🚀 Peter Thiel-Backed Crypto Exchange Bullish Explodes 100% on Debut—Wall Street Wakes Up Late Again

Silicon Valley meets Satoshi as Bullish, the crypto exchange backed by PayPal mafia kingpin Peter Thiel, nearly doubles out the gate. Traders pile in while traditional finance scrambles to explain the 'irrational exuberance'—right before updating their long-term projections.

The Thiel bump strikes again

Market makers got whiplash as Bullish's trading volume spiked faster than a degenerate's leverage ratio. The debut performance makes Coinbase's IPO pop look like a stale stablecoin.

Institutional FOMO reaches critical mass

Hedge funds that spent 2023 dismissing crypto suddenly care about 'blockchain exposure.' Meanwhile, the SEC still can't decide if it's a security, commodity, or existential threat to their vacation homes.

Cynical take: Nothing boosts adoption like watching bankers chase retail profits while pretending it's 'for client diversification.'

Bullish’s Shares Jumped More Than 150%

This successful IPO represents a rare US listing for crypto exchanges and follows recent corporate successes in digital assets.

“Bullish came out with an attractive initial valuation, and investors responded by aggressively bidding it up during the pre-IPO process,” noted Jeff Zell, a senior research analyst at IPO Boutique.

Who is Bullish & Why It Matters

Prominent backers, including Peter Thiel’s Founders Fund, Nomura, and Galaxy Digital, launched Bullish in 2020. The company makes its second attempt to go public after calling off an SPAC merger in 2022.

Tom Farley, the former president of the New York Stock Exchange, leads the firm. He will assume the chairman role following the listing and brings deep market-structure expertise. His credibility with institutional clients provides a critical advantage in the competitive crypto exchange space. Bullish targets institutional clients, whose crypto holdings should grow with new regulations.

After confidentially filing for its IPO in June with JPMorgan and Jefferies, Bullish achieved a successful debut. The debut comes amid surging investor confidence in digital assets. Circle Internet Group achieved similar success when its shares leaped over 500% after its debut. Other firms like Gemini, Grayscale, Figure Technology, and BitGo are also seeking to go public.

The NYSE welcomes @Bullish, the digital asset exchange, to celebrate its IPO! $BLSH@CoinDesk | @ThomasFarley https://t.co/83XyhdrM3l

Demand for crypto-related equity investments is perhaps stronger than ever. Several token projects have created digital asset treasury companies to transform listed companies into crypto accumulation machines. Strategy, formerly MicroStrategy, famously pioneered this with Bitcoin, a path also taken by companies like Japan’s Metaplanet. More recently, firms such as BitMine and SharpLink have followed a similar playbook by focusing on accumulating Ethereum, often leveraging its utility for staking.

This wave of IPOs is occurring as the US capital markets show a bullish sentiment toward crypto, a trend underscored on the same day by Bitcoin’s new all-time high of $123,500. A pro-crypto WHITE House, corporate treasury adoption, and new ETF inflows drive this market optimism.

Bullish is nearing completion of a two-year process to obtain New York’s “BitLicense” for state operations. The company also plans to convert IPO proceeds into stablecoins, which boomed after the Genius Act passed.