IPO Market Defies Seasonal Slowdown as Bullish Crypto Exchange Makes $10B Debut

The traditional summer lull in capital markets has failed to materialize this August, with IPO activity running at double historical averages. Twelve new issues exceeding $50 million have raised $2.9 billion so far this month, eclipsing the decade-long August average of nine deals totaling $1.5 billion.

"Market conditions are creating ideal timing for issuers," observed Avery Marquez of Renaissance Capital. The research director noted the recent IPO freeze makes this rebound unsurprising, but emphasized current demand remains the critical driver: "These companies wouldn't be testing public markets without such robust appetite."

Crypto exchange Bullish (BLSH) epitomized the trend with its blockbuster debut. The firm's shares opened at $90 - 143% above its $37 offering price - before closing its first trading day with a $10 billion valuation. The $1 billion raise marks a watershed moment for digital asset infrastructure providers accessing public markets.