Cryptocurrency exchange Bullish has set its initial public offering (IPO) price at $37 per share, comfortably above its earlier anticipated range of $32 to $33, resulting in a market valuation of approximately $5.4 billion. The move signals strong investor interest in the burgeoning crypto market and sets the stage for Bullish’s debut on the New York Stock Exchange under the ticker “BLSH.”
The company plans to raise $1.1 billion by offering 30 million shares, a significant increase from the initially proposed 20.3 million shares priced between $28 and $31 each. Bullish has also granted its underwriters, including JPMorgan, Jefferies, and Citigroup, a 30-day option to sell an additional 4.5 million shares, providing further flexibility amid high demand.
Institutional investors are showing keen interest. BlackRock and Cathie Wood’s ARK Investment Management are reportedly considering purchasing up to $200 million worth of Bullish stock, underscoring the growing appetite for regulated cryptocurrency platforms.
Founded in 2021 and headquartered in the Cayman Islands, Bullish is led by former New York Stock Exchange President Tom Farley. The exchange is designed to appeal to institutional investors, blending the transparency of decentralized finance protocols with the security and oversight of a centralized platform. Since its launch, the company has facilitated over $1.25 trillion in trading volume as of March 31, reflecting its rapid growth in a crowded crypto ecosystem.
Bullish also owns the crypto-focused news and data platform CoinDesk, which provides indexes, analytics, and insights for traders and investors alike.
This IPO marks Bullish’s second attempt to go public since its inception. Backed by prominent investors including PayPal co-founder Peter Thiel, the company is looking to capitalize on favorable regulatory sentiment under the Trump administration, which has bolstered activity and liquidity in crypto capital markets.
Bullish’s IPO follows a wave of successful crypto-related market entries in the U.S. Stablecoin issuer Circle raised over $1 billion in June, while trading platforms like Mike Novogratz’s Galaxy Digital and eToro have recently transitioned to U.S. listings, with eToro valued at $5.4 billion. Other crypto firms, including custody startup BitGo and exchange Gemini, have also confidentially filed for U.S. IPOs, signaling a continued surge of institutional interest in digital assets.
With its strong backing, institutional focus, and strategic positioning at the intersection of centralized and decentralized finance, Bullish is poised to make a notable splash as it enters the public markets.
