Bullish Targets $50B Valuation With Revised IPO Plans

Bullish, a prominent cryptocurrency exchange, is poised to enter the U.S. stock market with an ambitious target of achieving a market valuation of 50 billion dollars. The company, which also owns CoinDesk, a leading cryptocurrency information and data platform, has revised its IPO plans. Initially, the company planned to issue 20-30 million shares at a price range of 28 to 31 dollars per share. However, the revised plan now includes issuing 30 million shares with a price range of 32 to 33 dollars per share. With a total of 150.7 million shares outstanding and a potential IPO price of 33 dollars per share, Bullish's market valuation could reach the targeted 50 billion dollars.

The leadership of Bullish includes a of the Intercontinental Exchange and former head of the New York Stock Exchange, who will serve as the CEO and chairman post-IPO. The company has garnered significant interest from notable investors, including Peter Thiel's Founders Fund and Thiel Capital, which were early backers of Block.one, the blockchain software company that helped establish Bullish. Galaxy Digital, another prominent cryptocurrency company, also holds shares in Bullish. Additionally, BlackRock and ARK Investment Management, led by Cathie Wood, have expressed interest in purchasing up to 2 billion dollars worth of shares within the IPO price range.

Despite reporting a loss in the first quarter of 2025, Bullish anticipates a net profit of 106.1 million to 109.1 million dollars for the second quarter of this year. The company's financial strategy includes holding approximately 20 billion dollars in cryptocurrency assets, primarily Bitcoin, with smaller amounts in Ethereum and stablecoins. This substantial holding could further boost the company's performance if cryptocurrency prices continue to rise.

Bullish's focus on Bitcoin and Ethereum trading may reduce its risk compared to exchanges that rely more heavily on retail trading of smaller cryptocurrencies. The company's institutional client base is expected to provide more stable performance compared to retail trading platforms. As Bitcoin approaches its historical high and institutional funds flow into the market, there is growing optimism about Bullish's long-term prospects. The company's strategic positioning and strong backing from prominent investors and institutions suggest a promising future in the cryptocurrency exchange market.