Bullish Boosts IPO to $990M on Strong Institutional Demand and 57% Fundraising Increase

Bullish, a cryptocurrency exchange platform, has significantly expanded its initial public offering (IPO) plans, raising the target fundraising amount to $990 million through the sale of 30 million shares priced between $32 and $33 per share. This represents a 57% increase from its earlier target of $629 million, based on 20.3 million shares priced between $28 and $31. The company now aims for a valuation range between $4.8 billion and $5 billion, with the ticker symbol BLSH planned for listing on the New York Stock Exchange [1].

The IPO includes a greenshoe option allowing underwriters—including JPMorgan, Jefferies, and Citigroup—to purchase an additional 4.5 million shares within 30 days if demand outpaces the initial offering [3]. Strong institutional interest has been reported, with major firms such as BlackRock and ARK Investment Management expected to invest up to $200 million in the offering [4]. This backing signals growing confidence in the crypto market and demonstrates the increasing acceptance of digital assets within traditional financial institutions.

Bullish’s IPO follows a direct listing strategy rather than a SPAC merger, which it had previously attempted in 2021 before terminating due to regulatory delays. The decision to pursue a traditional IPO route reflects the company's commitment to regulatory compliance and transparency. It also aligns with a broader industry trend of crypto firms seeking to establish institutional legitimacy by adhering to conventional market standards [5]. The IPO is led by Tom Farley, former NYSE President, who has emphasized the significance of the listing as a milestone for the company [1].

This fundraising round is expected to support Bullish’s operational expansion, including enhancements to its technology infrastructure and potential exploration of new growth areas in the crypto market. Analysts suggest that the traditional IPO structure may attract a wider range of investors who prioritize governance and compliance [6]. The move could also set a precedent for other crypto platforms aiming to secure public listings and gain broader market recognition.

The impact of Bullish’s IPO on the broader cryptocurrency ecosystem remains to be seen, though no immediate effects on major digital assets like Bitcoin or Ethereum have been disclosed in official filings. Nonetheless, the listing underscores the increasing integration of crypto exchanges into traditional financial markets [1].

Source:

[1] Cointelegraph, https://cointelegraph.com/news/bullish-ipo-valuation-crypto-institutional-demand

[2] AInvest, https://www.ainvest.com/news/bullish-raises-ipo-price-range-10-32-33-aims-990m-2508/

[3] MarketWatch, https://www.marketwatch.com/story/crypto-exchange-bullish-boosts-size-of-planned-ipo-2faa20f1?mod=markets

[4] Coinpedia, https://coinpedia.org/news/bullish-upsizes-ipo-to-990m-attracts-blackrock-ark-investors/

[5] Reuters, https://www.reuters.com/technology/peter-thiel-backed-bullish-targets-up-482-billion-valuation-upsized-ipo-2025-08-11/

[6] CoinCentral, https://coincentral.com/bullish-raises-ipo-target-to-990-million-as-blackrock-and-ark-invest-back-crypto-exchange/

[7] TradingView, https://www.tradingview.com/news/invezz:411fc000f094b:0-bullish-upsizes-ipo-to-990-million-as-crypto-listings-gain-momentum/