Peter Thiel-Backed Bullish Jumps 11% After Hours Following Blockbuster IPO

Bullish, a Peter Thiel-backed cryptocurrency exchange, electrified Wall Street with a stellar NYSE debut on August 13, 2025, raising $1.1 billion by selling 30 million shares at $37 each, valuing the firm at $5.4 billion. Shares skyrocketed, opening at $90 and peaking at $118 before closing at $75.3, a 150% surge, signaling robust investor confidence in digital assets.

The IPO, oversubscribed 20-to-1, rode a wave of optimism fueled by a pro-crypto U.S. regulatory shift, including a new stablecoin law. Bullish, led by former NYSE president Tom Farley, targets institutional investors with spot, margin, and derivatives trading for Bitcoin and Ethereum, distinguishing it from retail-focused platforms like Coinbase. Its $2 billion crypto reserves, primarily Bitcoin, bolster its liquidity strategy.

Backers like BlackRock and ARK Investment Management, eyeing $200 million in shares, underscored institutional support. Bullish’s ownership of CoinDesk and plans to convert IPO proceeds into stablecoins highlight its innovative approach. Trading volume grew 78% year-over-year to $2.55 billion daily in Q1 2025, with projected Q2 profitability.

Despite the bullish debut, volatility looms in the crypto sector, sensitive to macro shifts and regulatory changes. X posts reflect excitement, with some calling Thiel’s influence a “Midas touch.” Investors are advised to monitor Q3 trading volumes and product expansions closely.