On August 6, 2025, Bullish (NYSE: BLSH), a Peter Thiel-backed cryptocurrency exchange, had its IPO, debuting at $37 and reaching an intraday high of $118, closing with an 88.81% gain. This comes amid a buoyant financial sector, where the sector recorded an 8.55% year-to-date gain, now ranking fifth among S&P 500 sectors. Since President Trump’s inauguration, Bitcoin has increased 20.10%, Ethereum 48.33%, and XRP 44.05%.
Bullish, launched in 2021, has surpassed $1.25 trillion in trading volume and aims to cater to institutional investors, unlike competitors Coinbase and Kraken that focus on retail investors. The company’s adjusted EBITDA was $52 million for 2024 and $13 million for Q1 2025, suggesting potential for rapid growth following the influx from its recent IPO.
