Bullish BLSH Stock Soars 83% on NYSE Debut as Ark Invest Buys $172M Stake

Peter Thiel-backed crypto exchange Bullish made a dramatic entrance to Wall Street, with its stock price surging 83% on its first trading day. Ark Invest, led by Cathie Wood, acquired $172 million worth of shares immediately after the NYSE listing. The IPO was oversubscribed 20 times, forcing the company to increase its offering to 30 million shares pre-launch.

Bullish's path to public markets faced delays after a failed 2021 SPAC merger attempt. Now, under clearer crypto regulations under the Trump administration, the exchange joins Circle in pursuing traditional IPOs. CEO Thomas Farley emphasized compliance and transparency as core pillars aligning with public market expectations.

The listing success coincides with advancing crypto legislation, including the GENIUS Act for stablecoins. Institutional demand signals growing confidence in regulated crypto ventures, mirroring Circle's earlier IPO triumph where shares ROSE from $31 to nearly $300.