Cryptocurrency exchange Bullish made a stunning Wall Street debut yesterday (Wednesday), with shares more than doubling to give the company a nearly $13.2 billion valuation and mint two new crypto billionaires in the process.

Crypto Exchange Bullish Soars in Blockbuster NYSE Debut

The company's stock opened at $90 and climbed as high as $118 before settling at $68 – an 84% gain from its $37 IPO price. The debut marked one of the year's most successful public offerings and signals growing mainstream acceptance of digital assets.

Bullish raised $1.1 billion in the offering after pricing shares above its already-raised range of $32–$33. The company had initially targeted a more conservative valuation but investor demand forced underwriters to boost the price.

Bullish's successful IPO adds to a growing wave of retail trading companies going public. The company joins an increasingly crowded field of recent debuts including eToro, the Israeli-founded fintech that went public on Nasdaq in May. eToro raised approximately $620 million at a $52 IPO price, giving it a valuation of about $4.2 billion.

Like Bullish, eToro also saw strong first-day performance, opening at $69.69 and closing at $67 – a 29% gain from its offering price. However, unlike Bullish's institutional focus, eToro targets retail investors with its social trading platform that allows users to copy strategies of successful traders.

Founders Join Billionaire Ranks

The public listing catapulted co-founders Brendan Blumer and Kokuei Yuan into the billionaire club. Blumer, who serves as a board member, now holds a 30.1% stake worth approximately $2.8 billion. Yuan, also a board member, owns 26.7% valued at $2.5 billion.

Both men previously struck gold in 2018 when their company Block.one raised $4.2 billion through the largest initial coin offering in crypto history. That venture, which created the EOS blockchain, delivered early investors returns exceeding 6,500% before the Securities and Exchange Commission later charged the company with selling unregistered securities.

“We've gone public today, and there's a slew of others that are going to follow us, and I think that is net beneficial, because it gives people more options in terms of how they access this asset class,” Bullish President Chris Tyrer told Reuters.

The first plans to go public emerged in 2022, but Bullish ultimately terminated the SPAC merger deal.

Institutional Play in Crypto Boom

Unlike retail-focused rival Coinbase, Bullish targets institutional clients – a strategy that analysts say positions the company for steadier revenue streams. The exchange has processed $1.25 trillion in total transactions through March and offers spot, margin and derivatives trading.

The timing couldn't be better. Corporate treasuries are adding crypto to their balance sheets, exchange -traded funds are drawing billions in inflows, and regulatory clarity under the current White House has emboldened institutional investors. Bitcoin recently hit record highs above $120,000.

“A pure institutional strategy positions Bullish for more stable, recurring revenue than exchanges reliant on retail volumes, which tend to be cyclical and sentiment-driven,” said Michael Hall, co-chief investment officer at Nickel Digital Asset Management.

Pedigreed Leadership

CEO Tom Farley, the former New York Stock Exchange president, brings Wall Street credibility that could prove crucial for winning institutional mandates. His stake in the company is now worth $355 million.

“For a sector still overcoming reputational headwinds, that kind of leadership experience can be a differentiator in securing institutional mandates,” Hall noted.

The company plans to convert much of its IPO proceeds into stablecoins, dollar-pegged cryptocurrencies that have boomed since President Trump signed legislation creating a regulatory framework for the tokens.

More Crypto IPOs Coming

Bullish joins Coinbase as the only major crypto exchange trading on U.S. markets. But that exclusivity won't last long – exchange operator Gemini and asset manager Grayscale have both confidentially filed to go public.

The company is also the parent of crypto news website CoinDesk, which it acquired from Digital Currency Group for $72.6 million in 2023.

Founded in 2021 with backing from Block.one, Bullish initially received about $10 billion in seed assets including 164,000 Bitcoin. The company still holds more than 24,000 Bitcoin worth over $1.7 billion as of March.

Blumer, who gave up his U.S. citizenship in 2020 and now lives in the Cayman Islands, recently made headlines for purchasing a €170 million villa in Sardinia – one of the largest residential deals in Italian history.

The successful debut provides a much-needed confidence boost for crypto companies eyeing public markets after years of regulatory uncertainty and market volatility.