Bullish IPO Raises $1.11 Billion Valued at $5.4 Billion

Bullish, a cryptocurrency exchange and parent company of CoinDesk, made a landmark debut on the New York Stock Exchange, raising $1.11 billion through its initial public offering (IPO) and achieving a market valuation of $5.4 billion [1]. The IPO price of $37 per share exceeded the anticipated range of $32 to $33, reflecting robust investor demand. Shares surged during the listing, with an intraday high of $118, representing a 218% increase from the IPO price [2]. The offering was upsized from 20.3 million to 30 million shares, and the IPO was oversubscribed over 20 times, led by underwriters including JPMorgan, Jefferies, and Citigroup [3].

Bullish’s strategy has centered on institutional clients, distinguishing it from more retail-focused exchanges like Coinbase. The company offers spot trading, margin trading, and crypto derivatives, targeting the stable and recurring revenue stream that institutional investors provide. High-profile investors such as Peter Thiel and major institutional firms including BlackRock and ARK Invest expressed support by committing to purchase up to $200 million worth of shares [4]. CEO Tom Farley, a of the NYSE, brings traditional financial expertise to the company, enhancing its credibility and regulatory approach [5].

The IPO’s success coincided with broader regulatory developments in the U.S. Bullish is nearing completion of its two-year effort to obtain a New York BitLicense, a key regulatory milestone for crypto firms operating in the state. Additionally, President Trump’s signing of the Genius Act has contributed to regulatory clarity, particularly in the stablecoin sector, which aligns with Bullish’s strategic direction to convert a significant portion of its IPO proceeds into stablecoins [6].

The company plans to leverage the strong market environment to further solidify its position in the crypto space. With trading volume increasing from $72.7 billion in 2022 to an estimated $250 billion in 2024, Bullish has demonstrated growth potential despite facing competition from platforms such as Binance and Coinbase [7]. However, the firm reported a loss in Q1 2025, though it expects to achieve a profit range of $106 million to $109 million in Q2 [8].

Bullish’s IPO reflects a broader trend in the crypto sector, with increased institutional interest and regulatory progress contributing to a more mature market environment. Following Bullish’s listing, other crypto firms such as Gemini and Grayscale have filed for public offerings, suggesting a growing appetite for traditional capital market access among blockchain businesses [9]. The company’s success may serve as a catalyst for more crypto firms to pursue public listings, further integrating digital assets into mainstream finance [10].

Sources:

[1] https://www.reuters.com/business/finance/crypto-exchange-bullish-valued-nearly-132-billion-blowout-nyse-debut-2025-08-13/

[2] https://www.ainvest.com/news/bullish-shares-surge-150-nyse-debut-driven-institutional-focus-crypto-optimism-2508/

[3] https://www.indmoney.com/blog/us-stocks/bullish-stock-jumps-90-after-ipo-listing

[4] https://yellow.com/news/crypto-exchange-bullish-soars-150-in-dollar132-billion-nyse-debut