CoinDesk Owner Bullish Exceeds IPO Expectations

Cryptocurrency exchange Bullish surged 84% in a strong public debut, signaling continued market appetite for Bitcoin and initial public offerings.

Though Bullish posted a loss in the first quarter of 2025, it said in its most recent filing that it expects to earn between $106.1 million and $109.1 million in the second quarter. (Photo: Bullish X)

Bullish opened at $90 a share—more than triple its IPO price—before closing at $68, giving it a market value of $10.5 billion, Paul R. La Monica, Brian Swint, and Janet H. Cho reported for Barron’s Daily.

Shares of Bullish, which also owns the crypto news and data site CoinDesk, trade on the New York Stock Exchange under the ticker symbol BLSH.

Its debut followed that of stablecoin company Circle Internet Group, which also reported strong earnings. Bullish CEO Tom Farley, a former president of Intercontinental Exchange who oversaw IPOs for companies including Alibaba and Snap, leads the company.

Early backers include Peter Thiel’s Founders Fund and Thiel Capital, which helped finance blockchain software company Block.one, a key player in Bullish’s launch.

Galaxy Digital also holds a stake. Bullish currently has about $2 billion in crypto on its balance sheet, the majority in Bitcoin, which was hovering near a 52-week high of $123,166 at one point.

The company also holds smaller positions in Ether and various stablecoins.