Bullish to List on NYSE on August 13 2025 With $4.82 Billion Valuation Potential

Bullish, a blockchain-based cryptocurrency exchange and fintech company, is set to list on the New York Stock Exchange (NYSE) on August 13, 2025, under the ticker symbol BLSH. The company is offering 30 million shares at a price range of $32 to $33 per share, representing a potential valuation of up to $4.82 billion [1]. The IPO is notable for its upsized structure and the involvement of prominent underwriters, including J.P. Morgan, Jefferies, Citigroup, and Deutsche Bank [2].

This marks Bullish’s second attempt at a public listing. In 2021, the firm had pursued a SPAC merger with Far Peak Acquisition Corp but terminated the deal in 2022 due to regulatory delays and challenges from the U.S. Securities and Exchange Commission (SEC). The current IPO process appears to be proceeding without such complications, suggesting a more favorable regulatory climate for cryptocurrency firms [4].

The offering has already drawn significant institutional interest, with major investors like BlackRock and ARK Investment Management pledging to purchase over $200 million in shares at the IPO price. These commitments highlight the growing institutional confidence in the crypto sector amid a broader industry resurgence fueled by increased adoption and regulatory clarity [5].

Financial performance data for Bullish has shown a mixed picture. The company reported a net income of $80 million for the fiscal year ending December 2024, but recorded a net loss of $349 million in Q1 2025 [6]. Nevertheless, the firm has generated over $1.25 trillion in trading volume since its launch, demonstrating sustained user activity and market engagement [7].

The timing of the IPO aligns with a broader rebound in the public markets. U.S. IPOs increased by 31% in Q2 2025 compared to Q1, reflecting improved investor sentiment and market conditions [8]. This trend, combined with renewed interest in digital assets, the development of crypto ETFs, and progress in tokenization initiatives, positions Bullish to appeal to a wide range of investors [9].

Bullish aims to bridge the gap between traditional finance and decentralized technology by offering a hybrid platform that combines centralized exchange efficiency with the transparency of decentralized finance (DeFi). The company utilizes blockchain technology and automated market-making to enhance liquidity and reduce trading costs [3].

By aligning traditional financial infrastructure with innovative blockchain-based solutions, Bullish is positioning itself as a strategic player in the evolving digital asset landscape. The firm’s ability to attract institutional backing and navigate regulatory challenges signals its potential to thrive in a maturing market [10].

Sources:

[1] https://hellostake.com/au/blog/stake-updates/bullish-ipo-how-to-buy-bullish-shares