Peter Thiel-Backed Bullish Crypto Exchange Surges in Market Debut

Bullish, a cryptocurrency exchange backed by Peter Thiel's Founders Fund, nearly doubled in its trading debut after pricing its IPO above expectations. The firm raised $1.11 billion pre-listing, with shares initially offered at $37 before soaring to a close of $75.30—valuing the company at $9.94 billion. Intraday trading briefly pushed the stock to $109.90, reflecting intense investor demand.

The successful listing marks a rare U.S. public market entry for a crypto exchange, signaling renewed institutional confidence in digital assets. Bullish, led by former NYSE president Tom Farley, targets regulated institutional clients—a strategic differentiator in a crowded market. Farley’s appointment as chairman bolsters credibility amid accelerating crypto adoption.

This represents Bullish’s second attempt at going public after canceling a SPAC merger in 2022. Key backers include Nomura and Galaxy Digital, with JPMorgan and Jefferies managing the IPO. The oversubscribed offering underscores growing Wall Street appetite for crypto infrastructure plays.