Yazılar

Bullish Shares Surge on NYSE Debut, Valued at $13.2 Billion

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Cryptocurrency exchange Bullish, backed by Peter Thiel and parent of CoinDesk, saw its NYSE shares more than double in their debut, valuing the company at approximately $13.16 billion. The stock opened at $90 and traded as high as $118, far above its $37 IPO price, highlighting strong investor confidence in the crypto sector. Bullish raised $1.11 billion in the IPO, giving it an initial valuation of $5.4 billion.

The surge comes amid a series of regulatory wins for crypto in the U.S., increased corporate adoption, and growing ETF inflows. Bullish targets institutional clients, aiming for stable, recurring revenue, and is close to obtaining a New York BitLicense to operate under regulatory requirements including KYC, anti-money laundering, and capital standards.

Executives cited institutional demand and a favorable regulatory environment as key drivers, noting that other crypto exchanges such as Gemini and Grayscale have also filed to go public. Bullish CEO Tom Farley, former NYSE president, brings leadership experience that may help secure institutional mandates.

Bullish Prices IPO Above Range, Raises $1.11 Billion

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Bullish, the cryptocurrency exchange backed by billionaire Peter Thiel and owner of media outlet CoinDesk, has priced its U.S. initial public offering (IPO) at $37 per share, above its earlier target of $32–$33. The offering raised $1.11 billion from 30 million shares, valuing Bullish at $5.41 billion.

The IPO comes as U.S. equity markets see a rebound after more than two years of a dry spell. Other high-profile recent offerings include stablecoin issuer Circle Internet, whose shares have surged over 400% since its IPO in June, and design software maker Figma, which jumped 250% in its market debut two weeks ago.

Bullish, led by former NYSE president Tom Farley, operates a crypto exchange offering spot trading, futures, and derivatives, and is expected to begin trading on the NYSE under the ticker “BLSH” on Wednesday. Institutional investors such as BlackRock and Cathie Wood’s Ark Investment Management have committed to buy up to $200 million in shares. JPMorgan, Jefferies, and Citigroup are the IPO’s lead underwriters.

The listing reflects growing investor confidence in crypto, bolstered by U.S. President Trump’s July law creating a regulatory framework for stablecoins—a move widely seen as legitimizing the crypto industry.

Stablecoins Hit Record $251.7 Billion Market Cap as U.S. Senate Advances Regulatory Bill

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The market capitalization of stablecoins surged to a record $251.7 billion on Wednesday, marking a 22% increase so far in 2025, according to data from CoinDesk. The milestone coincides with a significant regulatory breakthrough as the U.S. Senate passed a bill aimed at bringing clarity and legitimacy to the fast-growing digital asset class.

Stablecoins — cryptocurrencies pegged to traditional currencies like the U.S. dollar — have become vital tools for crypto traders, allowing them to quickly move between assets without exposure to market volatility. But their growing role in digital finance has also sparked concerns about financial stability, prompting U.S. lawmakers to step in.

The new Senate-approved bill would, if signed into law, require stablecoins to be:

  • Fully backed by liquid assets, such as U.S. dollars or short-term Treasury bills, and

  • Subject to monthly public disclosure of reserve composition by issuers.

The proposed framework is being hailed by many in the crypto industry as a major legitimizing step. Proponents argue that with clear rules and reserve transparency, stablecoins could be used for instant global payments and could serve as a bridge between traditional finance and decentralized systems.

However, critics remain cautious. Some analysts warn that a growing reliance on stablecoins could tighten the link between the crypto market and traditional financial infrastructure, increasing systemic risk if not carefully managed.

Still, the surge in stablecoin market cap reflects renewed investor confidence. The bill’s advancement sends a clear message: regulation is coming, and the market is preparing to embrace it.