Bullish, the crypto exchange that owns CoinDesk and is backed by Peter Thiel, priced its IPO at $37 and begins trading on the NYSE under ticker BLSH, valuing the company around $5.4B. The company sold 30 million shares—an upsized deal from earlier plans—raising roughly $1.1B as investor demand came in hot. Barron’s flagged the debut as one to watch with the stock set to trade today.
Why BLSH is trending
- The IPO priced above its already raised range ($32–$33), signaling strong institutional appetite in a revived IPO market.
- BlackRock and Cathie Wood’s ARK showed interest in buying up to $200M of shares, a credibility boost for a crypto-native listing.
- Early chatter points to a strong open amid oversubscription and momentum across crypto-linked listings this summer.
Key details at a glance
- Ticker: BLSH.
- IPO price: $37 per share.
- Capital raised: ~$1.1B on 30 million shares.
- Implied valuation: ~$5.4B.
- Underwriters: J.P. Morgan, Jefferies, Citigroup.
What Bullish does—and why it could stand out
Bullish runs an institutional-focused crypto exchange and owns CoinDesk, blending trading infrastructure with media and data—a combo some see as a moat in liquidity, market intelligence, and brand reach. Its positioning targets deep liquidity in major assets like Bitcoin and Ethereum rather than a long tail of altcoins, aligning with institutional risk preferences.
The setup for day one
Financial outlets report strong demand and upsizing into the print, with pricing above the range and indications of robust early interest—conditions that often create volatile, high-volume debuts. Some coverage suggests BLSH could open materially above the IPO price given oversubscription and momentum across crypto listings this quarter.
What to watch next
- Opening print vs. $37: A strong premium would confirm the demand signal; a fade would raise questions on near-term positioning.
- Liquidity and spreads: Key for institutional adoption on the exchange, especially in BTC/ETH spot and derivatives.
- Post-IPO performance: Recent high-profile debuts in tech and crypto have run hard out of the gate—but remain sensitive to macro and crypto headlines.
Bottom line
BLSH debuts into a receptive tape with blue-chip interest, an upsized deal, and a differentiated exchange-plus-media model—all while crypto market sentiment has improved in 2025. The combination sets the stage for a high-profile open and elevated volatility as price discovery plays out.
Note: This article is for informational purposes only and is not investment advice.
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