Bullish IPO: How to buy Bullish shares
Bullish is a crypto exchange backed by high-profile investors, including prominent venture capitalist Peter Thiel, just went public. The firm raised US $1.1b in an oversubscribed IPO, with interest still growing rapidly. In this guide, we’ll walk you through everything you need to know about Bullish and how to buy shares in the company.
What does Bullish do?
Bullish is a blockchain-based crypto exchange and financial technology company, which also owns major crypto media outlet CoinDesk. It combines the performance and user experience of a centralised exchange with the transparency and auditability of decentralised finance (DeFi) protocols. Bullish leverages blockchain technology and automated market making (AMM) mechanisms to provide deep liquidity and low-cost trading solutions.
What is the Bullish IPO date?
UPDATE: Bullish went public via an IPO on 13 August 2025 and started trading on the New York Stock Exchange (NYSE) under the ticker ‘BLSH.’
Shares opened for trading at a price of US$90 – 150% higher than its IPO price of US$37 per share. That IPO price was also higher than the previously announced upsized range of US$32 to US$33 per share. The immediate spike triggered an NYSE volatility halt at the US$102.44 mark. Bullish ended the day’s trade at US$70, valuing the firm at over US$10b.
This is the second time Bullish has planned to go public, after calling off its public debut planned via a special purpose acquisition company (SPAC) merger with Far Peak Acquisition Corp in late 2022 primarily due to regulatory hurdles and delays related to the U.S. Securities and Exchange Commission's (SEC).
The deal, originally agreed upon in July 2021 and valued at about US$9b, was terminated by mutual agreement because Bullish and Far Peak determined they could not meet the requirement for an SEC registration statement to be declared effective in time for a shareholder vote before the end of 2022.
What is the expected Bullish IPO share price?
UPDATE: Bullish shares opened for trade significantly higher than it’s IPO price of US$37 per share on 13 August.
The IPO was originally priced in the range of US$32 to US$33 per share, with 30 million shares being offered. The estimated deal size was approximately US$990m, giving Bullish a market valuation of about $4.82b at current pricing.
The firm upsized its offering from a previously marketed 20.3 million shares offered at a proposed range between US$28 and US$31 a share.
What is the ticker symbol for Bullish?
The ticker symbol for Bullish is BLSH. The company plans to list and trade on the New York Stock Exchange (NYSE).
Who is underwriting the IPO?
The IPO for Bullish exchange is being underwritten by J.P. Morgan, Jefferies, and Citigroup as the lead book-running managers.
Other financial institutions, such as Cantor, Deutsche Bank, and Societe Generale, are participating as additional book-running managers, with several co-managers also involved.
How to buy shares in Bullish
Want to start buying $BLSH shares but not sure how? Learn how to buy Bullish shares in 5 simple steps on the Stake stock investing platform below.
1. Open a stock investing account
If you want to buy Bullish stock, you'll need to sign up to an investing platform with access to the U.S. stock exchanges. Lucky for you, Stake has access to the Nasdaq and NYSE.
2. Fund your account
Complete an application with your personal and financial details. Fund your account with a bank transfer, debit card or even Apple/Google Pay.
3. Search for Bullish or look for their ticker symbol
Find the asset by searching for the name or ticker symbol. Do your own research to ensure it is the right investment product for your own circumstances.
4. Choose an order type and buy the asset
Buy on any trading day using a market order or limit order to delay your purchase of the asset until it reaches your desired price. You may wish to look into dollar cost averaging to spread out your risk, which smooths out buying at consistent intervals.
5. Monitor your investment
Once you own a stock, you should keep an eye on its performance. Check your portfolio regularly to ensure your investment is aligning with your financial goals.
Sign up in minutes and get access to this IPO when it enters the market.
About Bullish
Bullish was founded in 2021, as a regulated digital asset exchange backed by prominent investors including Peter Thiel’s Founders Fund, Block.one, Louis Bacon, and Richard Li. The firm is a subsidiary of Block.one, a blockchain software company that also developed and launched the EOS.IO blockchain and its native cryptocurrency EOS.
Bullish’s total trading volume since launch exceeded US$1.25t as of March 31, 2025. The exchange reported US$80m in net income for the year ending December 2024, but reported a net loss of US$349m in Q1 2025.
Who owns Bullish?
Block.one is Bullish’s primary investor, providing significant initial capital including US$100m, 164,000 BTC, and 20 million EOS to support Bullish. The CEO of Block.one, Brendan Blumer, is also the Chairman of Bullish, which operates under the Block.one parent company.
Peter Thiel is another significant investor and backer of Bullish. While specific details about the exact size of his stake have not been publicly disclosed in the IPO filings or news reports, Thiel is prominently noted as a major early backer and supporter of the company.
What other ventures has Peter Thiel backed?
Peter Thiel has backed a wide array of ventures across technology, finance, defense, and emerging fields through multiple investment vehicles such as Founders Fund, Mithril Capital, Valar Ventures, Thiel Capital, and others.
In 1998, Thiel co-founded PayPal along with Max Levchin and Luke Nosek, serving as CEO until PayPal was sold to eBay in 2002.
In 2003, Thiel helped incorporate Palantir and has been chairman ever since. He provided significant early funding and was instrumental in the company's creation and development, envisioning its use of data mining to combat terrorism and enhance government intelligence capabilities.
Some of his other notable investments include Facebook, Airbnb, LinkedIn, Spotify, Quora, Stripe, SpaceX, and Yelp.
How will the Bullish IPO perform?
The Bullish IPO is already attracting significant attention, not only because of the company's unique positioning in the digital asset ecosystem but also due to the early commitment from high-profile institutional investors.
The fact that BlackRock and ARK Investment Management – two of the most influential names in global finance – have committed to purchasing over US$200m worth of shares at the IPO price is a strong indicator of market confidence in Bullish’s business model, technology, and long-term growth potential.
The IPO also comes during a period of renewed optimism in digital assets and public markets. Bitcoin and other major cryptocurrencies are experiencing a resurgence, partly driven by institutional adoption and regulatory clarity in key markets. Crypto ETFs and tokenisation initiatives are also gaining traction, signalling a shift toward the mainstreaming of digital assets.
Aside from these factors, the IPO market itself is rebounding, following years of suppressed activity due to macroeconomic uncertainty. The number of U.S. IPOs in Q2 2025 rose 31% from the previous quarter, with 59 IPOs raising US$15.02b, up from 45 IPOs and US$11.23b in Q1.
If these trends hold through the IPO window, Bullish could benefit from tailwinds across both the tech and crypto sectors, attracting attention from both retail and institutional investors looking for exposure to the intersection of blockchain and finance.
Bullish IPO details
Ticker symbol | BLSH |
Company Name | Bullish |
Exchange | New York Stock Exchange (NYSE) |
Share price | US$37 per share |
Shares offered | 30 million shares |
We’ll update this article when more information becomes available.
🎓 Learn more: What is an initial public offering and how do they work?→
Disclaimer
The information contained above does not constitute financial product advice nor a recommendation to invest in any of the securities listed. Past performance is not a reliable indicator of future performance. When you invest, your capital is at risk. You should consider your own investment objectives, financial situation and particular needs. The value of your investments can go down as well as up and you may receive back less than your original investment. As always, do your own research and consider seeking appropriate financial advice before investing.
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Samy is a markets analyst at Stake, with seven years of experience in the world of investing, working across roles in private banking, venture capital and financial media. She has a Master’s degree in Finance and Data Analytics from The University of Sydney Business School.
