A "bullish IPO" typically refers to an initial public offering (IPO) of a company that is met with strong positive investor sentiment and demand, leading to a significant increase in the stock price shortly after it starts trading. For example, the recent IPO of the cryptocurrency exchange Bullish in August 2025 exemplifies a bullish IPO. Bullish priced its shares initially at $37 each, which was already above the expected range. When trading began on the New York Stock Exchange (NYSE), the stock price surged as much as 218%, reaching $118 before settling somewhat lower. This was a remarkable jump that reflected strong investor confidence and enthusiasm for the company and the crypto sector. The company raised about $1.1 billion from the IPO, and its valuation soared to around $13 billion during the trading session, far above the initial valuation of about $5.4 billion at the IPO pricing. Such a surge indicates a "bullish" market reception to the IPO. The Bullish IPO's success has been attributed to several factors, including backing from notable investors like Peter Thiel, a strong market interest in crypto exchanges, and favorable regulatory and market conditions for digital assets. The rapid increase in share price after the IPO debut is a classic example of bullish market behavior around an IPO. In summary, a bullish IPO is when a company's initial public offering experiences immediate and strong demand, causing the stock price to rise significantly above the IPO price on the first day of trading. The term "bullish" here relates to optimism and confidence in the stock's future performance. The Bullish crypto exchange IPO in 2025 is a prime case of this phenomenon.