Bullish (BLSH), the cryptocurrency exchange and CoinDesk owner, saw its stock surge 8% pre-market Thursday to $75, doubling its $37 IPO price and valuing the company over $10 billion, despite a 20% drop from Wednesday’s opening at $90.

Shares briefly spiked to $118 after trading began, prompting volatility halts.

Bullish raised $1.1 billion in the IPO, above its expected $32–$33 range, following a failed 2021 SPAC attempt.

The debut reflects strong institutional demand, including from BlackRock and Ark Invest, and continued momentum in 2025’s active IPO market, Yahoo Finance has reported.

CEO Thomas Farley cited the digital assets industry’s next growth phase as a key driver.