Crypto Firm Bullish Seeks to Raise Up to $629M in New York Share Sale

Bullish, operator of the Bullish Exchange and owner of CoinDesk, is set to launch its initial public offering (IPO) on the New York Stock Exchange, aiming to raise up to $629 million. The company plans to offer 20.3 million ordinary shares, priced between $28 and $31 per share. At the high end of this range, Bullish would achieve a $4.2 billion valuation. This IPO follows a trend of crypto firms entering public markets, fueled by a more favorable regulatory environment under the Trump administration.

BlackRock and ARK Investment Management have indicated interest in purchasing up to $200 million in shares at the IPO price. Underwriters also hold an option to purchase an additional 3.045 million shares based on market demand. The IPO proceeds will fund general corporate operations and potential acquisitions. Bullish will trade under the ticker symbol “BLSH.”

The company operates an institutional trading platform offering spot and derivatives trading, along with liquidity services. Its financial performance shows significant volatility. Bullish projects a net income of $106 million to $109 million for the second quarter of 2025, contrasting with a $349 million loss in the first quarter and an $80 million profit for the entirety of 2024.

The company’s financial strength is highlighted by over $3 billion in liquid assets, comprising 24,000 Bitcoin, 12,600 Ether, and over $418 million in cash and stablecoins. This figure also includes funds allocated to decentralized finance protocols, though these amounts are deemed immaterial to the overall total.

This wave of crypto IPOs coincides with a shift in regulatory landscape. The recent passage of the GENIUS Act and the dismissal of legal actions against industry players from the previous administration have created a more positive climate. This regulatory change is mirrored in the market’s performance. Bitcoin’s price is up over 22% this year, trading around $115,000, while the CoinDesk 20 index has seen a 32% increase. Other notable recent entrants to the public markets include Circle and eToro, with BitGo, Grayscale, Kraken, and OKX also reportedly considering similar moves.