Bullish Joins NYSE Today, And Here Are What You Need To Know About This High-Profile IPO

The cryptocurrency exchange Bullish is gearing up for a high-profile IPO on the New York Stock Exchange, with a maximum fundraising target of $990 million and a valuation nearing $4.8 billion.  

With heavyweight Wall Street players like BlackRock and Cathie Wood's ARK Investment Management placing big bets-and U.S. regulatory sentiment warming-this listing is seen as another bellwether for the crypto capital markets this year.  

Major Price and Volume Hike as Institutional Demand Surges  

Bullish's latest SEC filing reveals plans to issue 30 million shares, with underwriters holding a 30-day option to sell an additional 4.5 million shares. The price range has been set at $32 to $33 per share.  

This marks a significant increase from the initial plan of 20.3 million shares priced between $28 and $31. The expanded offering could push potential proceeds from around $629 million to $990 million-a nearly 60% jump.  

The IPO has drawn strong interest from institutional heavyweights. BlackRock and ARK Investment Management's investment accounts have expressed intent to subscribe for up to $200 million in shares at the offering price, providing a solid cornerstone investment.  

The underwriting syndicate is equally star-studded, led by JPMorgan, Jefferies, and Citigroup.  

From EOS to Bullish: A History of Reinvention

Bullish's story doesn't start from scratch.  

Behind it stands Block.one, a veteran crypto firm that raised over $4 billion in 2017-2018 through the EOS project-the largest ICO in history at the time. EOS tokens once soared to nearly $19 but now trade at just $0.54, underscoring the brutal lifecycle of crypto ventures.  

In its latest filing, Bullish disclosed that Block.one has transferred its remaining shares to a company linked to CEO Brendan Blumer and moved a $500 million loan to a Cayman Islands entity.  

Bullish acknowledges that this history could complicate licensing and approvals in some markets. However, against the backdrop of the U.S. government's growing crypto-friendly stance, this "baggage" appears more like a footnote than a roadblock.  

Bullish primarily serves institutional clients with digital asset trading and liquidity services, operating in over 50 jurisdictions (excluding the U.S.). In November 2023, it acquired crypto media giant CoinDesk for $72.6 million-the industry's second-largest outlet, averaging nearly 4.9 million monthly unique visitors in 2024.  

The prospectus indicates that part of the IPO proceeds will be converted into USD-pegged stablecoins to enhance trading liquidity and platform growth.  

Bullish had previously announced a SPAC merger in 2021, valuing it at $9 billion, but the deal was scrapped in 2022. Now, it's making a comeback via a traditional IPO.  

Crypto IPO Wave Heats Up as Competition Intensifies  

Bullish isn't alone. The crypto IPO pipeline has surged in 2024: stablecoin issuer Circle kicked off the trend by going public in June and raised nearly $900 million amid strong investor demand. This was followed by Mike Novogratz's Galaxy Digital listing on Nasdaq in May, while trading platform eToro recently opened to public trading. The pipeline remains robust, with crypto custodians BitGo and Gemini having already filed for U.S. listings, and major exchanges including Kraken and OKX actively preparing their own IPO plans, signaling growing institutional confidence in the digital asset space.

The momentum follows U.S. policy tailwinds. In July, President Trump signed the GENIUS Act, while Congress passed two additional bills addressing market structure and anti-CBDC measures before recess-easing regulatory hurdles for crypto firms.  

Despite smooth fundraising, Bullish faces fierce competition in the public markets. Established giants like Coinbase and Binance, alongside a wave of low-fee, high-liquidity upstarts, are carving up market share.  

The word "competition" appears 32 times in Bullish's prospectus-a testament to management's acute awareness of the challenges ahead.  

For Bullish, shedding its past is just the first step. The real test lies in carving out a future in an increasingly crowded and price-war-ridden exchange landscape.