Bullish’s Dazzling Debut Bolsters Red-Hot Year for Crypto-Linked IPOs

Key Points

1. Bullish's IPO debuted at $37 per share and surged to over $90, closing at $74.63, marking a 101.7% gain.

2. Other crypto-linked IPOs in 2025, including Galaxy Digital, Circle Financial, and Coreweave, have posted gains of 25.31%, 349%, and 148.75% respectively, while Etoro declined by 8.54%.

3. Ark Invest and Blackrock have been accumulating notable stakes in Bullish, with underwriters Citigroup, Jefferies, and JPMorgan retaining the right to sell 4.5 million shares over the next 30 days.

4. The momentum in crypto-related IPOs suggests growing investor interest in digital assets, though it remains uncertain if this trend will sustain or cool.