To The Moon

Bullish's 84% IPO Surge: Big Ambitions, Tougher Battles

Following stablecoin issuer $Circle Internet Corp.(CRCL)$  , another standout "crypto newcomer" made a dazzling U.S. stock market debut this year. On August 13th (ET), $Bullish(BLSH)$   listed on the NYSE, opening at $90—143% above its $37 IPO price. It hit intraday gains of nearly 219% before closing at $68, up about 84% on the day, with a market cap of nearly $10 billion.

Bullish's arrival coincides with a perfect storm: the "crypto summer" gathers momentum, with Bitcoin above $120,000 and Ethereum over $4,700. Regulatory clarity is emerging, and the Trump administration's crypto-friendly stance have aligned to create an opportune debut moment.

Company Snapshot

Founded in 2021, Bullish is a rising star in the crypto exchange space, incubated by blockchain firm Block.one. As a global digital asset platform focused on institutional clients, its core business spans two key pillars: institutionally-focused trading infrastructure and a comprehensive digital asset information services ecosystem. The company has secured backing from heavyweights, with funding rounds led by Peter Thiel's Founders Fund and Thiel Capital, joined by Nomura Securities, Mike Novogratz, and others.

I. Institutionally-focused Trading Infrastructure

Bullish operates the multi-jurisdiction regulated Bullish Exchange, offering spot and derivative trading for major crypto assets like Bitcoin and Ethereum.  

Per its prospectus, in Q1 2025, Bullish Exchange saw average daily trading volume exceed $2.5 billion, ranking among the top five exchanges for Bitcoin and Ethereum spot trading. Since its launch, the exchange's total trading volume has surpassed $1.25 trillion.

II. Digital Asset Information Services Ecosystem

Through acquisitions of CoinDesk and CCData, Bullish has built an end-to-end service ecosystem covering market data, index compilation, and industry news. Notably, leading crypto media outlet CoinDesk recorded 55 million UNIQUE visitors in 2024, with its data and index services reaching 171,000 users. The addition of CCData has significantly enhanced the sophistication of its data solutions.  

Overall, Bullish's business model thrives on a dual-engine approach: synergy between its exchange and media assets. The company believes this structure creates a "synergistic flywheel," driving cross-utilization of products and services.  

For example, tradable products supported by CoinDesk Indices are listed on Bullish Exchange, backed by the enterprise's unified, efficient cost base. Further, integration between CoinDesk Data and CoinDesk Indices amplifies this flywheel—CoinDesk Data provides comprehensive market insights to underpin indices, while CoinDesk Indices leverages that data to develop index solutions, strengthening both businesses.

Bullish has also aggressively expanded its regulatory footprint globally in recent years. It now operates subsidiaries in jurisdictions including the Cayman Islands, the U.S., Singapore, Gibraltar, Germany, and Hong Kong—where it secured a virtual asset trading license from the Securities and Futures Commission earlier this year.  

A Stellar Lineup

Bullish is led by Chairman and CEO Thomas W. Farley, former President of the New York Stock Exchange (NYSE) and ex-CEO of Far Peak. Peter Thiel—via Founders Fund and Thiel Capital—stands as one of Bullish's earliest and most committed investors.

Bullish and Far Peak once planned a SPAC listing in 2021, which was later terminated.

Thiel is a legendary Silicon Valley investor: co-founder of $PayPal (PYPL.US)$ and $Palantir (PLTR.US)$, the first external investor in Facebook, and founder of Founders Fund, with stakes in SpaceX, Stripe, $Airbnb (ABNB.US)$, and more. Over the past 25 years, he has profoundly shaped America's tech landscape.

Beyond Palantir and PayPal, Thiel and Founders Fund's portfolio includes Ethereum-focused $Bitmine Immersion Technologies (BMNR.US)$, $Meta Platforms (META.US)$, biotech firm $AbCellera Biologics (ABCL.US)$, global hospitality giant $Airbnb (ABNB.US)$ , U.S. review leader $Yelp Inc (YELP.US)$ , ride-hailing giant $Lyft Inc (LYFT.US)$ , BNPL leader $Affirm Holdings (AFRM.US)$, music streaming giant $Spotify Technology (SPOT.US)$, design powerhouse $FIGMA INC (FIG.US)$ , fintech giant $Nu Holdings (NU.US)$, cloud communications leader $Twilio (TWLO.US)$, tech-driven insurance $Upstart (UPST.US)$ $Oscar Health (OSCR.US)$, and software giant $Asana (ASAN.US)$.  

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