Brendan Blumer, president of Bullish and Tom Farley, CEO of Bulsh, Bulsh A Cryptocurrency Exchange Exchange Operator, pose with the staff during the company’s Introduction on the New York Stock Exchange in New York, United States, August 13, 2025.
Nyse
THE Bullish This week’s IPO has taken additional meaning, perhaps due to the name of the company.
When the actions of the cryptocurrency exchange supported by Peter Thiel more than doubled on the door on Wednesday before ending the day by 84%, it was the last sign that the Bulls of Introduction on the Technological Stock Exchange are back in business.
In July, the design of design software Figure More than tripled during its beginnings in New York, and a month earlier of the actions of Crypto Firm Circle climbed 168% during their first day on the large board.
Wall Street has been waiting for a long time.
Three years ago, strong inflation and an increase in interest effectively closed the public offers market. Technological actions have landed private capital and capital, forcing startups that burn in cash to divert their attention from growth and to efficiency and profitability.
The roadblock seemed to be loosened earlier this year, when companies like Stubhub and Klarna have deposited their prospectus, but President Donald Trump turned the markets in April with his prices plans. Roadshows were put on indefinite waiting.
The president’s price program has since stabilized a little, and investors’ money flock to technology, pushing the NASDAQ at registration levels, up more than 40% compared to this year in April. Optimism increases that the heavy arrears of high-value startups will continue to strive as CEO and venture capital that will trust that public procurement will accommodate their high-level companies.
Before the beginnings of Figma, the president of Nyse, Lynn Martin, told “Squawk on the Street” of CNBC that the immense request for this offer could “open the valves” for the rest of the market. And earlier this week, the CEO of Nasdaq, Adena Friedman, told “Fast Money” that there was a “very healthy list” of companies that turn to the IPO in the second half of this year, before the holiday season.
“I met a lot of CEOs, preparing them to think about what they want in public procurement and where they go,” said Friedman.
There are more than two dozen American technological companies supported by a company worth $ 10 billion or more, according to CB Insights. Stubhub has updated his prospectus, suggesting that an offer is coming soon.
“The IPO window is open,” said Rick Heitzmann, partner of the venture capital company Firstmark, in an interview with CNBC “Closing Bell” this week. “You have seen through the industry, a large support for the IPOs, and therefore, we advise companies in which we invest in order to prepare and become public.”
Another big subject among VCs and bankers is the regulatory environment.
The Biden administration has taken the heat of investors in startup for repressing the major acquisitions, mainly attributable to the heavy hand perceived of Lina Khan to the Federal Trade Commission, while not reaching the restrictions which, according to them, make less attractive for companies to be published than to remain private.
Paul Atkins, the new head of the SEC, said in July that he wanted to “make IPOs again”, by removing some of the obstacles around the complexity of disclosure and the risks of dispute. He has not offered many specific recommendations.
Friedman told CNBC that the first conversation she had had with Atkins after taking the post was to make easier and more attractive for companies to become public.
“The conversation has been constructive along many fronts, by examining the disclosure requirements, the processes of proxy, other things that make it more difficult for companies to be public and to navigate public procurement,” said Friedman. “It is as interested as us, so I hope that we will transform this into a great action.”
In addition to the big gains rooted by Bullish, Figma and Circle, public procurement welcomed the online banking supplier Carillon With a gain of 37% last month and a negotiation application Etoro With a 29% pop in May. The health technology market has seen two IPOs: Pivotal health And Omada Health.
But it was the roaring beginnings of Circle and Figma which sparked the chatter of a new bull market for the IPOs. Figma jumped 250% on the day of the IPO after the price shares a dollar before an updated range. The value of Circle has more than doubled after the Stablecoin transmitter was also above the expected beach.
Figma celebrates its first public offer on the New York Stock Exchange on July 31, 2025.
Nyse
This kind of price action rekindled a debate before the last boom of the IPO in 2020 and 2021, when the venture capital Bill Gurley argued that the great pops of the first day suggest intentically poorly evaluated offers that hurt the company and give easy money to new investors. Gurley pleaded for direct lists, where companies list the actions at a price that corresponds effectively to demand.
While Figma arrived on the market, Gurley was back, referring to large gains as an “expected and fully intentional” result which benefits customers of large investment banks
“They bought it at $ 33 last night and can sell it today for more than $ 90,” he wrote. In a follow -up article, he said: “I would have loved to see DLS replace the IPOs – it is simply logical to match the supply / demand. But Wall Street can be too addicted to massive spurts.”
The buyer of Lise, founder of the Introduction Council for the class V -Class V Group, wrote on LinkedIn that the company manages to call on the place where it prices the title and that a lot of reflection is put in the process. In addition, in the IPO, companies sell only a small percentage of stocks in circulation – in the case of FIGMA, around 7% – so if they give results, “there will most likely be many future opportunities to sell more shares at higher prices”.
This is already happening.
Circle said this week that it offered 10 million other actions in a secondary offer. And Friday, Leslie Picker of CNBC reported that the bankers for Corewhich has increased by 150% since its IPO in March, orchestrated certain block trades this week.
But the buyer warns that the technological markets have history of overheating. Although there is always a difference between what institutions are ready to pay in an IPO and what exuberant retail investors will pay is currently “a gap as we have not really seen since 1999, 2000”, told the Buyer CNBC, adding “and, of course, we know how it ended.”
Compared to the DOT-COM bubble, companies that are published in public now have important income and real fundamentals, but that does not mean that IPO POPS are durable, she said.
“It is almost as if we had several years of ban,” said the buyer, referring to a period a century ago when alcohol was prohibited in the United States “, in some cases, drink excess in the IPO market”.
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