Bullish’s stock is still rallying, as the IPO market refuses to take a summer break this year

Bullish’s stock is still rallying, as the IPO market refuses to take a summer break

The IPO market is defying August’s quiet-season tradition — and crypto is leading the charge.

Bullish ($BLSH), the Peter Thiel-backed cryptocurrency exchange, continued its climb Thursday, marking its second consecutive day of post-IPO gains. The stock’s strong debut comes as the broader IPO market heats up in what’s typically a sleepy month for new listings.

August has historically been a slow period for Wall Street bankers, but with both stock markets and bitcoin at record highs, companies are rushing to go public rather than wait for the fall. Finance professor Jay Ritter of the University of Florida noted that investor enthusiasm for anything crypto-related has pushed firms like Bullish to accelerate their IPO plans.

This year’s unseasonal IPO rush includes high-profile names like Figma, Circle Internet Financial, and Firefly Aerospace, all keeping dealmakers at their desks instead of on summer break.

Bullish’s listing on the New York Stock Exchange earlier this week priced above expectations at $37 a share, raising $1.1 billion at a $5.4 billion valuation. With strong trading momentum, analysts say its success could pave the way for more crypto-linked debuts in the months ahead.