Bullish's shares were indicated to open more than 75% above their initial public offering price on Wednesday, signaling growing investor confidence in the sector and boosting prospects for future U.S.

While Bullish’s IPO has improved with a higher estimated price range, it’s still well under the $9 billion enterprise value it had proposed in its planned merger with a special-purpose acquisition company, or SPAC, in 2022, when the market for new stock issues was drying up. That deal was not completed.

Bullish cryptocurrency exchange raises $1.1B in IPO, backed by Peter Thiel. Shares debut August 13, 2025, amid rising U.S. IPO activity.