Bullish Crypto Exchange Raises $1.1bn in IPO, Sets Market Value at $5.4bn

Bullish, a cryptocurrency exchange geared towards institutional investors, has priced its IPO at $37 per share, above the expected range of $32-$33, raising $1.1 billion. The company's total market value is $5.4 billion, and it plans to list on the NYSE under ticker symbol "BLSH." Bullish has a trading volume exceeding $1.25 trillion since its launch in 2021 and owns the crypto news website CoinDesk. The IPO is the second attempt by Bullish to go public.

Cryptocurrency exchange Bullish has priced its initial public offering (IPO) at $37 per share, exceeding the expected range of $32-$33. The offering raised $1.1 billion, valuing the company at $5.4 billion. Bullish plans to list on the New York Stock Exchange (NYSE) under the ticker symbol "BLSH" [1].

The IPO is the second attempt by Bullish to go public, following a failed SPAC merger in late 2022 due to regulatory delays. The company has experienced a significant turnaround in its financial performance, reporting Q2 net income of $106-$109 million, up from a $349 million net loss in Q1 2025 [3].

Bullish has a trading volume exceeding $1.25 trillion since its launch in 2021 and owns the crypto news website CoinDesk. The company offers spot crypto trading, futures and derivatives trading, and data and insight services related to the digital asset industry. It is led by former New York Stock Exchange president Tom Farley and backed by billionaire Peter Thiel [2].

Institutional investors, including BlackRock and Cathie Wood's ARK Investment Management, have committed to purchasing over $200 million worth of shares at the IPO price. The IPO is being underwritten by J.P. Morgan, Jefferies, and Citigroup [3].

The successful IPO comes as crypto-focused companies are increasingly pursuing public listings. Other notable crypto exchanges planning IPOs include Kraken and OKX. The surge in crypto IPO activity is driven by significant regulatory progress in the United States and growing institutional interest in digital assets [2].

References:
[1] https://finance.yahoo.com/news/coindesk-owner-bullish-bullish-ipo-074748687.html
[2] https://www.ainvest.com/news/bullish-expands-ipo-size-targets-4-82-billion-valuation-cryptocurrency-enthusiasm-2508/
[3] https://www.ainvest.com/news/bitcoin-news-today-bullish-ipo-targets-4-8b-strong-institutional-demand-2508/