Bullish IPO news: Is BLSH stock a buy after listing?

The highly anticipated Bullish IPO will take place on Wednesday, Aug. 13, giving investors the opportunity to buy into one of the fastest-growing cryptocurrency exchanges, crypto publishers, and data providers.

Bullish IPO to test demand for crypto companies

Bullish, a company associated with Peter Thiel, has concluded its roadshow, with its initial public offering set for Wednesday.

There are signs that the roadshow has been highly successful, as the company increased its target amount by over 60%. It will now raise $990 million, valuing the company at nearly $5 billion.

Investors are likely drawn to its market share growth and Bitcoin holdings. Its S-1 report showed that Bullish handled spot volume worth $647 billion in the twelve months to Q1. Its first-quarter volume rose by 78%.

The company has also become a major player in the perpetual futures industry, handling $111 billion. It is seeking to enter the growing options market, where companies like Binance and Deribit dominate.

Bullish also owns CoinDesk, a company that expands beyond one of the crypto industry’s largest website. CoinDesk runs Consensus, one of the biggest events in the crypto industry, and operates an index business with over $41 billion in assets under management.

Bullish is also a big holder of Bitcoin (BTC) in its balance sheet. It ended the quarter with over 24,000 coins, meaning that it will become the fifth biggest publicly-traded holder after Strategy, MARA, XXI, and BSTC. 

Bullish’s business is growing, with its annual revenue in 2024 reaching $250 million, up from $116 million a year earlier.

Will BLSH stock be a good investment?

The Bullish IPO is coming at a time when there is strong appetite for listings in the United States. With its IPO oversubscribed, there is a likelihood that its stock will rise as investors rush to buy.

Demand will also be supported by the broader strength in the crypto market, with Bitcoin hovering near its all-time high and Ethereum (ETH) nearing the resistance at $4,500. 

US crypto regulations are also encouraging, with Donald Trump signing the GENIUS Act into law and an executive order allowing retirement funds to invest in cryptocurrencies.

Circle’s stock price surged after its IPO, signaling potential demand for Bullish. Other companies that launched IPOs this year, such as CoreWeave and WeBull, also jumped initially. Therefore, there is a likelihood that the BLSH stock price will rise after going public.

The risk, however, is that gains may be short-lived. Circle’s stock has already fallen by double digits from its all-time high as the hype faded, and WeBull’s stock has dropped from $61 to $14.