Bitcoin News Today: Bullish Files $629M IPO at $4.23B Valuation Amid Crypto Sector Surge

Bullish Exchange has filed for a $629 million initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC), aiming to raise capital at a valuation of up to $4.23 billion [1]. The company is offering 20.3 million shares, priced between $28 and $31, with underwriters granted a 30-day option to purchase up to an additional 3.045 million shares [2]. JPMorgan and Citigroup are underwriting the offering [3]. The filing marks a significant milestone for the cryptocurrency sector and reflects a broader trend of crypto firms turning to public markets for funding amid evolving regulatory conditions in the U.S. [4].

The IPO is led by CEO Thomas Farley, a of the New York Stock Exchange, and CFO Stephen Capone [2]. The filing follows the company’s failed attempt at a $9 billion SPAC merger in 2022 [2]. Instead, Bullish has opted for a traditional IPO, a strategy similar to that of Circle, which saw strong performance following its NYSE debut in June 2025 [2]. This approach highlights a growing preference for direct listings or IPOs among crypto platforms seeking to gain institutional legitimacy and broader market exposure.

Institutional interest in the offering is notable, with funds managed by BlackRock and ARK Investment Management expressing intent to purchase up to $200 million worth of shares [2]. This level of backing signals strong confidence in Bullish’s business model and its potential to integrate crypto assets into mainstream financial systems. The company also plans to convert IPO proceeds into stablecoins, further indicating its strategy to deepen crypto market integration [2].

Financially, Bullish reported a Q2 net income estimate of between $106 million and $109 million, a sharp recovery from a $349 million loss in Q1 and following an $80 million profit for 2024 [2]. The company holds over $3 billion in liquid assets, including 24,000 bitcoin, 12,600 ether, and more than $418 million in cash and stablecoins [2]. These figures underscore the firm’s financial resilience and ability to manage volatility in the crypto market.

The IPO filing also occurs in a regulatory environment increasingly favorable to crypto firms. The passage of the GENIUS Act and the rollback of enforcement actions from the previous administration have improved the feasibility of public offerings [4]. This regulatory shift has enabled other digital asset companies, such as Circle and eToro, to access public markets, with exchanges like Kraken and OKX reportedly considering similar moves [4].

Bullish’s IPO aligns with the broader upward movement in crypto prices. Bitcoin recently traded near $115,000, reflecting renewed optimism in the sector [2]. The company, based in the Cayman Islands, is positioning itself to benefit from a redefined U.S. policy stance and a growing appetite for crypto-linked equities [4].

Source:

[1] title1.............................(https://www.coindesk.com/business/2025/08/04/crypto-exchange-bullish-seeks-to-raise-usd629m-in-new-york-share-sale)

[2] title2.............................(https://m.economictimes.com/news/international/us/cryptocurrency-exchange-bullish-files-ipo-to-raise-629m-by-offering-over-20-million-shares-check-price-range-and-other-details/articleshow/123104357.cms)

[3] title3.............................(https://www.ainvest.com/news/bitcoin-news-today-bullish-files-629m-ipo-aimed-4-2b-valuation-2508/)

[4] title4.............................(https://www.axios.com/pro/fintech-deals/2025/08/04/crypto-bullish-ipo)