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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.

CoreWeave Shares Fall Despite Strong AI Demand as Losses Mount

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Shares of CoreWeave, the Nvidia-backed AI infrastructure firm, dropped 11% after the company reported a larger-than-expected loss for Q2. Operating expenses surged nearly fourfold to $1.19 billion, highlighting tension between rapid revenue growth and rising financial strain.

Analysts expressed concern over CoreWeave’s heavy reliance on key customers, such as OpenAI, and questioned its ability to grow profitably given widening losses, high capital needs, and deteriorating debt coverage. The company, which went public in March, had about $8 billion in debt last year and planned to use roughly $1 billion of IPO proceeds for debt repayment.

With the IPO lock-up period expiring soon, analysts expect volatility as insiders can sell shares for the first time. CoreWeave operates 33 AI data centers in the U.S. and Europe, providing access to Nvidia GPUs. Despite losses, surging demand helped the firm beat quarterly revenue estimates, and its stock has nearly tripled since its IPO.

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.