🚀 Crypto Exchange IPO Explodes: Shares Rocket 143% on Debut, Shattering $90 Opening Price

Wall Street got a taste of crypto mania today as the latest digital asset exchange went public with a bang.

From zero to $90 in milliseconds

The trading floor erupted as shares nearly tripled their reference price at open—proving once again that nothing pumps valuation like blockchain hype. Traders who got in early are sitting pretty while traditional finance scrambles to understand how an unprofitable tech company just outran blue-chip stocks.

When Lambo? Now.

Analysts whisper about sustainability, but today belongs to the degens. The exchange's native token—conveniently required for fee discounts—also spiked 62% in sympathy. Meanwhile, SEC chair Gary Gensler was seen quietly drafting another 200-page regulation proposal.

One thing's clear: crypto's casino economics just schooled old-school IPOs. Again.

Bullish Prices IPO Above Expectations

Bullish priced its IPO significantly higher than the anticipated range of $32 to $33 earlier this week, and even above last week’s initial expectations of $28 to $31. This pricing strategy valued the company at approximately $5.4 billion before trading commenced. 

Bullish is led by former New York Stock Exchange President Tom Farley and backed by tech billionaire Peter Thiel, focusing on providing a crypto exchange platform tailored for institutional investors with the goal to merge decentralized finance (DeFi) protocols with the security of a centralized financial entity.

In an interview on CNBC’s “Squawk on the Street,” Farley expressed Optimism about the future of institutional investment in cryptocurrency. He noted that while the previous decade saw retail investors dominate the market, the tide is shifting. 

“The institutional wave has begun,” Farley further stated during the interview, emphasizing the significant reception the exchange has received during its initial public offering process.

Resurgence Of Crypto IPOs

Bullish’s debut comes amid a favorable regulatory environment under President Donald Trump’s administration, which has encouraged other companies to pursue public listings. 

For instance, stablecoin issuer Circle (CRCL) recently made a successful stock market entry, raising over $1 billion. The stablecoin issuer also saw its CRCL stock rise over 168% in its first day on the NYSE back in June. 

Other firms, including Mike Novogratz’s Galaxy Digital and the trading app eToro, have also transitioned to Nasdaq, further contributing to a resurgence in crypto-related IPOs. Companies like BitGo and Gemini are also preparing to file for US listings.

Despite the excitement surrounding its public offering, Bullish reported a significant loss of $349 million for the quarter ending March 31, a stark contrast to the $105 million profit recorded in the same quarter the previous year. 

Alongside Bullish’s IPO, World Liberty Financial (WLFI) celebrated the closing of a $1.5 billion offering at the Nasdaq MarketSite in Times Square on Wednesday. 

The event was marked by the ringing of the Opening Bell, attended by key figures including Zach Witkoff, Co-Founder and CEO of World Liberty Financial, and President Trump’s son Eric Trump.

Featured image from DALL-E, chart from TradingView.com