Crypto exchange Bullish (NYSE: BLSH) exploded out of the gate. Priced at $37, it opened near $90, spiked into the low $110s through multiple halts, and at market close was trading at $68—still nearly up 100% on day one. With BTC/ETH near highs and crypto IPOs back in favor, this is a textbook high-volatility debut where preparation and discipline beat FOMO.
I’ve seen enough boom-and-bust IPOs to know to approach this one carefully…
But I’m still watching it—after CRCL’s 200%* run in its first weeks, you’d be a fool not to!
If you want to know what I’m looking for—check out my free webinar here!
What Happened Today
The demand was heavy and the tape showed it. Early trades printed around $90, momentum carried it into the $110s, and volatility halts hit multiple times before shares cooled back into the $80s. That’s classic day-one price discovery—big air pockets, wide spreads, and fast reversals.
-
IPO price: $37
-
First trade: ~$90
-
Intraday high: Low $110s (multiple halts)
-
4 p.m. ET print: $68 (90%+ vs. IPO)
Check out my Top 6 Cryptocurrency Stocks here!
The Business at a Glance
Bullish runs an institutional-focused spot and derivatives exchange and owns CoinDesk (media, data, indices, events). The pitch: a compliance-first market infrastructure for BTC/ETH-heavy flow as institutions step up.
-
Deal size: 30M shares; ~$1.1B raised; ~$5.4B initial valuation
-
Backers/interest: Peter Thiel’s Founders Fund; BlackRock + ARK interest up to ~$200M at the IPO price; Block.one, Galaxy Digital, Nomura
-
Leadership: Tom Farley (ex-NYSE president) CEO; set to become chairman
-
Treasury exposure: ~$2B in crypto (majority BTC; some ETH and stablecoins)
-
Regulatory track: Nearing NY BitLicense; plans to convert a meaningful portion of proceeds to stablecoins
Why It’s Ripping
Institutional adoption + crypto strength + a blockbuster peer cycle is a powerful combo. Circle’s big debut set the tone; BLSH adds a marquee CEO and a media flywheel via CoinDesk.
-
Macro tailwind: BTC/ETH near records, ETF inflows, friendlier U.S. posture
-
Peer read-through: Strong pops in CRCL and other fintech/crypto listings
-
Positioning edge: Institutional-first, BTC/ETH-centric, compliance-driven vs. retail/alt-coin cyclicality
-
Distribution: CoinDesk expands brand, indices, events, and cross-sell
Real Risks (Read This Twice)
-
Day-one chaos: Halts, gaps, wide spreads—this is price discovery, not a trend yet
-
Disclosure: Foreign private issuer = lighter reporting than a U.S. filer
-
P&L volatility: Large on-balance-sheet crypto means earnings will swing with marks
-
Competition: COIN, HOOD, other exchanges + DeFi; licensing timelines matter
Trader’s Playbook (How I’ll Approach It)
Day-one IPO runners reward patience. I want structure first, then confirmation—not blind chasing.
Entry logic: I’m waiting for an opening-range reclaim or a clean VWAP hold with rising volume. No confirmation, no trade. If it bases and tightens after a halt cycle, that’s where higher-quality entries emerge.
-
Stops & sizing: Start smaller; add only on confirmation. Pre-define max loss and honor it.
More Breaking News
-
Profit taking: Sell into strength on front-side pushes; scale out in pieces before halts/exhaustion wicks.
-
Dip buys: Consider only structured pullbacks to reference levels (opening print, first-halt low, VWAP) if volume confirms.
-
Halts: Avoid sizing near halt bands—post-resume slippage can be brutal.
-
Time-of-day: First 60–90 minutes and power hour are typically the cleanest reads.
My rule from two decades teaching and trading: singles > heroics. Protect gains; fresh IPOs can round-trip faster than you think.
Sympathy & Side Plays
-
Exchanges/brokers: COIN, HOOD, CRCL often echo flows from a hot crypto listing
-
Crypto beta: Strong BTC/ETH pushes can reignite BLSH and peers; sharp dips can flip the trade
-
Media/data angle: CoinDesk headlines, index news, or event updates can act as micro-catalysts
Near-Term Catalysts
-
BitLicense: Any New York approval update
-
Treasury: Pace/size of stablecoin conversion; BTC/ETH mix clarity
-
Operations: First post-IPO color on volumes, institutional onboarding, run-rate
-
Policy: U.S. stablecoin and market-structure headlines; ETF flows
Bottom Line
BLSH is an A-tier day-one momentum profile—brand backers, institutional pitch, crypto tailwinds, and real liquidity. That’s opportunity and danger in the same package. Trade the setup, not the story: let range, VWAP, and volume lead decisions, sell into strength, and respect your stops. If you missed the first burst, patience usually pays.
After 20+ years in the trenches, my #1 rule hasn’t changed: Trade with a plan, not hope. I’ll only enter these names if they hit my preferred setups—breakouts on real volume, or panic dips with clear support.
This is stock news, not investment advice. Timothy Sykes News delivers real-time stock market news focused on key catalysts driving short-term price movements. Our content is tailored for active traders and investors seeking to capitalize on rapid price fluctuations, particularly in volatile sectors like penny stocks. Readers come to us for detailed coverage on earnings reports, mergers, FDA approvals, new contracts, and unusual trading volumes that can trigger significant short-term price action. Some users utilize our news to explain sudden stock movements, while others rely on it for diligent research into potential investment opportunities.
Dive deeper into the world of trading with Timothy Sykes, renowned for his expertise in penny stocks. Explore his top picks and discover the strategies that have propelled him to success with these articles:
Once you’ve got some stocks on watch, elevate your trading game with StocksToTrade the ultimate platform for traders. With specialized tools for swing and day trading, StocksToTrade will guide you through the market’s twists and turns.
Dig into StocksToTrade’s watchlists here:
* Past performance doesn’t indicate future results
Leave a reply