TLDR
- Crypto exchange Bullish increased its IPO size to $990 million, up from $629 million previously planned
- The company now plans to sell 30 million shares at $32-$33 each, targeting a $4.8 billion valuation
- BlackRock and Ark Invest committed to purchasing $200 million worth of shares at IPO price
- JPMorgan, Jefferies and Citigroup are leading the IPO, with Bullish trading under ticker “BLSH”
- Bullish owns CoinDesk and reported estimated net income of $106-$109 million for Q2 2025
Crypto exchange Bullish has increased its initial public offering target by more than 50% to $990 million. The company filed updated documents with the Securities and Exchange Commission on Monday.
Bullish now plans to sell 30 million shares priced between $32 and $33 each. This represents an increase from the previous plan to offer 20.3 million shares at $28 to $31 each.
At the top of the new price range, Bullish would achieve a market valuation of $4.8 billion. The previous target valuation was $4.2 billion based on earlier filings from August 4.
Major investment firms BlackRock and Ark Investment Management have expressed interest in purchasing $200 million worth of shares at the IPO price. This commitment was disclosed in earlier SEC filings and provides backing from well-known institutional investors.
The IPO is being led by three major Wall Street banks. JPMorgan, Jefferies and Citigroup are serving as lead underwriters for the offering.
Bullish plans to trade on public markets under the ticker symbol “BLSH.” The company operates an institutional-grade digital asset trading platform for professional investors.
Bullish’s Financial Performance and Media Assets
The exchange reported estimated net income of $106 million to $109 million for the second quarter of 2025. This marks a turnaround from losses reported in the first quarter and fourth quarter of 2024.
Bullish expanded beyond trading services when it acquired CoinDesk in November 2023. The company purchased the crypto news website from Digital Currency Group for $72.6 million.
The timing of the IPO comes as crypto companies seek to capitalize on improved market conditions. Stablecoin issuer Circle completed its own public offering in June 2025.
Circle’s stock has performed well since its debut, rising 93% from its initial trading price. The company now has a market capitalization of approximately $41 billion.
Bullish cited growing institutional adoption of digital assets in its filing. Traditional financial institutions like BlackRock, Fidelity, JPMorgan and Goldman Sachs have increased their crypto-related services.
Market Conditions Support Crypto IPOs
Exchange-traded funds focused on Bitcoin and Ethereum have seen increased investor inflows recently. These products allow traditional investors to gain exposure to cryptocurrencies through regulated investment vehicles.
Public companies have also been adding digital assets to their corporate treasuries. University endowments and pension funds are exploring cryptocurrency investments as well.
According to data from Bitbo, ETFs and public companies now hold more than 13.5% of the total Bitcoin supply. This institutional ownership represents a shift from earlier years when retail investors dominated crypto markets.
The crypto industry has benefited from clearer regulatory guidance in recent months. This regulatory clarity has helped attract institutional investors who previously avoided the space due to uncertainty.
Bitcoin and Ethereum prices have risen substantially in recent months, creating favorable conditions for crypto-related companies to go public. Higher asset prices typically increase trading volumes and revenue for exchanges like Bullish.
The company’s updated IPO filing reflects confidence in current market conditions and investor appetite for crypto-related stocks.
