Bitcoin News Today: Bullish IPO Targets $4.8B Valuation Amid Strong Institutional Demand

Bullish, a blockchain-based cryptocurrency exchange, is set to debut on the New York Stock Exchange (NYSE) on Wednesday, August 13, under the ticker symbol BLSH. The company’s initial public offering (IPO) has been upsize to $990 million, offering 30 million shares priced between $32 and $33 per share, with a target valuation of up to $4.8 billion. This follows Bullish’s decision to abandon a SPAC merger in late 2022 due to regulatory delays and comes amid strong institutional demand and improving market conditions for both crypto and tech sectors [1].

The IPO roadshow was highly successful, prompting the company to raise its fundraising target by over 60%. Institutional investors, including BlackRock and ARK Investment Management, have committed to purchasing over $200 million worth of shares at the IPO price, underscoring confidence in Bullish’s business model and long-term potential [4]. Bullish reported Q2 net income of $106–$109 million, a significant turnaround from a $349 million net loss in Q1 2025. This improved performance coincides with a broader stabilization in the crypto market [4].

Bullish has rapidly expanded its presence in the crypto space, handling $647 billion in spot trading volume over the past twelve months and $111 billion in perpetual futures volume. The company also owns CoinDesk, a major cryptocurrency news platform, and operates the Consensus event, one of the industry’s largest conferences. Additionally, Bullish runs a blockchain index business with over $41 billion in assets under management [1]. The firm holds a substantial amount of Bitcoin on its balance sheet, with over 24,000 coins as of the most recent quarter, positioning it as the fifth-largest publicly traded BTC holder [1].

The timing of Bullish’s IPO aligns with a broader rebound in the IPO market. U.S. IPO activity in Q2 2025 rose by 31% compared to the previous quarter, with 59 IPOs raising $15.02 billion. Bullish is also benefiting from renewed optimism in digital assets, driven by institutional adoption and regulatory clarity. Bitcoin and other major cryptocurrencies are showing signs of resurgence, and crypto ETFs and tokenization initiatives are gaining traction [9].

Analysts suggest that the IPO could see strong initial performance, particularly given the success of other crypto-related IPOs such as Circle. However, past performance should not be taken as a guarantee of future results. While Circle’s stock surged after its IPO, it has since fallen from its highs. Similarly, the shares of other recently listed companies, including CoreWeave and WeBull, have experienced sharp declines after initial gains [1]. These trends highlight the potential for short-lived gains following a high-profile listing.

Bullish’s IPO is being underwritten by J.P. Morgan, Jefferies, and Citigroup, among other major banks [3]. Investors seeking to buy shares will need to open an account with a U.S. stock trading platform and place orders using either a market or limit order. The firm’s strong institutional backing and strategic positioning in the crypto ecosystem suggest that it may attract attention from both retail and institutional investors looking to capitalize on the convergence of blockchain and finance [11].

Source:

[1] Bullish IPO news: Is BLSH stock a buy after listing? - https://crypto.news/bullish-ipo-news-is-blsh-stock-a-buy-after-listing/

[2] Bullish Raises IPO Target to $4.8B as Institutional Crypto... - https://cointelegraph.com/news/bullish-ipo-valuation-crypto-institutional-demand

[3] Bullish IPO: How to Buy Bullish Shares - https://hellostake.com/au/blog/stake-updates/bullish-ipo-how-to-buy-bullish-shares

[4] Bullish Boosts IPO Size to $990M Amid Strong Institutional ... - https://www.ainvest.com/news/bullish-boosts-ipo-size-990m-strong-institutional-demand-2508/