Bullish's IPO Exceeds Expectations with $1.1 Billion Raise

Bullish, the owner of CoinDesk, raised $1.1 billion in its NYSE IPO, valuing the crypto exchange at $5.4 billion. The company sold 30 million shares at $37 each, exceeding its initial range of $32-$33. The IPO was more than 20 times oversubscribed, prompting Bullish to increase the size and price. Former NYSE president Tom Farley leads the company, which offers spot, margin, and derivatives trading for institutional clients. Trading begins Wednesday under the ticker BLSH.

Bullish, the crypto exchange and owner of CoinDesk, has successfully raised $1.1 billion in its initial public offering (IPO) on the New York Stock Exchange (NYSE). The company sold 30 million shares at $37 each, valuing it at $5.4 billion. The IPO was more than 20 times oversubscribed, prompting Bullish to increase the size and price of the offering [1].

The company, led by former NYSE president Tom Farley, offers a range of trading services, including spot, margin, and derivatives trading, catering primarily to institutional clients. The IPO marks Bullish's second attempt at going public, following an earlier effort that encountered regulatory issues [2].

Major institutional investors, such as BlackRock and ARK Invest, participated in the offering, committing to purchase up to $200 million of newly issued shares. This strong institutional backing underscores growing confidence in the crypto sector and the regulatory environment [3].

The IPO aligns with a broader trend of increasing institutional participation in the cryptocurrency market, boosted by favorable regulations and market conditions. The company's public debut is expected to set a benchmark for other blockchain companies considering public listings in the near future [4].

References:
[1] https://www.cnbc.com/2025/08/13/crypto-exchange-bullish-more-than-doubles-in-nyse-debut-after-pricing-ipo-above-expected-range.html
[2] https://99bitcoins.com/news/bitcoin-btc/bullish-crypto-exchange-targets-5b-valuation-with-upsized-ipo/
[3] https://www.ainvest.com/news/bullish-surges-62-ipo-crypto-market-gains-institutional-momentum-2508/
[4] https://www.cnbc.com/2025/08/13/crypto-exchange-bullish-more-than-doubles-in-nyse-debut-after-pricing-ipo-above-expected-range.html