Bullish Crypto Exchange Triples in Market Debut, Signaling Strong Investor Appetite

Shares of cryptocurrency exchange Bullish surged more than 126% on their first trading day, opening at $37 and peaking at $118 before settling near $84. The strong debut values the company at approximately $12.2 billion, underscoring renewed institutional confidence in digital asset markets.

The listing extends a streak of successful crypto IPOs in 2024, following Circle's NYSE debut and eToro's Nasdaq performance. Bullish CEO Tom Farley, former NYSE president, positions the public offering as a milestone for industry maturation. The exchange specializes in institutional-grade spot and derivatives trading.

Market momentum appears robust despite macroeconomic headwinds, with multiple crypto firms preparing listings. Peter Thiel-backed Bullish originally planned its 2021 debut via a $9 billion SPAC merger before adjusting its timeline to capitalize on improving market conditions.