
No other crypto exchange or corporation beyond Bullish has recently completed a traditional stock market IPO, though several are in the pipeline.
The Peter Thiel-backed exchange is joining industry counterparts in a growing list of crypto corporations gaining access to traditional stock markets and indexes. This trend is expected to continue as the crypto industry matures and gains wider acceptance from institutional investors.
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