TLDR
- Bullish, owner of CoinDesk, plans to raise up to $629 million in NYSE IPO
- Share price range set at $28-$31, potentially valuing the company at $4.2 billion
- BlackRock and ARK Investment Management have shown interest in purchasing up to $200 million worth of shares
- Bullish expanded into crypto media by acquiring CoinDesk for $72.6 million in November 2023
- The IPO comes amid a wave of crypto companies seeking public listings following regulatory progress
Crypto exchange operator and media company Bullish has filed plans for an initial public offering (IPO) that could value the company at up to $4.2 billion. The Cayman Islands-based firm aims to raise between $568 million and $629 million by offering 20.3 million shares priced between $28 and $31 each, according to its updated F-1 filing with the U.S. Securities and Exchange Commission (SEC).
The company plans to list on the New York Stock Exchange under the ticker “BLSH.” If approved, Bullish shares could begin trading as early as August 12, 2025.
Major institutional investors have already shown interest in the offering. Investment accounts managed by subsidiaries of BlackRock and ARK Investment Management have indicated plans to purchase up to $200 million worth of stock at the IPO price.
Bullish operates a digital asset platform designed primarily for institutional clients. The platform is available in more than 50 jurisdictions worldwide, though not in the United States. The company has stated its intention to convert a portion of the IPO proceeds into U.S. dollar-denominated stablecoins.
In November 2023, Bullish expanded its business by acquiring CoinDesk from Digital Currency Group for $72.6 million. CoinDesk has become the world’s second-largest crypto media outlet by readership, with an average of 4.9 million unique monthly viewers in 2024, according to Bullish’s filing.
Wave of Crypto IPOs
Bullish is not alone in its pursuit of a public listing. Several other crypto-focused companies are taking similar steps as the market matures and regulatory clarity improves.
Digital asset custodian BitGo recently filed for a U.S. public offering, though it did not disclose the number of shares or its targeted valuation. Crypto exchange Kraken is reportedly planning to raise $500 million through an IPO that could value the company at approximately $15 billion.
Exchange platform OKX is also said to be preparing for a U.S. IPO after recently relaunching its services in the country. Meanwhile, stablecoin issuer Circle completed one of the most successful crypto stock offerings of the year, adding billions to its market cap following the launch of its CRCL shares.
Before going public, Circle raised its IPO target to nearly $900 million due to strong institutional demand. The company’s successful debut highlights growing investor confidence in the crypto sector.
Financial Picture
Bullish has provided some insights into its financial performance in its SEC filing. The company estimates a net income of between $106 million and $109 million for the second quarter of 2025. This comes after reporting a $349 million loss in the first quarter, following a profit of $80 million for all of 2024.
The company holds more than $3 billion in liquid assets, including 24,000 bitcoin, 12,600 ether, and over $418 million in cash and stablecoins. This total also includes funds supplied to decentralized finance protocols, though Bullish notes these amounts “are not material” to the overall total.
The underwriters of the Bullish IPO have the option to purchase an additional 3.045 million shares, depending on demand. The company plans to use the proceeds for general corporate purposes and potential future acquisitions.
The recent surge in crypto IPO activity coincides with regulatory progress in the United States and growing institutional adoption of digital assets. Last month, U.S. President Donald Trump signed the GENIUS Act, a key piece of stablecoin legislation, into law.
The House of Representatives has also passed two additional bills focused on market structure and anti-CBDC measures ahead of its August recess. This improved regulatory climate has helped boost crypto prices, with Bitcoin up more than 22% this year to around $115,000, while the broader market has gained 32% as measured by the CoinDesk 20 index.
