Bullish Crypto Exchange Soars to $13.2B Valuation in Blockbuster NYSE Debut

Bullish, the digital asset exchange, staged a spectacular Wall Street debut with shares surging 84% from its $37 IPO price to close at $68. The rally propelled its valuation to $13.2 billion, minting two new crypto billionaires and underscoring institutional appetite for digital asset infrastructure.

The exchange raised $1.1 billion after pricing above its elevated $32-$33 target range, forcing underwriters to revise valuations upward. Bullish's performance eclipsed eToro's May Nasdaq debut, where the retail trading platform secured a $4.2 billion valuation.

Market observers note the listing signals growing mainstream acceptance of cryptocurrency ventures, with Bullish joining a wave of fintech IPOs. The NYSE celebrated the milestone, tweeting: "We welcome @Bullish to celebrate its IPO!" as shares briefly touched $118 during Wednesday's session.