Bullish Boosts IPO Target to $990M Amid Strong Institutional Demand

Bullish, the parent company of crypto news platform CoinDesk, is expanding its initial public offering (IPO) to raise up to $990 million, which would value the firm at approximately $4.8 billion if shares price at the top of the $32–$33 range. This represents a significant increase from its original filing of 20.3 million shares priced between $28 and $31, with the revised offering now totaling 30 million shares [1]. The expanded valuation signals strong institutional confidence and reflects heightened demand from traditional financial players, including BlackRock and ARK Invest, which have expressed interest in purchasing up to $200 million worth of stock [1].

The IPO will be listed on the New York Stock Exchange and will trade under the ticker symbol “BLSH.” The underwriting team includes major Wall Street firms such as JPMorgan, Jefferies, and Citigroup, along with co-managers like KBW, Stifel, and Oppenheimer. Underwriters also have a 30-day option to purchase up to 4.5 million additional shares, further indicating robust investor interest [1].

Bullish plans to use the IPO proceeds for operational expansion and potential acquisitions. The company currently holds over $3 billion in liquid assets, including 24,000 BTC, 12,600 ETH, and $418 million in cash and stablecoins. Its balance sheet strength and limited DeFi exposure position it as a relatively stable player in the crypto sector [1]. Additionally, Bullish has outlined plans to convert a portion of its IPO proceeds into U.S. dollar-pegged stablecoins through partnerships with one or more issuers.

The firm's market presence has been bolstered by its November 2023 acquisition of CoinDesk from Digital Currency Group for $72.6 million. This acquisition enhances Bullish’s reach in the crypto media space and allows it to offer a more integrated platform combining news, research, and trading services [1]. The company operates in over 50 countries and focuses primarily on institutional clients.

The broader context of Bullish’s IPO reflects a growing trend of institutional adoption of digital assets. Spot Bitcoin and Ethereum ETFs have seen significant inflows, and more corporations are incorporating cryptocurrencies into their treasuries. The successful June 2025 IPO of stablecoin issuer Circle, which raised $1 billion, serves as a benchmark for crypto companies seeking public market validation [1].

Bullish’s offering could set a precedent for future crypto-related IPOs and reinforce the sector’s integration into traditional financial markets. The presence of major Wall Street underwriters and the firm’s expanded valuation suggest a favorable regulatory and market environment for crypto exchanges. As the market continues to evolve, Bullish’s IPO highlights the increasing acceptance of digital assets by institutional investors and public market participants [1].

Source:

[1] Bullish Raises IPO Target to $4.8B as Institutional Crypto

URL: https://cointelegraph.com/news/bullish-ipo-valuation-crypto-institutional-demand