Bullish Files NYSE IPO to Raise Up to $629M at $28–$31 Share Price

Bullish, the parent company of cryptocurrency media outlet CoinDesk, has filed with the U.S. Securities and Exchange Commission (SEC) for an initial public offering (IPO) on the New York Stock Exchange [6]. The company is seeking to raise between $568 million and $629 million by offering between 20.3 million shares priced in the range of $28 to $31 per share [1]. At the upper end of this range, the offering could value the firm at up to $4.2 billion [2]. The IPO, if approved, could see Bullish shares begin trading as early as August 12, 2025, under the ticker symbol “BLSH” [12].

The company has attracted early interest from major institutional investors. Subsidiaries of BlackRock and ARK Investment Management have committed to purchasing up to $200 million worth of shares at the IPO price [3]. This support highlights the growing institutional confidence in crypto-related ventures, particularly as regulatory clarity improves in the U.S. [10]. Bullish, which is incorporated in the Cayman Islands, has also taken steps to increase its credibility by emphasizing a compliance-focused model in its filing documents [5].

Bullish operates a digital asset platform primarily for institutional clients, active in over 50 jurisdictions globally, though not in the U.S. [1]. The firm recently expanded its media footprint by acquiring CoinDesk from Digital Currency Group for $72.6 million in November 2023 [6]. CoinDesk, now part of Bullish’s portfolio, is the second-largest cryptocurrency media outlet in the world by readership, with an average of 4.9 million unique monthly viewers in 2024 [1].

The IPO marks Bullish’s second attempt to go public after a failed SPAC merger in 2021 [4]. CEO Tom Farley highlighted in a letter included with the filing that the digital assets industry is entering a new growth phase, and becoming a public company allows for greater access to capital and strategic acquisition opportunities [4].

Bullish also reported a significant financial turnaround in its most recent filing. The firm expects a net income of between $106 million and $109 million for the second quarter of 2025, a sharp contrast to the $349 million loss it recorded in the first quarter of the same year [7]. The firm attributes much of its recent profitability to favorable changes in the fair value of digital assets rather than operating income [7]. It has also seen a substantial increase in trading volumes, more than doubling in 2024 compared to 2023, with a 78% increase in Q1 2025 over the same period in 2024 [8].

Bullish holds more than $3 billion in liquid assets, including 24,000 bitcoin, 12,600 ether, and over $418 million in cash and stablecoins [1]. The company plans to use a portion of the IPO proceeds to convert into U.S. dollar-denominated stablecoins [1]. It also intends to allocate funds toward expanding its information services, enhancing product offerings—particularly in options trading—and increasing its global reach [6].

The timing of the IPO aligns with a broader trend of crypto companies seeking public listings. Other notable crypto firms such as Circle, Kraken, and OKX are also exploring IPOs amid a more favorable regulatory environment and heightened market optimism [9]. U.S. regulatory progress, including the recent passage of the GENIUS Act and other key crypto-related bills, has contributed to a broader bull market for digital assets [11]. This is reflected in Bitcoin’s price, which has risen over 22% this year to around $115,000, while the broader market, as measured by the CoinDesk 20 index, has gained 32% [11].

Bullish’s IPO underwriters have the option to purchase an additional 3.045 million shares, depending on demand [1]. The company has also signaled its intent to pursue future acquisitions using the capital raised from the offering [6]. The IPO represents a strategic move to capitalize on the growing institutional adoption of crypto and the maturing regulatory landscape.

The offering underscores the evolving perception of digital assets in mainstream finance and the increasing acceptance of crypto-native businesses in traditional capital markets [10]. With strong institutional backing and a clear growth strategy, Bullish’s IPO could serve as a bellwether for the broader crypto sector’s progress toward mainstream legitimacy.

Source:

[1] Blockonomi: [https://blockonomi.com/coindesk-owner-bullish-seeks-to-raise-629-million-in-ipo/](https://blockonomi.com/coindesk-owner-bullish-seeks-to-raise-629-million-in-ipo/)

[2] Reuters: [https://www.reuters.com/business/peter-thiel-backed-bullish-seeks-up-42-billion-valuation-us-ipo-2025-08-04/](https://www.reuters.com/business/peter-thiel-backed-bullish-seeks-up-42-billion-valuation-us-ipo-2025-08-04/)

[3] Cointelegraph: [https://cointelegraph.com/news/bullish-ipo-us-crypto-blackrock-ark](https://cointelegraph.com/news/bullish-ipo-us-crypto-blackrock-ark)

[4] The Economic Times: [https://m.economictimes.com/news/international/us/cryptocurrency-exchange-bullish-files-ipo-to-raise-629m-by-offering-over-20-million-shares-check-price-range-and-other-details/articleshow/123104357.cms](https://m.economictimes.com/news/international/us/cryptocurrency-exchange-bullish-files-ipo-to-raise-629m-by-offering-over-20-million-shares-check-price-range-and-other-details/articleshow/123104357.cms)

[7] Yahoo Finance: [https://finance.yahoo.com/news/crypto-company-bullish-raise-629m-185748750.html](https://finance.yahoo.com/news/crypto-company-bullish-raise-629m-185748750.html)