Bullish Boosts IPO Size, Seeks $990 Million in Funding

Bullish, the owner of CoinDesk, increased the size and price of its IPO, boosting the potential deal size to $990 million from $629 million. The company now plans to market 30 million shares for $32 to $33 each, compared to 20.3 million shares for $28 to $31 each. Bullish will make its debut on the NYSE under the symbol BLSH, with JPMorgan Chase, Jefferies Financial Group, and Citigroup leading the offering.

Crypto exchange Bullish, owner of media outlet CoinDesk, has significantly increased its Initial Public Offering (IPO) size and price, raising the potential deal size to $990 million from $629 million. The Cayman Islands-based company now plans to market 30 million shares for $32 to $33 each, compared to the previous offering of 20.3 million shares for $28 to $31 each [1].

The expanded IPO comes after Bullish's initial attempt to go public through a merger with a special purpose acquisition company (SPAC) in 2021, which was later scrapped in 2022 due to regulatory delays [1]. The company is now led by former New York Stock Exchange president Tom Farley as its CEO and offers crypto spot trading, margin trading, and derivatives trading, with a focus on institutional investors [1].

Bullish's new IPO strategy reflects a more conservative valuation amid evolving digital asset regulations. The company plans to list its shares on the New York Stock Exchange (NYSE) under the ticker symbol "BLSH" [1]. The offering is being led by JPMorgan Chase, Jefferies Financial Group, and Citigroup [1].

The expanded IPO will provide Bullish with additional capital to fund corporate operations and potential acquisitions, as well as to convert part of the proceeds into U.S. dollar stablecoins to support its liquidity framework [1]. The company aims to collaborate with stablecoin issuers to execute this move, aligning with its intent to support regulated digital finance initiatives [1].

The NYSE listing will place Bullish among the few exchange-based crypto firms pursuing traditional equity markets, emphasizing transparency and long-term scalability [1]. Market observers will assess the platform's operational efficiency and profitability metrics as it navigates the evolving regulatory landscape.

The roadshow for the IPO is being led by major underwriters, including J.P. Morgan, Jefferies, and Citigroup, with additional bookrunners and co-managers distributing preliminary prospectuses through their institutional channels [1].

Bullish's IPO comes as U.S. policy shifts encourage digital asset innovation, including the recent passage of the GENIUS Act, which introduces an initial framework for stablecoins [1]. The company aims to capitalize on this momentum through a compliant and structured public offering.

References:
[1] https://www.bloomberg.com/news/articles/2025-08-04/coindesk-owner-bullish-seeks-to-raise-up-to-629-million-in-ipo
[2] https://coincentral.com/peter-thiel-backed-bullish-launches-roadshow-for-629-million-public-offering-and-nyse-listing/