Crypto exchange Bullish, backed by Peter Thiel, made a stunning Wall Street debut in August 2025, raising $1.1 billion at a $5.4 billion valuation. Shares surged 84% on opening day, closing at $68 versus the $37 issue price. The rally instantly transformed co-founders Brendan Blumer and Kokuei Yuan into crypto billionaires. Blumer’s 30.1% stake is now worth about $2.8 billion, while Yuan’s 26.7% stake is valued near $2.5 billion. Founded in 2021 from Block.one, Bullish has processed over $1.25 trillion in trades and owns CoinDesk, with strong institutional backing fueling its IPO success.