Bullish, the owner of the Bullish Exchange crypto platform, said it plans to raise as much as $629 million in its initial public offering (IPO) on the New York Stock Exchange.
The company, which also owns CoinDesk, said it plans to sell 20.3 million ordinary shares with an expected price of $28-$31 per share. At the top end of range, the company would be valued at $4.2 billion, according to the number of outstanding shares mentioned in an amended F-1 document filed with the Securities and Exchange Commission on Monday.
The move sees Bullish join a number of crypto firms entering public markets since President Donald Trump took office after a pro-crypto election campaign. Circle, the company behind the USDC stablecoin, went public in June, as did Israeli social trading platform eToro. Industry majors including BitGo, Grayscale have filed for IPOs as well, while exchanges Kraken and OKX are also said to be mulling similar moves.
Funds managed by BlackRock and ARK Investment Management have shown interest in buying up to $200 million worth of shares at the IPO price, according to the amended F-1 document. The offerings’ underwriters have the option to purchase an additional 3.045 million shares, depending on demand.
The roadshow comes weeks after Cayman Islands-headquartered firm filed its initial F-1 registration with the SEC. The company, which plans to use the ticker “BLSH,” aims to use the IPO proceeds for general corporate purposes and potential future acquisitions.
Bullish runs an institutional trading platform providing spot and derivatives trading as well as liquidity services, according to its filing.
The company provided an net income estimate of between $106 million and $109 million for the second quarter. In the first quarter, it posted a $349 million loss after reporting profit of $80 million for all of 2024.
In the filing, Bullish says it holds more than $3 billion in liquid assets, including 24,000 bitcoin, 12,600 ether and over $418 million in cash and stablecoins. That total, the company said, also includes funds supplied to decentralized finance protocols, although the amounts “are not material” to the overall total.
The wave of IPOs comes after the Trump administration provided the industry a long-sought favorable regulatory climate. That includes the GENIUS Act being signed into law last month, and a series of legal actions brought during the previous administration against leading industry participants being dropped.
The improved regulatory climate has helped prices soar. Bitcoin
is up more than 22% this year to trade around $115,000 while the broader market, measured through the CoinDesk 20 (CD20) index, has gained 32%.
UPDATE (Aug. 4, 14:28 UTC): Adds valuation in second paragraph, assets in final paragraph.
UPDATE (Aug. 4, 14:58 UTC): Adds Circle, eToro IPOs in third paragraph, regulatory background, crypt market performance in last two paragraphs.