Bullish Files $629M IPO Aiming $4.2B Valuation

Bullish, a digital-asset exchange operator and owner of media outlet CoinDesk, has filed for an initial public offering (IPO) on the New York Stock Exchange, aiming to raise up to $629.3 million. The company plans to offer 20.3 million shares at a price range of $28 to $31 each, which would value the firm at approximately $4.2 billion based on its pre-IPO ownership structure [1]. The filing was submitted to the U.S. Securities and Exchange Commission (SEC) on July 31, 2025, and the shares are expected to price on August 12 [2]. The IPO will be led by JPMorgan Chase & Co., Jefferies Financial Group Inc., and Citigroup Inc., and the company is expected to trade under the ticker symbol BLSH [3]. BlackRock Inc. and ARK Investment Management are separately interested in purchasing up to $200 million of shares in aggregate at the IPO price [4].

This 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 that would have valued the combined entity at about $9 billion, but the deal was scrapped in 2022 [5]. Bullish, which is backed by Peter Thiel and other major investors, offers crypto spot trading, margin trading, and derivatives trading, primarily targeting institutional investors. However, its margin and derivatives products are not currently available in the U.S. or to U.S. users [6]. The company also provides liquidity services for stablecoin issuers and owns CoinDesk, which it acquired in 2023 for $72.6 million from Digital Currency Group [7].

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 [8]. The firm was formerly a subsidiary of Block.one, which reduced its shareholding in the company below 50% in July 2024 [9]. Bullish’s co-founder and Block.one CEO Brendan Blumer is expected to own 30.1% of the shares following the offering, while board member Kokuei Yuan is set to hold 26.7% of the shares [10].

The IPO 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 [11]. The filing indicates that Bullish plans 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 [4].

Source:

[1] CoinDesk Owner Bullish Seeks Up To $629 Million In IPO

(https://www.ndtvprofit.com/amp/crypto/coindesk-owner-bullish-seeks-up-to-usd-629-million-in-ipo)

[2] Peter Thiel-backed Bullish seeks up to $4.2 billion

(https://money.usnews.com/investing/news/articles/2025-08-04/crypto-firm-bullish-aims-to-raise-up-to-629-million-in-us-ipo)

[3] Bullish Files $629M IPO in U.S. Aiming $4.2B Valuation

(https://www.ainvest.com/news/bullish-files-629m-ipo-aiming-4-2b-valuation-2508/)

[4] CoinDesk Owner Bullish Seeks Up To $629 Million In IPO

[5] CoinDesk Owner Bullish Seeks Up To $629 Million In IPO

[6] CoinDesk Owner Bullish Seeks Up To $629 Million In IPO

[7] CoinDesk Owner Bullish Seeks Up To $629 Million In IPO

[8] CoinDesk Owner Bullish Seeks Up To $629 Million In IPO

[9] CoinDesk Owner Bullish Seeks Up To $629 Million In IPO

[10] CoinDesk Owner Bullish Seeks Up To $629 Million In IPO

[11] CoinDesk Owner Bullish Seeks Up To $629 Million In IPO