Bullish Crypto Firm Raises $1.1 Billion in Oversubscribed IPO

Bullish, the parent company of media outlet CoinDesk, has raised $1.1 billion in an initial public offering (IPO) with shares priced above the marketed range. Bloomberg's Anthony Hughes discusses the move with Caroline Hyde and Ed Ludlow on "Bloomberg Tech."

Bullish, the parent company of media outlet CoinDesk, has successfully raised $1.1 billion in its initial public offering (IPO), with shares priced above the indicated range. The company's IPO, which took place on August 13, 2025, was led by JPMorgan Chase & Co., Jefferies Financial Group Inc., and Citigroup Inc. [3]

The IPO saw shares priced at $37 each, exceeding the initial range of $32 to $33. The offering was oversubscribed, with the company selling 30 million shares, valuing the company at $5.41 billion. Bullish's shares closed at $68 each on Wednesday, representing an 84% increase from the IPO price [3].

The IPO comes as a significant development for the crypto sector, with more companies choosing to go public through IPOs, blank-check mergers, or reverse takeovers. The Trump administration's embrace of the industry and the passage of crypto legislation have contributed to this trend. Bullish's CEO, Tom Farley, emphasized the importance of credibility in the crypto market, stating that being a public company listed on the New York Stock Exchange adds to the company's credibility [3].

Bullish offers a range of services, including crypto spot trading, margin trading, and derivatives trading, with a focus on institutional investors. The company's acquisition of CoinDesk for $72.6 million in 2023 further enhances its market data and research capabilities [3].

The IPO was part of a week that saw two other exchange operators planning to go public. Bullish's IPO was led by JPMorgan Chase & Co. and Jefferies Financial Group Inc., while Miami International Holdings, which operates four US options exchanges, was led by Morgan Stanley [2].

The Renaissance IPO Indices, which track newly public companies, showed strong performance in the first half of 2025, with the Renaissance IPO Index up 12.2% year-to-date, while the S&P 500 was up 8.6%. The Renaissance International IPO Index was up 28.9% year-to-date, with the ACWX up 20.1% [2].

The IPO market has shown signs of recovery after a dry spell lasting more than two years. Bullish's successful IPO is a testament to the growing investor interest in the crypto sector and the potential for public equity markets to serve as a vehicle for crypto-sector fundraising [1].

References:

[1] Reuters. (2025, August 13). Bullish, a cryptocurrency exchange operator, raises $1.11 billion in its IPO. Retrieved from https://www.reuters.com/technology/coindesk-owner-bullish-prices-ipo-above-range-raise-over-11-billion-2025-08-13/

[2] Renaissance Capital. (2025, August). US IPO Week Ahead: Bullish leads exchange operators set to IPO. Retrieved from https://www.renaissancecapital.com/IPO-Center/News/112678/US-IPO-Week-Ahead-Bullish-leads-2-exchange-operators-set-to-IPO-in-the-comi

[3] Bloomberg. (2025, August 13). Bullish shares jump 84% in debut after $1.1 billion IPO. Retrieved from https://www.bloomberg.com/news/articles/2025-08-13/crypto-firm-bullish-surges-143-in-debut-after-1-1-billion-ipo