Bullish, the parent company of the virtual asset exchange and global blockchain media outlet CoinDesk, successfully listed on the New York Stock Exchange (NYSE), with its first trading day seeing a 89% surge in stock price. The IPO was expanded from the initial 20.3 million shares to 30 million shares, reflecting high demand from institutional investors, raising approximately $1.1 billion (about 1.45 trillion won). Immediately after listing, Bullish's market capitalization exceeded $16 billion.
Bullish was established with support from prominent global financial and technology figures, including PayPal co-founder and billionaire investor Peter Thiel, Block.one founder Brendan Blumer, and former NYSE president Thomas Farley. The company is building a unique business model by providing spot and derivatives trading services while also acquiring and operating CoinDesk, an influential blockchain media outlet, thereby combining Web3 finance and media.
The industry views this listing as a catalyst for accelerating the entry of U.S. virtual asset companies into the public market. Particularly, with Bullish's hybrid structure connecting traditional financial infrastructure and the virtual asset ecosystem, expectations are growing for its potential global market expansion and business diversification. Additionally, leveraging CoinDesk's information and media influence, the company is seen as having a competitive advantage in providing both credibility and accessibility to market participants and investors.
Experts predict that Bullish's successful IPO will send a positive signal to other U.S. virtual asset companies. As the regulatory environment gradually becomes clearer and institutional funds flow into the digital asset market, Bullish's case demonstrates the possibility for virtual asset companies to broaden their touchpoints with traditional capital markets and establish a stable growth foundation.
