Bullish Plans $4.2 Billion IPO Amid Crypto Market Shifts
By: Eva Baxter
Bullish, the innovative institutional crypto exchange, is setting its sights on an ambitious $4.23 billion valuation as it prepares to go public on the New York Stock Exchange. This significant move is backed by tech mogul Peter Thiel and other prestigious investors such as BlackRock and ARK. The initial public offering (IPO) anticipates raising between $568 million and $629 million by offering 20.3 million shares in a price range of $28 to $31 per share. This IPO arrives amidst evolving regulatory landscapes in the United States, as signaled by initiatives like the GENIUS Act, which aims to establish federal guidelines for stablecoins, rejuvenating interest in crypto-related equities.
Under the leadership of former New York Stock Exchange president, Thomas Farley, Bullish has meticulously strategized the allocation of its capital from the IPO, part of which includes the conversion into U.S. dollar-backed stablecoins. This approach mirrors contemporary trends where crypto firms anchor reserves in regulated digital currencies, enhancing market stability and investor confidence. Although Bullish reported a notable $349 million loss in the first quarter of 2025, primarily due to market fluctuations affecting its crypto holdings, the focus remains on the firm’s core profitability and operational fortitude, which are expected to drive long-term investor interest.
Major financial institutions, including J.P. Morgan, Jefferies, and Citigroup, are leading the offering. The timing is particularly propitious, given the broader investor sentiment which is gradually shifting toward substantial, structural investment strategies in the digital asset domain. Bullish’s shares, under the ticker symbol "BLSH," are poised to commence trading imminently, with early estimates suggesting a start date as soon as August 12, pending regulatory approval from the Securities and Exchange Commission (SEC).
This IPO marks a pivotal milestone not only for Bullish but also for the digital exchange sector, as it underscores a wave of robust institutional and retail interest fostered by progressive policy adaptations. These developments cumulatively suggest that while the crypto market continues to experience volatility, its foundational aspects are steadily gaining traction among seasoned investors and regulatory bodies alike.
