Bullish Becomes First Digital Asset Exchange to List on NYSE

Bullish, a digital asset exchange, made history as the first of its kind to list on the New York Stock Exchange. The company raised $1.1 billion in its IPO, pricing 30 million shares at $37 each, achieving a $5.4 billion market valuation at launch. By the close of trading, strong investor demand propelled its valuation beyond $13 billion.

Initially filing in July 2025, Bullish adjusted its offering terms upward due to overwhelming interest. Major institutional players like BlackRock and ARK Investment Management committed to $200 million in shares. The stock debuted at $90, nearly double its IPO price, peaking at $118 before settling—a standout performance in 2025’s IPO landscape.

Founded in 2020 as a Block.one spinoff, Bullish counts Peter Thiel’s Founders Fund and Nomura among its backers. CEO Tom Farley, former NYSE president, leads the firm. The listing underscores growing institutional appetite for crypto-linked equities, marking a milestone for digital asset markets.