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.

Bullish stock surged by over 80% following its IPO listing on Wednesday. While the listing was priced at $37 per share, the stock closed at about $68 per share.

Much of the recent success of crypto has been driven largely by increasing adoption among institutional investors. Unlike its retail-focused peers, Bullish aims to provide mainly Bitcoin and Ethereum trading for institutional clients, limiting its exposure to riskier altcoins. This could help it stand out in a crowded market.