The past week has been electric for the crypto industry — not just in token prices, but on Wall Street. Two major exchanges are putting digital assets firmly on the map of public markets.
Bullish Makes a Big Entrance
Bullish, the crypto exchange backed by Peter Thiel and Block.one, made its trading debut on the New York Stock Exchange and saw its value more than double on day one — hitting a market capitalization of around
$13.2 billion.
The market’s reaction wasn’t just about Bullish; it was a signal. Institutional and retail investors are showing a renewed appetite for crypto firms, viewing them as legitimate players in the broader financial ecosystem. While the stock has since faced volatility — a reminder that even strong debuts aren’t immune to market swings — the initial surge demonstrates Wall Street’s growing comfort with digital asset infrastructure.
Gemini Files for U.S. IPO
Hot on the heels of Bullish’s debut, Gemini — the exchange founded by the Winklevoss twins — filed for a U.S. IPO.
While the exact valuation target isn’t public yet, the move underscores a broader shift:
crypto companies are no longer content to operate solely in the digital domain. They want a seat at the big table, complete with quarterly earnings calls and shareholder meetings.
Gemini’s IPO filing suggests that the exchange believes investor sentiment is warming — and that now is the time to step into public markets before another wave of regulation or macro uncertainty sets in.
The Bigger Picture
The back-to-back headlines from Bullish and Gemini represent more than individual company milestones. They mark a cultural moment: the normalization of crypto exchanges as major financial institutions.
In the early 2010s, crypto companies were largely outsiders — either private or overseas. Fast forward to today, and we’re seeing them listed alongside traditional finance heavyweights. This is partly due to improved regulatory frameworks, institutional adoption, and the maturation of crypto markets themselves.
Still, the journey won’t be without bumps. IPO pops can turn into corrections, as seen with Bullish’s recent pullback. But for long-term observers, these moves show that
crypto’s future isn’t just on-chain — it’s also on Wall Street.
Why This Matters for Ethos Users
At Ethos, we’re building for this exact future — one where the lines between traditional finance and decentralized finance blur. As major exchanges go public, it brings more legitimacy, liquidity, and opportunity to the entire ecosystem.
With Ethos, you can be part of this evolution right now:
- Gasless transactions for cheaper and faster trades.
- DeFi tools designed for both casual and pro traders.
- A growing community that’s always ahead of the curve.
Join the next wave of finance with the
Ethos app— because the markets of tomorrow are being built today.
