TLDR
- Bullish plans to raise up to $629 million through an IPO on the New York Stock Exchange, pricing shares between $28-$31
- The crypto exchange and CoinDesk owner could be valued at $4.2 billion at the top of the price range
- BlackRock and ARK Investment Management have expressed interest in purchasing up to $200 million worth of shares
- The company holds over $3 billion in liquid assets including 24,000 bitcoin and 12,600 ether
- Bullish joins a wave of crypto companies going public since Trump took office, including Circle and eToro
Bullish, the cryptocurrency exchange operator that owns media outlet CoinDesk, has filed to raise up to $629 million in an initial public offering on the New York Stock Exchange. The Cayman Islands-based company plans to sell 20.3 million shares priced between $28 and $31 each.
At the top end of the pricing range, Bullish would achieve a valuation of approximately $4.2 billion. The company plans to trade under the ticker symbol “BLSH” and could begin trading as early as August 12 if the IPO receives approval.
The offering has already attracted interest from major institutional investors. Investment funds managed by BlackRock and ARK Investment Management have indicated they want to purchase up to $200 million worth of shares at the IPO price. The underwriters also have an option to purchase an additional 3.045 million shares depending on market demand.
Bullish operates a digital asset trading platform designed for institutional clients across more than 50 jurisdictions, excluding the United States. The platform offers spot and derivatives trading along with liquidity services. The company expanded into crypto media in November 2023 by acquiring CoinDesk from Digital Currency Group for $72.6 million.
CoinDesk ranks as the world’s second-largest crypto media outlet by readership. According to Bullish’s SEC filing, the publication averaged 4.9 million unique monthly viewers in 2024.
Strong Financial Position
The company disclosed holding more than $3 billion in liquid assets in its filing. This includes 24,000 bitcoin, 12,600 ether, and over $418 million in cash and stablecoins. The total also includes funds supplied to decentralized finance protocols, though Bullish stated these amounts are not material to the overall figure.
Bullish provided a net income estimate of between $106 million and $109 million for the second quarter. However, the company reported a $349 million loss in the first quarter after posting an $80 million profit for all of 2024.
Crypto IPO Wave
Bullish joins several crypto-focused companies pursuing public listings in recent months. Circle, the issuer of USDC stablecoin, went public in June and added billions to its market cap. Israeli social trading platform eToro also completed its public offering this year.
Digital asset custodian BitGo filed for a US public offering in July without disclosing share numbers or target valuation. Reports suggest crypto exchange Kraken is planning to raise $500 million through an IPO that could value the company at about $15 billion. Exchange OKX is also reportedly preparing for a US IPO after relaunching services in the country.
The surge in crypto IPO activity follows improved regulatory conditions under the Trump administration. President Trump signed the GENIUS Act stablecoin legislation into law last month. The House of Representatives also passed two bills focused on market structure and anti-CBDC measures ahead of its August recess.
Bullish intends to use IPO proceeds for general corporate purposes and potential future acquisitions. The company also plans to convert a portion of the proceeds into US dollar-denominated stablecoins according to its SEC filing.
