Bullish IPO Surge: Is Crypto ‘Froth’ Showing Signs of an Overheated Market?

Bullish, an institutional-grade crypto exchange backed by Peter Thiel and led by former NYSE president Tom Farley, has emerged as one of the most-watched IPOs of 2025. Shares more than doubled their initial price, peaking at $118 before settling at $92.60, pushing the firm's valuation to nearly $13.2 billion.

The offering joins a wave of frothy debuts from crypto and tech firms, including Circle and Figma, which saw triple-digit rallies on their first trading days. Circle’s shares surged 168% at launch, while Figma rocketed 250% before a modest pullback. Investor appetite for tech and crypto offerings appears reinvigorated after a prolonged drought.

Regulatory tailwinds and Wall Street’s embrace of crypto deals are fueling the IPO resurgence. The Bullish listing marks another milestone in the sector’s maturation, though questions linger about sustainability amid such exuberant valuations.