Bitcoin News Today: Bullish Files $629M IPO Aimed at $4.2B Valuation

Bullish, the digital asset platform formerly known as Block.one and now under Vaulta, has filed with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) seeking to raise up to $629 million. The company is offering 20.3 million ordinary shares at a price range of $28 to $31 per share, potentially valuing the firm at around $4.2 billion based on its current ownership structure [2]. The IPO is slated for listing on the New York Stock Exchange (NYSE), with JPMorgan Chase & Co., Jefferies Financial Group Inc., and Citigroup Inc. serving as lead underwriters [1].

The move reflects a broader shift in the regulatory and institutional landscape for digital assets in the U.S. Bullish, which also owns media outlet CoinDesk, is capitalizing on the more favorable conditions under the Trump administration and the renewed optimism in the crypto market [4]. The firm aims to use the proceeds for general corporate purposes, future acquisitions, and a planned conversion into U.S. dollar–denominated stablecoins [5]. The IPO also draws attention for the involvement of BlackRock Inc. and ARK Investment Management, which have expressed interest in purchasing up to $200 million worth of shares at the IPO price [3].

Despite the optimism, Bullish reported a net loss of $348.6 million on $80.2 million in digital-asset sales for the quarter ending March 31, 2025. This marks a significant reversal from the same period in 2024, when the company posted a net income of $104.8 million on $80.4 million in sales [6]. The financial performance underscores the challenges inherent in a maturing but still volatile sector. However, Bullish’s emphasis on institutional-grade services and alignment with regulatory frameworks may provide a foundation for long-term resilience.

The filing of the F-1 registration with the SEC represents a critical step toward Bullish’s public market debut. The company’s ownership structure remains notable, with co-founder Brendan Blumer retaining 30.1% of shares post-IPO and Kokuei Yuan holding 26.7% [5]. This follows a prior unsuccessful attempt in 2021, when Bullish pursued a SPAC merger that would have valued the company at $9 billion but was terminated in 2022 [8]. The current IPO effort appears more measured, aligning with a market that has grown more receptive to crypto-related offerings.

The regulatory context is also pivotal. SEC Chair Paul Atkins has emphasized the objective of Project Crypto to clarify the classification of digital assets and reduce legal ambiguity. He noted that most current crypto assets are not classified as securities, aiming to encourage domestic innovation [1]. This regulatory clarity is seen as a key driver of institutional interest and increased market confidence.

Bullish’s IPO is being viewed through the lens of historical parallels, particularly with Coinbase’s 2021 IPO, which similarly brought mainstream attention to Bitcoin and Ethereum. The broader market dynamics also reflect this shift—Bitcoin (BTC) is currently priced at $114,341.98 with a market cap of $2.28 trillion, according to CoinMarketCap. Over the past 90 days, BTC has risen 18.53%, despite recent fluctuations [5].

The IPO could also set a precedent for increased public listings among crypto exchanges, further enhancing market transparency and integration. Analysts suggest that while volatility is likely in the short term, the long-term trend supports the growing legitimacy of digital assets within regulated financial systems [7].

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

[2] https://www.ainvest.com/news/bullish-aims-629m-ipo-crypto-market-resurgence-2508/

[3] https://www.ainvest.com/news/bullish-files-629m-ipo-aiming-4-2b-valuation-2508-94/