Cathie Wood’s ARK Invest made a bold move as Bullish staged a spectacular public debut, snapping up $172 million in shares across three ETFs while the crypto exchange surged 83.8% on day one. The buying spree followed a volatile first session that saw Bullish open at $90, spike to $118, and close at $68, lifting its market value above $10 billion.
ARK loads up across three ETFs
ARK Invest bought 2.53 million Bullish shares on Wednesday during the IPO’s first trading day. ARK Innovation ETF took the largest slice with 1,714,522 shares, followed by ARK Next Generation Internet ETF with 545,416 and ARK Fintech Innovation ETF with 272,755. At the $68 close, those purchases were worth about $172 million, showing ARK’s conviction in the debut.
Interest from major institutions had built ahead of the deal, with BlackRock and ARK signalling willingness to buy up to $200 million at the IPO price, according to filings. After the close, Bullish shares climbed another 11.2% in after-hours trading, extending the rally.
A blockbuster IPO
Bullish priced its IPO at $37 per share, above the revised $32–$33 range, after upsizing the deal to 30 million shares to meet demand. Trading began at $90, a 143% premium to the offer price, before the stock hit an intraday high of $118 and encountered volatility halts amid frenzied activity.
The stock still finished the session up 83.8% from the IPO price, consolidating a market capitalisation north of $10 billion by the close. Reuters reported that investors valued Bullish near $13.2 billion at the open, reflecting intense appetite for the listing. The IPO raised about $1.1 billion, setting Bullish up with fresh capital after expanding the offering from an earlier plan of 20.3 million shares.
Bullish’s second shot lands
The Cayman Islands-based company operates a cryptocurrency exchange and owns CoinDesk, with operations spanning multiple jurisdictions, including Hong Kong, Singapore, the UK, Germany, and Gibraltar.
This debut marked Bullish’s second attempt to go public after a 2021 SPAC plan fell apart as markets tightened with rising rates. The offering arrived during a fresh wave of crypto listings in 2025, following high-profile moves like Circle’s June debut and Gemini’s confidential filing for a US listing on June 6. Market watchers noted that pro-crypto policy momentum and recent legislation have supported capital markets access for digital asset firms.
Inside the deal
Bullish’s IPO attracted heavy demand, with the order book reportedly more than 20 times oversubscribed, and the company boosting both price and size ahead of the debut. Former NYSE president Tom Farley leads the company, which focuses on institutional clients with spot, margin, and derivatives trading, though some products remain unavailable to US users.
The firm is listed on the NYSE under the ticker BLSH, adding another prominent crypto operator to the public markets. Filings and reports identified major shareholders, including co-founder and Block.one CEO Brendan Blumer and board member Kokuei Yuan, alongside interest from large asset managers in the IPO allocation. The session’s closing price and strong after-hours performance capped a high-impact debut that aligned with increasing institutional engagement in crypto market infrastructure.
Written By Fazal Ul Vahab C H
