Crypto’s Public Surge Continues: Bullish IPO Rakes in $1.1B, Joins Circle and eToro in Market Frenzy

Crypto's going public—and Wall Street can't look away. Another digital asset player just cashed in big.

Bullish smashes expectations with a $1.1B IPO

Move over, Circle and eToro—there's a new heavyweight on the block. Bullish's monster debut proves institutional FOMO is alive and well, even after three crypto winters. The listing didn't just meet targets; it bulldozed through them like a Bitcoin miner through energy subsidies.

Public markets are hungry for crypto exposure

Traders are snapping up shares like they're rare NFTs, betting big on blockchain's second act. Forget 'proof of work'—this is 'proof of hype.' And with regulators still scrambling to keep up, the only thing growing faster than these valuations? The compliance teams billing by the hour.

One cynical footnote: Nothing brings traditional finance to the table like nine-figure exits. Suddenly, everyone's a 'long-term believer.'

The crypto IPO wave

Bullish’s IPO follows a string of high-profile crypto listings, each underscoring the sector’s growing appeal to traditional investors. Stablecoin issuer Circle set the tone in June with a $1.2 billion offering, after which its shares surged 500%, defying skeptics who questioned whether stablecoins could command such valuations.

Meanwhile, eToro’s May IPO, valuing the trading platform at $5.4 billion, proved that retail-focused crypto companies can find success in public markets, even as its stock later declined on normalized trading volumes.

Can Bullish deliver? The $1.25 trillion question

With $1.25 trillion in lifetime trading volume and ownership of CoinDesk, Bullish has the infrastructure to justify its $5.4 billion valuation. But matching Circle’s post-IPO surge—or avoiding eToro’s post-debut volatility, will be a challenge.

The exchange’s hybrid model, blending centralized security with DeFi protocols, appeals to institutions cautious about purely decentralized platforms. Still, it faces strong competition from Coinbase, Kraken, and a growing lineup of public crypto firms such as BitGo and Gemini, each pursuing their own public market strategy.

If Bullish sustains momentum post-listing, it could cement the role of digital asset firms as mainstream Wall Street players. But if it stumbles, skeptics will question whether the current IPO wave is fueled by lasting demand or short-lived hype. One thing is clear: with Circle thriving, eToro adapting, and Bullish now in the mix, crypto’s era of public market legitimacy is firmly underway.