Bullish, the crypto exchange operator, successfully completed its initial public offering on August 13, 2025, raising approximately $1.1 billion. The company sold 30 million shares at a price of $37 each, significantly above its initial expected range of $28 to $31 per share.
The stock commenced trading on the New York Stock Exchange, opening at $90 per share. By the close of its first trading day, Bullish achieved a market capitalization of approximately $10.25 billion, based on its 150.684 million shares outstanding.
Bullish, led by former New York Stock Exchange President Tom Farley, focuses on institutional investors and integrates decentralized finance protocols with centralized security. As of March 31, 2025, the Bullish platform had exceeded $1.25 trillion in total trading volume since its launch in 2021.
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