Recent Highlights
Bullish IPO priced at $37/share, raising $1.1 billion and valued at approximately $5.4 billion. Portions of the offering are open to purchase by underwriters within 30 days.
Strong investor demand led to expectations of shares opening significantly above IPO price:
Early indications pointed to an opening range of $55–$60, a ~62% increase.
Later projections revised the expected open to $60–$65, which would translate into a +75% surge, pushing Bullish's market value past $9.5 billion.
Another bullish estimate even suggested an opening price of $75–$80, more than double the IPO price, implying a valuation near $12.1 billion.
Institutional backing is substantial:
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Major backers include Peter Thiel’s Founders Fund, BlackRock, ARK Investment Management, and Galaxy Digital, with up to $200 million potentially being purchased in the IPO.
Leadership and strategic positioning: Bullish is led by Tom Farley, former NYSE president. The company stands out with its focus on institutional clients, ownership of CoinDesk, and substantial crypto holdings (~$2 billion), mostly in Bitcoin and Ethereum.
What This Means
Bullish’s IPO debut on August 13, 2025 is being closely watched as a potential turning point for cryptocurrency-related public offerings. Its highly successful pricing and robust demand reflect growing institutional interest in digital asset platforms. With strong leadership, strategic assets, and heavyweight financial backing, BLSH is poised for a standout debut.
Let me know if you'd like real-time price tracking, analysis of its performance versus other crypto IPOs, or insights into where it might be headed next.
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