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Bullish bets on a crypto future
The Observer
|August 17, 2025
It was an initial public offering that recalled memories of past stock market bubbles. On Thursday shares in Bullish rose by 90% on their first day of trading. The cryptocurrency exchange, whose investors include Silicon Valley billionaire Peter Thiel, briefly traded up 218% before slipping back by the end of the day.
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This is the latest evidence that the US IPO market has awoken from its long hibernation. Since April, shares in recent IPOs have comfortably outperformed stock market benchmarks. Other successful flotations include stablecoin issuer Circle, AI cloud-computing company CoreWeave and Figma, an AI-bas
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