TLDR
- Bullish soars in $1.11B IPO, topping estimates and hitting $5.41B valuation
- Crypto exchange Bullish launches NYSE debut at $37, backed by BlackRock, ARK
- Trump-era policies fuel Bullish’s record IPO amid crypto market resurgence
- Bullish IPO exceeds projections, signaling fresh confidence in public crypto
- Backed by Peter Thiel, Bullish secures $1.11B in bold U.S. market debut
Crypto exchange Bullish has shattered projections with a $1.11 billion IPO, entering U.S. public markets under Trump’s administration. The IPO, priced at $37 per share, surpassed the revised range and pushed Bullish’s valuation to $5.41 billion. The offering signifies expanding confidence in public crypto firms amidst crypto-friendly regulations.
Bullish Achieves Record Valuation with Aggressive Offering
Bullish priced 30 million shares at $37, above its adjusted range of $32 to $33 per share. The IPO, led by JPMorgan, Jefferies, and Citigroup, raised $1.11 billion. The exchange will trade under the ticker “BLSH” on the New York Stock Exchange.
Bullish set to tap the public markets today:
– The offering will raise $1.1 billion from 30 million shares, up from the originally planned 20.3 million shares
– BlackRock and Cathie Wood’s ARK Investment Management have expressed interest in buying up to $200 million of shares… pic.twitter.com/u4xJ6FOquK
— Frank Chaparro (@fintechfrank) August 13, 2025
The strong demand allowed Bullish to upsize its deal just days before final pricing. Bullish filed confidentially in June, then submitted a public registration to the SEC in July. Its previous attempt to go public via SPAC in 2021 failed in 2022.
With this offering, Bullish joins a growing number of public crypto firms leveraging favorable U.S. capital market conditions. Support from top institutions like BlackRock and ARK Invest has boosted momentum. Both groups committed to purchasing up to $200 million worth of shares.
Trump-Era Policies Bolster Crypto Market Listings
Bullish enters public trading during a surge of crypto listings supported by Trump-era policy shifts. Recent legislation, including the GENIUS Act, introduced regulatory clarity for stablecoins and digital asset strategies. These developments have opened pathways for crypto firms to seek public funding.
Crypto IPOs have resurged after a prolonged market drought, driven by policy and improving market sentiment. Bullish capitalized on this environment with a bold pricing strategy and increased offering size. The outcome reflects renewed enthusiasm around regulated crypto market access.
Bullish also joins a trend of public firms integrating crypto into their business strategies. Several companies are exploring treasury diversification using digital assets, including direct holdings, blockchain infrastructure development, and active exchange services.
Bullish Expands Market Presence Through Strategic Positioning
Bullish operates a trading platform offering spot, derivatives, and futures services, with institutional-level tools for digital asset trading. The firm also owns CoinDesk, expanding its role into crypto media and market intelligence. Its leadership under former NYSE president Tom Farley enhances credibility and market access.
By launching on the NYSE, Bullish strengthens visibility and attracts global market participants. Its valuation reflects growing appetite for exposure to digital asset infrastructure. Bullish, backed by Peter Thiel, aims to scale further through innovation and strategic acquisitions.
The timing of Bullish’s IPO highlights increasing confidence in crypto as an investable sector. As regulation matures, more companies may follow Bullish’s model to enter public markets. Bullish now stands at the forefront of this wave, backed by strong demand and regulatory momentum.
