Bullish Crypto Exchange Surges 90% in Market Debut, Valuing Firm at $10B

Bullish (BLSH), the cryptocurrency exchange operator, closed its first trading day at $70 per share—a 90% surge from its $37 IPO price. The rally briefly propelled its market capitalization above $10 billion, though shares retreated more than 20% from their $90 opening print. Early volatility triggered multiple trading halts as the stock peaked at $118, a 215% intraday gain.

The successful debut follows revised pricing strategies. Initially targeting $28-$31 per share, Bullish ultimately priced above its updated $32-$33 range. The IPO raised $1.1 billion, granting the company a $5.4 billion valuation at listing. This marks a redemption for Bullish's failed 2021 SPAC merger attempt, which collapsed under regulatory scrutiny despite a proposed $9 billion valuation.

Bullish's strong showing aligns with recent successful tech listings, signaling renewed investor appetite for public offerings. The company's dual role—operating both a crypto exchange and owning industry media outlet CoinDesk—positions it uniquely within digital asset infrastructure.