Bullish Soars 84% in IPO, Minting Billionaire Fortunes for Founders

Cryptocurrency exchange Bullish has made a dramatic public debut, securing US$1.1 billion (AU$1.68 billion) in its initial public offering at a valuation of US$5.4 billion (AU$8.26 billion). 

Shares launched at US$37 (AU$56.67), well above forecasts. They peaked at US$118 (AU$180.72) and closed at US$68 (AU$104.14), representing an 84% gain from their IPO price.

Tom Farley, Bullish’s CEO and former New York Stock Exchange president, said the IPO reception reflects strong institutional interest in the sector, signalling a new phase in crypto growth beyond its retail investor base.

It’s here, and it’s a question of how big it will be. Based on the reception we’ve gotten thus far as part of our IPO, it feels like institutional investors feel like this could be the moment.

Tom Farley, Bullish CEO

The surge propelled co-founders Brendan Blumer and Kokuei Yuan into multibillionaire status, with holdings worth US$2.8 billion (AU$4.29 billion) and US$2.5 billion (AU$3.83 billion) respectively. Farley holds a US$355 million (AU$543.47 million) stake.

Related: US Crypto ETFs See Record Flows, Now Make Up Half of New Fund Launches

From Block.one to Bullish

Bullish launched in 2021 out of Block.one, the crypto company Blumer co-founded. Block.one made history in 2018 with the EOS token sale, raising US$4.2 billion (AU$6.43 billion) in the largest initial coin offering ever.

At launch, Bullish was seeded with US$10 billion (AU$15.32 billion) in assets, including 164,000 Bitcoin, and has since handled more than US$1.25 trillion (AU$1.91 trillion) in trades through to 31 March 2024. Its services include spot, margin, and derivatives trading, with the latter two available only outside the US. 

Related: Ripple to Acquire Stablecoin Payments Firm Rail in $200M Deal