Bullish crypto exchange soars over 143% in NYSE debut

Cryptocurrency exchange Bullish began trading on the New York Stock Exchange on Wednesday, with shares surging more than 143% from its initial public offering price of $37 per share, valuing the company at approximately $13.2 billion and marking one of the most successful crypto IPOs in recent history.

The Peter Thiel-backed exchange opened at $90 per share before climbing even higher, representing a dramatic 175% gain that briefly pushed its market capitalisation above $16 billion. The debut comes as investor confidence in the cryptocurrency sector reaches new heights, with Bitcoin trading near all-time highs and institutional adoption accelerating across financial markets.

Bullish priced its IPO above its expected range, raising significant capital to expand operations and compete with established players like Coinbase Global. The company provides essential trading infrastructure for digital assets and has positioned itself as a bridge between traditional financial institutions and the burgeoning cryptocurrency ecosystem.

The remarkable first-day performance underscores growing institutional appetite for crypto-related investments, particularly as regulatory clarity improves under the current administration. Industry analysts note that Bullish's successful debut could pave the way for additional cryptocurrency companies to pursue public listings in the United States.

The exchange's surge occurred alongside broader market optimism about potential Federal Reserve rate cuts in September. Treasury Secretary Scott Bessent's comments suggesting an aggressive 50 basis point reduction have further fueled risk-on sentiment across equity markets, benefiting growth-oriented sectors including technology and cryptocurrency.

Trading volume for Bullish shares exceeded expectations, with retail and institutional investors alike participating in the opening session. The company's technology platform, which emphasises high-speed trading and institutional-grade security features, has attracted significant interest from professional traders and asset managers.

Market observers suggest that Bullish's successful debut reflects broader confidence in the cryptocurrency sector's long-term prospects. With major corporations increasingly adding Bitcoin to their balance sheets and regulatory frameworks becoming more accommodating, crypto exchanges are positioning themselves as critical infrastructure for the digital economy.

The IPO success also highlights the continued appeal of growth stories in public markets, despite concerns about elevated valuations across various sectors. Bullish's platform differentiation and backing from prominent technology investors have resonated strongly with public market participants seeking exposure to digital asset growth trends.