Bullish Rockets 203% After Cathie Wood and BlackRock Tag-Team a $16B Moon Launch

“IPO? More like IP-Oh my goodness…”

After regulators nuked their first IPO attempt in 2021 (a SPAC deal that would’ve valued them at $9 billion) Bullish (very fitting name) made their Wall Street debut this afternoon in the kind of setup you couldn’t script better if Christopher Nolan directed it with Hans Zimmer pounding on an organ in the background. The day after CPI data all but locked in three Fed rate cuts this year, sending every trader’s dopamine receptors into overdrive, the crypto exchange danced into the room and all but said, “Mind if I moon?” And moon they did… full Neil Armstrong, plant-the-flag, “that’s one small step for man, one giant ‘f*** you’ to everyone who passed on our SPAC.”

They priced their IPO at $37 a share, already above their expected $32-$33 range, then opened at $90. Within minutes, the stock ripped as high as $112… a 200% gain (in around the same time it takes me to empty my bladder) before triggering a volatility halt around $102 (of course). So yeah, in one Wegovy commercial break, Bullish’s market cap had blown past $16 billion. Oh, and it wasn’t exactly a ghost town on the demand side… the deal was 20x oversubscribed, with BlackRock and Cathie Wood’s Ark Invest circling like it was Shark Week and someone just tossed chum in the water, reportedly ready to snatch up $200 million worth of shares.

And make no mistake, Bullish isn’t some random outlier either… they’re just the latest in a growing parade of “crypto’s here to stay” IPOs that keep walking through the door like they own the place. Circle lit the match earlier this year with its monster debut. Figma (different sector, same IPO heat) reminded everyone that the market is still obsessed with tech startups (even ones that can lose three-quarters of a billion dollars on paper and still somehow be called a healthy business). And now Bullish comes barreling in, fresh from the Cayman Islands, with a name that screams this is going to age well once a bear market comes around (definitely, probably).

Forget about what products they offer or what blockchain protocols they’ve got humming in the background… this is 100% about timing. The Trump administration is laying it on thicker than a used car salesman in the last week of the quarter. Stablecoin legislation just got the green light. And IPO volumes in 2025 are already up 58% year over year. This is a perfect storm where crypto companies can walk into public markets and get the red-carpet treatment instead of a cease-and-desist letter.

Farley (the former NYSE president) agrees with me. He recently said the next leg of growth is going to be institutional. He’s not wrong. The “ape together strong” retail phase might’ve built the hype cycle, but now it’s the hedge funds, pension giants, and sovereign wealth whales who are really driving this car. If Circle was proof of concept, Bullish is proof that the pipeline is alive, loaded, and still printing billion-dollar headlines.

Sure, they lost $348.6 million last quarter, swinging from a nine-figure profit the year before. That’s IPO life. You blow cash, throw a fresh ticker on the NYSE board, triple your valuation in hours, and worry about the P&L later. The market’s telling them (and every other crypto company watching from the cheap seats) that the appetite is as “ravenous” as Dwight Schrute hitting a hotel breakfast buffet after a night of “intense lovemaking.”

At the time of publishing this article, Stocks.News doesn’t hold positions in companies mentioned in the article.