Bullish Boosts IPO Size to $990M Amid Strong Institutional Demand

Bullish, a digital asset exchange with a hybrid model that merges centralized exchange efficiency with decentralized finance (DeFi) transparency, has increased the size of its upcoming initial public offering (IPO) to nearly $990 million. The offering includes 30 million shares priced between $32 and $33 per share, valuing the company at up to $4.8 billion if shares trade at the top of the range. This represents a significant increase from its initial $629 million target [1].

The IPO is being led by JPMorgan, Jefferies, and Citigroup, with institutional backing from BlackRock and Ark Investment Management. These firms have committed to purchasing at least $200 million worth of shares at the IPO price, signaling strong institutional confidence in the offering [2].

Bullish plans to list on the New York Stock Exchange (NYSE) under the ticker symbol “BLSH.” The company reported a net income of $106 million to $109 million for the second quarter of 2025, a marked improvement from the $349 million net loss in the first quarter of the same year. This shift reflects the company’s ongoing efforts to stabilize its financial performance amid the volatile crypto market [3].

The timing of the IPO aligns with a broader trend of increasing institutional adoption of digital assets and favorable market conditions for crypto-related offerings. Bullish's decision to go public follows a strategic acquisition of CoinDesk in 2023, which added a leading crypto news platform to its portfolio of services [4].

Bullish's IPO also benefits from a growing convergence between traditional finance and the digital asset sector. The company cited strong inflows into spot Bitcoin and Ether exchange-traded funds, along with more public companies adding digital assets to their corporate treasuries, as key drivers of the current market momentum [5].

The offering is expected to price on August 12, 2025, with shares beginning trading on August 13. The final pricing and allocation will determine whether Bullish reaches its targeted valuation. The IPO represents a pivotal moment for the company as it transitions from a private, regulated digital asset exchange to a publicly traded entity [6].

Source:

[1] Blockonomi, https://blockonomi.com/jpmorgan-citigroup-lead-bullishs-nearly-1-billion-crypto-exchange-ipo/

[2] Stake, https://hellostake.com/au/blog/stake-updates/bullish-ipo-how-to-buy-bullish-shares

[3] CNBC, https://www.cnbc.com/2025/08/11/crypto-exchange-bullish-raises-ipo-size-seeks-nearly-5-billion-valuation.html

[4] AInvest, https://www.ainvest.com/news/bullish-boosts-ipo-990m-strong-institutional-demand-57-fundraising-increase-2508/

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

[6] 99Bitcoins, https://99bitcoins.com/news/altcoins/peter-thiel-backed-bullish-upsizes-ipo-to-nearly-1b-amid-crypto-capital-market-surge/