Cryptocurrency exchange Bullish Inc (NYSE:BLSH) began trading Wednesday at $90, 143% above its initial public offering price of $37 per share, almost immediately spiking into a volatility halt at $102.44.
Shares ended the session at $68, up 84%.
The IPO price of $37 already exceeded the company’s previously announced range of $32 to $33 per share, giving Bullish a market value of $5.4 billion. Bullish raised $1.1 billion through the offering of 30 million shares.
Previously, the exchange, which also owns cryptocurrency news website CoinDesk, upsized its IPO from an originally proposed 20.3 million shares priced between $28 and $31 per share.
The offering was led by Jefferies, JP Morgan, and Citigroup.
Bullish reported $647 billion in total spot volume in Q1 2025, making it the top 3 in the global regulated spot trading market share. The company saw 78% trading volume growth in Q1 2025.
CoinDesk has $41 billion in AUM linked to CoinDesk Indicies and 48 million annual unique visitors.
For the three months ended June 30, 2025, Bullish expects net income to be in the range of $109.1 million and $106.1 million, versus a loss of $116.4 million for the three months ended June 30, 2024.
The CEO of the company is Tom Farley, who was previously president of the NYSE Group.
BlackRock and Cathie Wood’s Ark Investment Management are both major investors in the offering.
