Bitcoin (BTCUSD) tore through $124,000 last week, topping its July highs, while Ethereum (ETHUSD) also inched toward its record. The cryptocurrency market, once dismissed as a risky gamble, is now viewed as a legitimate hedge in a world drowning in debt and shaky fiat. Plus, with Washington finally offering regulatory clarity, digital assets are emerging as a new pillar in the financial order, attracting institutional giants.
When the financial world tilts, investors can bet Cathie Wood is nearby. The Ark Invest chief built her reputation by betting on disruptive innovations before the crowd caught on. Now, Wood is steering hard into crypto, having recently snapped up more than 2.5 million shares of Bullish (BLSH) valued north of $170 million, right out of its blockbuster initial public offering (IPO).
Backed by Peter Thiel’s Founders Fund, Bullish skyrocketed from $37 to $118 in its opening hours, echoing global financial tech company and stablecoin market leader Circle’s (CRCL) white-hot market debut earlier this summer. But BLSH stock’s fireworks didn’t last forever — after that explosive debut, shares have already cooled off, sliding 45% from its highs.
Sure, stalls and dips are common after the post-IPO sugar rush. But is this just a healthy reset, or a red flag for investors?
Based in the Cayman Islands, Bullish is a crypto exchange reshaping digital finance. Launched with big-name backers, it blends trading power with media influence after scooping up CoinDesk in 2023. That move gave Bullish both the marketplace and the megaphone, positioning it as a force at the intersection of crypto assets and information.
Bullish’s Wall Street debut was pure spectacle. On Aug. 13, BLSH stock opened at around $90, already up 143% from $37. By midday, BLSH stock spiked to $118, a staggering 219% intraday jump. The frenzy helped Bullish raise $1.1 billion, sending its market capitalization soaring toward $10.2 billion.
But the rush didn’t last. By Aug. 15, BLSH stock closed at $69.54, down 6.8% on the day with over 9.1 million shares traded. Still, even with that pullback, BLSH remains up nearly 88% from its IPO price. The chart tells the story — an opening spike followed by steady cooling, typical of high-volatility debuts. Bullish may have stumbled from its peak, but it’s still proving that investor hunger for crypto platforms is very real.