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.

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 (BLSH), a crypto exchange backed by Peter Thiel’s Founders Fund, among other powerhouse investors, made a spectacular market debut under the ticker BLSH yesterday, Aug. 13, The company priced its IPO at $37 per share,