Bullish Shares Fall Over 70% From Debut in Crypto IPO Slump
BLSH•Bullish shares have plunged over 70% from their opening trade since debut, joining other crypto IPOs like Gemini, down 89%, and Circle, down 6%. The losses reflect a crypto market downturn that began in October 2025, eroding value across six major listings since mid-2025.
1. Widespread Crypto IPO Declines
Since mid-2025, six major crypto IPOs have traded below their debut prices, signaling weakened investor demand and volatility for newly listed blockchain platforms.
2. Bullish Share Performance
Bullish (BLSH) shares have slid more than 70% from their opening trade, reflecting steep losses shortly after its market debut.
3. Comparative IPO Performance
Gemini’s stock has tumbled 89% from its $37 launch price and Circle is down about 6%, while BitGo and other listings have also suffered significant declines.
4. Market Downturn Context
These declines coincide with a broader crypto market downturn that began in October 2025, driven by macroeconomic headwinds and reduced trading volumes across digital assets.
