Crypto exchange operator Bullish (BLSH) launched its IPO on Wednesday on the US stock market, nearly tripling in value in just a few hours. Initially trading at $37 per share, BLSH stock is now up over 80% in just a day, trading at $68 at market closing. The stock surged as much as 200% to $110 on the day, but trading was halted due to volatility at least twice within the first few minutes of trading.

At 30 million shares offered, the IPO price saw Bullish raise $1.1 billion and value the fintech company at $5.41 billion. Several crypto-based fintech platforms and companies have seen success on the stock market this year, with stablecoin issuer CRCL inspiring many efforts. Through Wednesday, 2025 has so far seen 133 total IPOs come to market worth more than $50 million, up more than 58% from the same time last year, according to IPO tracker and ETF operator Renaissance Capital.

In addition, Bullish is also riding a rally in major cryptocurrencies this year. Bitcoin is up more than 28% since the beginning of the year, while Ethereum’s ETH is up more than 40%, riding a huge surge in the last two months. The “bullish” crypto market and recent success of crypto-forward stocks paint a bright future for BLSH in the coming months on the US market.

Bullish in particular already has several top investors interested in its stock. Asset management giant BlackRock and Cathie Wood’s investment firm fund Ark Invest have expressed interest in purchasing up to $200 million worth of shares in the offering, according to securities filings.

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“We now intend to IPO because we believe that the digital assets industry is beginning its next leg of growth,” said Bullish CEO Thomas Farley, previously COO and president of the NYSE Group, in a letter to investors about Bullish’s offering. “I believe that the digital assets industry is at the inflection point of institutional adoption, and Bullish is uniquely positioned at the center of this market. The compliant, institutional-focused market infrastructure model is time-tested and works, and Bullish is proud to be the one bringing this proven framework to the crypto landscape.”