To date, roughly five IPOs have come from companies tied to the digital currency space. Among them are Galaxy Digital (Nasdaq: GLXY), Etoro (Nasdaq: ETOR), Circle Financial (NYSE: CRCL), Coreweave (Nasdaq: CRWV), and Bullish (NYSE: BLSH). Bullish specializes in cryptocurrency, running a digital assets platform and owning the crypto news outlet Coindesk.

Bullish operates the Bullish Exchange, a digital assets spot and derivatives platform tailored for institutional investors. The company says it blends a central limit order book matching engine with automated market making, aiming to provide deep, consistent liquidity. So far, Bullish’s IPO has been a standout — debuting at $37 per share and soaring to $90+ within minutes of opening.

On Aug. 14, BLSH closed at $74.63, marking a 101.7% jump from its initial $37 per share. According to Kiplinger.com reporting, firms such as Ark Invest and Blackrock have been “accumulating a notable stake” in BLSH. The report also points out that Bullish’s underwriters—Citigroup, Jefferies, and JPMorgan—retain the right to sell “4.5 million shares over the next 30 days.”

So far in 2025, every other crypto-linked IPO except ETOR has posted gains since launch. Galaxy shares are up 25.31%, Circle has skyrocketed 349%, and Coreweave has climbed 148.75%. Etoro, however, debuted at $52 and now sits 8.54% lower at $47.56. The momentum in crypto-related IPOs suggests growing investor appetite for digital asset ventures. Yet, the sector’s next moves will test whether enthusiasm can sustain or begin to cool.

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