Bullish IPO Blasts On Launch: Is BLSH the Best Crypto Stock to Buy?

Yesterday, Bullish, a crypto exchange backed by billionaire Peter Thiel, one of the founders of PayPal, debuted on the NYSE under the ticker BLSH. Given the previous success of the Circle IPO, the electrifying performance was expected. BLSH more than doubled a few hours after listing for trading, effectively qualifying it as the best crypto stock to buy.

Bullish Is The Best Crypto Stock To Buy? BLSH Erupts After NYSE IPO

BLSH crypto stock traded for $37 a share during the IPO. This valuation was way above the expected $32 to $33 range and the initial $28 to $31 projected. The stock opened at $90 before soaring to $118 and closing at $68. Even at this valuation, BLSH investors were up 83% from the IPO price. Investors who sold at peaks had over 200% in net gains. At its peak, Bullish was valued at over $17 billion.

Bullish IPO erupts as BLSH becomes the best crypto stock to buy in August. Will Bitcoin and Ethereum extend gains?

(Source: Google Finance)

The Bullish explosive launch, which coincided with rallying Bitcoin and Ethereum prices, was fueled by supportive regulatory tailwinds in the United States. Additionally, institutions are increasingly diversifying and gaining exposure to crypto. This endorsement is lifting altcoins and qualifying some as the next 1000X cryptos to explore.

Notably, the BLSH stock surge compares to the explosive rally of the Circle CIRCL stock and the success of MicroStrategy MSTR and SharpLink SBET stocks. These public companies cumulatively control billions worth of Bitcoin and Ethereum, effectively making them some of the best crypto stocks to buy.

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Bullish IPO: What You Need To Know

Bullish is the parent company of CoinDesk and operates a crypto exchange.

It was founded by Brendan Blumer in 2021. Blumer, it should be noted, was among the team that led the record-breaking, year-long $4 billion EOS ICO in 2017.

The crypto exchange is currently led by Thomas Farley, the former president of the NYSE.

Bullish is unique because it operates an institutional-focused crypto exchange targeting over 50 countries, excluding the United States.

The Bullish IPO launched with 30 million shares, up from the initial 20.3 million, following a huge investor demand after a 20X oversubscription.

The success of this Bullish IPO meant the public company raised $1.1 billion, a solid reflection of strong demand, which was further bolstered by interest from BlackRock, the world’s leading asset manager; and ARK Investment Management. These asset managers each committed up to $200 million at the IPO price.

With BLSH stock prices rallying, Blumer, who controls 30.1% of the exchange, saw its position rise to $2.8 billion. Meanwhile, Kokuei Yuan, a board member controlling 26.7% of the company, saw his stake rise to $2.5 billion. On the other hand, Farley, who controls 3.8% of the company, saw his position increase to $355 million.

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Why is The Bullish Stock Rallying?

Several factors drove the BLSH surge, cementing its position as the best crypto stock to buy.

First, the Bullish IPO is timely. It is when crypto is booming and Ethereum and Bitcoin bulls are targeting fresh all-time highs.

Earlier today, Bitcoin soared to as high as $124,700, printing new all-time highs. Meanwhile, Ethereum is on the cusp of breaking $5,000, registering fresh all-time highs, and breaking above 2021 highs. The uptick also lifted top Solana meme coins, including TRUMP.

Beyond the timely launch, the signing of the GENIUS Act into law in July 2025 created clarity that encourages institutions to explore and invest in some of the best cryptos to buy. Specifically, the GENIUS Act provides consumer protections for stablecoins, which, in turn, reduces uncertainty for the Bullish exchange and its stablecoin holdings.

Bullish is also not new to crypto. The founder was involved with EOS, and the success of the EOS ICO provided precedent. However, the IPO is when the investment world had seen the success of the Circle IPO in June. CIRCL soared by over 150% after listing on the NYSE, setting a high bar for crypto stocks. Moreover, the BLSH stock was backed by BlackRock and ARK Investment. The two are heavily engaged in crypto, with BlackRock the top issuer of spot Ethereum and Bitcoin ETFs.

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