A Renaissance in IPO Mania The IPO market in 2025 has been a hotbed of opportunity, particularly for crypto-related companies capitalizing on a favorable regulatory environment and surging investor enthusiasm.

It's been a busy year for crypto-related stock listings. Bullish, founded in 2021 and backed by Peter Thiel, is the latest.

The ideal first-day gains are typically around 20% to 30%, many bankers who work on deals say. Bullish closed the day at $68, giving it a market capitalization of roughly $10 billion. Its stock, which trades under the symbol “BLSH,” was temporarily paused after it began trading.