Bullish Exchange, a cryptocurrency trading platform, made a strong debut on the New York Stock Exchange on August 13, 2025, with its stock price surging 84% on the first day. Priced at $37 per share, the IPO raised $1.1 billion, valuing the company at $54.1 billion. The offering attracted significant interest from institutional investors, including BlackRock and ARK Investment Management, which planned to purchase up to $200 million worth of shares. Despite the initial surge, Bullish's stock price currently stands at $60, reflecting much of the short-term speculative interest. The company, which focuses on institutional investors, reported a trading volume of $546.7 billion in 2024, positioning it as a smaller player compared to industry leader Coinbase. As of June 30, 2025, Bullish holds over 20,000 Bitcoin and 10,000 Ethereum, valued at nearly $30 billion.