Crypto exchange Bullish is moving forward with plans to go public, seeking to raise up to $629.3 million through a U.S. initial public offering (IPO), according to a regulatory filing released Monday. The Cayman Islands-based firm plans to offer 20.3 million shares priced between $28 and $31 apiece, potentially valuing the company at around $4.2 billion.
This IPO effort reflects a broader wave of renewed optimism in the crypto industry, as favorable U.S. regulatory signals and a string of successful market entries—such as Circle’s IPO in June, which surged up to 750%—fuel investor interest.
Bullish, led by former New York Stock Exchange president Tom Farley, specializes in institutional crypto trading. While its platform offers spot, margin, and derivatives products, only spot trading is currently available in the U.S. The company also supports stablecoin issuers with liquidity services and expanded its footprint in 2023 by acquiring crypto media outlet CoinDesk for $72.6 million.
This isn’t Bullish’s first attempt at a public debut. A previous SPAC merger plan in 2021, which aimed for a $9 billion valuation, was called off in 2022. Today, the firm is backed by heavyweight investors including co-founder Brendan Blumer and board member Kokuei Yuan, though former parent Block.one reduced its stake below 50% in July 2024.
Despite its ambitious goals, Bullish reported a $348.6 million net loss on $80.2 million in digital-asset sales in Q1 2025—a sharp reversal from $104.8 million in net income during the same period last year.
The IPO is being underwritten by JPMorgan, Jefferies, and Citigroup, and Bullish intends to list on the New York Stock Exchange under the ticker symbol BLSH.
As crypto markets evolve and institutional interest grows, Bullish’s IPO could serve as a key barometer for investor confidence in the sector’s next chapter.
