Six years after raising $4.2 billion in the most lucrative sale of crypto tokens to date, digital currency entrepreneurs Brendan Blumer and Kokuei Yuan are back for another public offering.
The two founders own a combined majority stake in Bullish, a crypto exchange backed by Peter Thiel. On Wednesday, Bullish raised $1.1 billion in its initial public offering (IPO) at a valuation of $5.4 billion.
The IPO priced above the expected range at $37 per share, and the stock surged more than 100% on its first day of trading, reaching $83.83 by mid-afternoon in New York. This dramatic increase in share price boosted the net worth of Blumer and Yuan to more than $3 billion each, officially making them billionaires.
Bullish's successful IPO marks a significant milestone in the crypto industry, demonstrating strong investor appetite for regulated crypto exchanges despite ongoing market volatility and regulatory scrutiny.
The company’s founders had previously made headlines in 2019 when they raised $4.2 billion through the sale of crypto tokens, the largest such sale in the industry at that time. Their return to the public markets highlights the growing maturity and institutional acceptance of cryptocurrency businesses.
Bullish aims to leverage its public capital to expand its platform, enhance liquidity, and improve regulatory compliance, positioning itself as a major player in the evolving crypto exchange landscape.
Source: Originally published at Bloomberg on August 13, 2025.
Frequently Asked Questions (FAQ)
About Bullish and its IPO
Q: What is Bullish?
A: Bullish is a crypto exchange backed by Peter Thiel.
Q: How much did Bullish raise in its IPO?
A: Bullish raised $1.1 billion in its initial public offering (IPO).
Q: What was Bullish's IPO valuation?
A: Bullish's IPO valuation was $5.4 billion.
Q: At what price did Bullish's IPO shares price?
A: The IPO priced at $37 per share.
Q: How did Bullish's stock perform on its first day of trading?
A: The stock surged more than 100% on its first day of trading, reaching $83.83 by mid-afternoon in New York.
Q: What is the significance of Bullish's IPO for the crypto industry?
A: The successful IPO demonstrates strong investor appetite for regulated crypto exchanges amidst market volatility and regulatory scrutiny, highlighting the growing maturity and institutional acceptance of cryptocurrency businesses.
Q: Who are the founders of Bullish?
A: The founders of Bullish are Brendan Blumer and Kokuei Yuan.
Q: What was Bullish's previous major fundraising event?
A: In 2019, the company's founders raised $4.2 billion through the sale of crypto tokens, which was the largest such sale in the industry at that time.
Q: What are Bullish's plans for the capital raised from the IPO?
A: Bullish aims to use the public capital to expand its platform, enhance liquidity, and improve regulatory compliance.
Crypto Market AI's Take
The successful Initial Public Offering (IPO) of Bullish signifies a significant positive development for the cryptocurrency exchange sector. This event underscores the increasing institutional acceptance and investor confidence in regulated digital asset platforms, even within a volatile market. As the crypto industry matures, such mainstream financial market entries are crucial for broader adoption and legitimacy. Our platform's focus on providing advanced analytics and market intelligence, including comprehensive data on exchange performance and regulatory landscapes, aligns with the growing need for sophisticated tools in this evolving market. For insights into navigating the broader crypto market and understanding investment strategies, explore our
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