Bullish files F-1 registration with SEC, plans to raise up to $629M through IPO.

Bullish files F-1 registration with SEC, plans to raise up to $629M through IPO.

Crypto exchange operator Bullish has filed its F-1 registration with the U.S. Securities and Exchange Commission (SEC), signaling its intent to raise up to $629 million through an initial public offering (IPO) on the New York Stock Exchange (NYSE). The company, which owns the media outlet CoinDesk, aims to offer 20.3 million ordinary shares at a price range of $28 to $31 per share [1].

The IPO, expected to be led by JPMorgan Chase & Co., Jefferies Financial Group Inc., and Citigroup Inc., is set to value the firm at approximately $4.2 billion based on its pre-IPO ownership structure [2]. Funds managed by BlackRock Inc. and ARK Investment Management have shown interest in purchasing up to $200 million of shares at the IPO price [3].

Bullish, which provides institutional trading platforms for spot and derivatives trading as well as liquidity services, has been backed by major investors, including Peter Thiel. The company's IPO filing comes at a time when more crypto companies are choosing to go public, with the Trump administration showing greater support for the industry and crypto legislation advancing in Congress [4].

The IPO proceeds are expected to be used for general corporate purposes and potential future acquisitions. Bullish's co-founder and Block.one CEO Brendan Blumer is set to own 30.1% of the shares following the offering, while board member Kokuei Yuan is expected to hold 26.7% of the shares [5].

Despite its media and exchange operations, Bullish reported a net loss of approximately $348.6 million on digital-asset sales of $80.2 million in the three months ending March 31, 2025, compared with a net income of $104.8 million on $80.4 million of sales in the same period the previous year [6]. The company aims to convert a significant portion of the IPO proceeds into U.S. dollar–denominated stablecoins through partnerships with token issuers, reflecting its focus on bridging traditional equity markets with digital assets [7].

This IPO filing marks Bullish's second attempt to go public in four years; in 2021, the firm had pursued a merger with a special purpose acquisition company (SPAC) that would have valued the combined entity at about $9 billion, but the deal was scrapped in 2022 [8].

References:
[1] https://www.coindesk.com/business/2025/08/04/crypto-exchange-bullish-seeks-to-raise-up-to-usd629m-in-new-york-share-sale
[2] https://www.ainvest.com/news/bullish-files-629m-ipo-aiming-4-2b-valuation-2508-94/
[3] https://en.coinotag.com/bullish-crypto-exchange-files-for-ipo-valuation-near-4-2-billion-amid-market-optimism/
[4] https://www.coindesk.com/business/2025/08/04/crypto-exchange-bullish-seeks-to-raise-up-to-usd629m-in-new-york-share-sale
[5] https://www.ainvest.com/news/bullish-files-629m-ipo-aiming-4-2b-valuation-2508-94/
[6] https://www.ainvest.com/news/bullish-files-629m-ipo-aiming-4-2b-valuation-2508-94/
[7] https://www.ainvest.com/news/bullish-files-629m-ipo-aiming-4-2b-valuation-2508-94/
[8] https://www.ainvest.com/news/bullish-files-629m-ipo-aiming-4-2b-valuation-2508-94/