Soaring Crypto Market Sentiment Made Bullish Up Its IPO Size By 60%

The parent company of crypto platform CoinDesk, Bullish, has sharply increased the IPO offering price and fundraising scale, with the potential fundraising amount surging from approximately $629 million to $990 million, a nearly 60% increase, reflecting strong investor interest in crypto companies.

According to documents submitted to the U.S. Securities and Exchange Commission on Monday, Bullish now plans to issue 30 million shares at a price range of $32 to $33 per share. Previously, the company had planned to issue 20.3 million shares at a price range of $28 to $31. Based on the upper end of the new price range, the company's market capitalization will reach about $4.8 billion, a significant increase from the previous $4.2 billion.

Investment accounts managed by subsidiaries of BlackRock and ARK Investment Management have expressed interest in purchasing up to $200 million worth of shares at the IPO price. The IPO is led by JPMorgan, Jefferies, and Citigroup as underwriters, and the company plans to list on the New York Stock Exchange under the ticker “BLSH.”

With the Trump administration's supportive stance toward the crypto industry and the demonstration effect of stablecoin issuer Circle's soaring share price after its IPO in June, more and more crypto companies are choosing to go public through IPOs, SPACs, or reverse mergers.

Institutional Investors Actively Subscribe

Bullish's IPO has drawn attention from heavyweight institutional investors. Documents show that investment account management companies under BlackRock and ARK Investment Management have expressed interest in purchasing up to $200 million worth of shares at the IPO price, providing a strong anchor for the offering.

The company operates a digital asset platform serving institutional clients, covering more than 50 jurisdictions, excluding the United States. In November 2023, Bullish acquired CoinDesk from Digital Currency Group for $72.6 million, expanding into the crypto media space. CoinDesk is the world's second-largest crypto media outlet, with an average of 4.9 million monthly unique visitors in 2024.

The company plans to convert part of the IPO proceeds into U.S. dollar–denominated stablecoins. Bullish had previously announced in 2021 that it planned to go public via a merger with a special purpose acquisition company, which would have valued the combined entity at about $9 billion, but that transaction was canceled in 2022.

Wave of Crypto IPOs Emerges

Bullish is not the only crypto company seeking a public listing. In July, digital asset custodian BitGo also filed for a U.S. public offering, although it did not disclose the number of shares or target valuation.

Reports indicate that crypto exchange Kraken is planning to raise $500 million through an IPO, with a potential valuation of about $15 billion, significantly higher than its previous valuation of about $11 billion. Similar reports suggest that crypto exchange OKX, after recently reentering the U.S. market, is also preparing for a U.S. IPO.

This year's most successful crypto stock offering came from stablecoin issuer Circle. Boosted by strong institutional demand, the company raised its IPO target to nearly \$900 million, and after CRCL shares were listed, its market capitalization increased by several billion dollars.

The recent surge in crypto IPO activity comes amid major progress in the U.S. regulatory environment and growing institutional adoption of digital assets. Last month, Trump signed the key stablecoin legislation, the GENIUS Act, and before adjourning for the August recess, the House of Representatives passed two additional bills focused on market structure and anti-central bank digital currency measures.