Digital Asset Platform Delivers One of the Year’s Biggest First-Day Pops
Bullish US LLC (BLSH) priced its upsized IPO of 30.0 million shares at $37.00, which was $4 above the already upwardly revised $32–$33 range. The company had originally marketed 20.3 million shares at $28–$31 before boosting both the size and the range in response to heavy investor demand.
The stock opened at $90.00, marking a +143.2% gain at first trade, and cementing one of the largest opening day premiums for a U.S. IPO this year. Bullish traded as high as $118.00 in its opening session for a win of 218.9% at top tick. The stock closed its opening session markedly lower at $68.00 and traded Thursday and Friday in a more narrow range closing the week at $69.54.
Final Deal Message
According to our sources, the deal finished north of 20× subscribed, with allocations concentrated among long-only investors and those with prior relationships with management. Management was heavily involved in the allocation process, with roughly one-third of the book zeroed out entirely.
Four Deals Double So Far in 2025
The debut pop places Bullish among the standout IPOs of 2025, but the question will be whether the stock can maintain momentum in the aftermarket. If recent patterns in high-flying IPOs hold, some cooling is possible as early profit-taking sets in. However, the combination of institutional support, a growing product suite, and accelerating sector adoption gives Bullish a credible path to sustain investor interest beyond its headline-grabbing open. A bullish thesis to Bullish could be the aftermarket performance of Circle Internet Group (CRCL US) which has held around 400% above issue.
| TOP IPO PERFORMANCES AT FIRST TRADE (2025) | PERCENTAGE GAIN |
| Figma (FIG US) | 157.6% |
| Bullish US (BLSH US) | 143.2% |
| Voyager Technologies (VOYG US) | 125.0% |
| Circle Internet Group (CRCL US) | 122.6% |
| Chime Financial (CHYM US) | 59.3% |
| Ambiq Micro (AMBQ US) | 58.3% |
IPO markets right now are running hot. Underwriters have done a great job with names like Circle, Voyager, Figma, and FireFly—setting valuations low enough to spark heavy bidding. We’ve seen some big first-day ‘pops,’ although many have faded afterward. Short term, IPOs can deliver outsized gains; longer term, valuations tend to settle into something more rational.
Steady Debut for Options Exchange Operator
Miami International Holdings (MIAX) priced a full-size IPO of 15.0 million shares at $23.00, coming in $2 above the marketed $19–$21 range. The stronger-than-expected pricing reflected solid institutional demand, anchored by a $40 million cornerstone investment from Wellington.
Shares opened Thursday at $31.65, delivering a +37.6% gain at first trade, and reached an early high of $33.00 within the first 15 minutes. From there, the stock traded as low as $28.63 before rebounding to close at $30.74, up 33.7% from the IPO price. MIAX traded up 1.2% in its second session to close the week at $31.12.
MIAX traded in a relatively tight intraday range compared to many recent IPOs, reflecting its position as a more traditional, easier-to-value business. With established market share in options, a clear profitability track record, and scalable proprietary technology, the valuation discussion found quicker consensus among investors.
Pipeline Replenishing
Late August often marks a seasonal slowdown in the IPO market as summer vacations and lighter trading volumes take hold, leaving the pipeline in need of replenishment heading into the busier fall issuance window. That process began on Friday with three new filings, the most high-profile being Gemini Space Station, Inc. (GEMI), whose mission is to unlock the next era of financial, creative, and personal freedom. Alongside Gemini, Legence Corp. (LGN), a leading provider of mission-critical building services, and Via Transportation, Inc. (VIA), a platform modernizing public transit systems, also entered the queue—setting the stage for a refreshed lineup of deals after the late-summer lull.