Cryptocurrency exchange Bullish has priced its initial public offering (IPO) at $37 per share, surpassing the anticipated range of $32 to $33. The pricing gives the company a total market valuation of $5.4 billion as it prepares to debut on the New York Stock Exchange under the ticker symbol “BLSH.”
Bullish plans to raise $1.1 billion through the sale of 30 million shares, a notable increase from the initially proposed 20.3 million shares priced between $28 and $31. The company has also granted underwriters—including JPMorgan, Jefferies, and Citigroup—a 30-day option to sell an additional 4.5 million shares, signaling strong investor demand.
Institutional Interest and Strategic Backing
Major institutional investors, including BlackRock and Cathie Wood’s ARK Investment Management, have expressed interest in acquiring up to $200 million worth of shares. Headquartered in the Cayman Islands, Bullish is led by former New York Stock Exchange President Tom Farley and positions itself as a crypto exchange designed for institutional clients, combining decentralized finance protocols with the security of a centralized platform.
Since its 2021 launch, Bullish’s total trading volume has surpassed $1.25 trillion as of March 31. The company also owns crypto news site CoinDesk, which provides indexes, data, and analytics to the digital assets market.
Context in the Crypto Market
This marks Bullish’s second attempt to go public since its founding four years ago. Backers, including billionaire PayPal co-founder Peter Thiel, aim to capitalize on favorable U.S. regulatory sentiment toward cryptocurrencies, which has bolstered capital market activity this year.
The move follows other high-profile crypto-related market debuts. In June, stablecoin issuer Circle raised over $1 billion in its stock market debut, while trading platforms such as Galaxy Digital and eToro have also transitioned to U.S. exchanges. Additionally, crypto custody startup BitGo and exchange Gemini have filed confidentially for U.S. listings, highlighting growing investor appetite for digital asset platforms.
By successfully pricing its IPO above expectations, Bullish underscores both the rising institutional interest in crypto and the continued expansion of publicly listed digital asset companies.