As someone who's spent years at the helm of CoinDesk—now under the Bullish umbrella—I've seen my fair share of crypto hype cycles. But the recent buzz around Bullish's IPO has a unique flavor: it's exploding in traditional finance circles while Crypto Twitter (CT) remains oddly quiet. A recent thread from @0xWives captures this sentiment perfectly, noting that $BLSH is getting "a fuck load of hype from lot of tradfi accounts" but barely a whisper from the CT crowd.

Let's break it down. Bullish, the cryptocurrency exchange backed by PayPal co-founder Peter Thiel, made its debut on the New York Stock Exchange (NYSE) under the ticker $BLSH. Priced at $37 per share, it opened at a staggering $90—more than doubling in value right out of the gate—and closed its first day around $70, marking nearly a 90% gain. This isn't just another stock launch; Bullish is sitting on over $2.5 billion in Bitcoin (BTC) and Ethereum (ETH) holdings, essentially functioning like a treasury company with a built-in exchange. As one reply in the thread pointed out, quoting an earlier post: "filing for an IPO at $4.2b with >$2.5b in BTC & ETH is like a treasury co with a free exchange on top."

This image from the thread highlights Bullish's impressive balance sheet, with 17,810 BTC and 780 ETH in intangible assets, plus inventories and receivables pushing the total crypto treasury to about $2.58 billion. It's no wonder tradfi (traditional finance) folks are salivating— this blends the stability of big holdings with the upside of crypto trading.

But why the silence on CT? @0xWives ponders if it's bullish or bearish (pun intended). From my vantage point, it could be a sign of maturity in the space. Crypto natives might see Bullish as more of a " TradFi invader" than a pure-play DeFi innovator. Or perhaps everyone's too busy chasing the next meme token pump to notice a multi-billion-dollar IPO. Speaking of meme tokens, this debut could have ripple effects. A successful crypto-related listing like $BLSH signals mainstream validation, potentially injecting fresh capital into the ecosystem. When big money flows in, meme tokens—those viral, community-driven assets like Dogecoin or newer Solana-based pups—often ride the wave. Bullish sentiment in stocks could translate to bullish pumps in memes, especially if Bitcoin and Ethereum prices climb on the news.

Another reply in the thread quotes a market update: "BULLISH SHARES INDICATED TO OPEN BETWEEN $85-$88 IN NYSE DEBUT VS $37 IPO PRICE," calling it "another day, another parabolic debut." Parabolic indeed—this kind of performance echoes the 2021 crypto bull run when everything from NFTs to meme coins went vertical.

For blockchain practitioners, Bullish's move underscores a key trend: the convergence of TradFi and DeFi. With ownership of CoinDesk (full disclosure: my former stomping grounds), Bullish isn't just trading crypto; it's shaping the narrative through media. If you're building in memes or broader Web3, keep an eye on how this IPO influences regulations, liquidity, and investor appetite. It might just be the catalyst for the next meme supercycle.

Curious about $BLSH's trajectory? Check out the full thread here and stay tuned to Meme Insider for more insights on how traditional milestones impact the wild world of meme tokens.