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August 13, 2025
Bullish IPO: Bullish (BLSH), the cryptocurrency exchange operator, is preparing to go public on Wednesday with a valuation topping $5 billion.
It’s another sign that the IPO market is enjoying a strong summer. The company runs a crypto exchange and also owns the well-known publication CoinDesk.
On Tuesday, it revealed an IPO price of $37 per share—well above its earlier estimate of $32 to $33. This marks its second attempt to step into the public markets.
Back in 2021, Bullish tried to go public through a SPAC deal that would have valued it at $9 billion.
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The plan fell apart after regulators took a closer look, and the company pulled its registration.
Now, Bullish has raised its IPO price range for the second time. The latest estimate of $32 to $33 per share was already up from an earlier $28 to $31 range.
With 30 million shares on the table, the $37 price tag will generate about $1.1 billion and put the fintech’s valuation at $5.41 billion.
The company aims to tap into the momentum created by recent standout debuts, including Figma (FIG) and Circle (CRCL).
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Its listing adds to the growing evidence that the IPO market is thriving again after a few challenging years for investors.
By Wednesday, 2025 had already seen 133 IPOs priced at over $50 million each.
That’s an increase of more than 58% from the same point last year, according to data from IPO tracker and ETF provider Renaissance Capital.
Bullish has already caught the attention of big institutional investors ahead of its IPO. Securities filings reveal that BlackRock and Cathie Wood’s Ark Invest are eyeing up to $200 million worth of shares in the deal.
“We’re choosing to go public now because we see the digital assets industry entering a new stage of growth,” said CEO Thomas Farley, the former COO and president of the NYSE Group, in a letter to investors.
“I see the digital assets industry reaching a pivotal moment for institutional adoption. Bullish sits right at the center of that change.
Our market model is compliant, built for institutions, and proven to work. We’re proud to introduce this trusted approach to the world of crypto,” the company said.
Bullish’s flagship operation is the Bullish Exchange, a spot and derivatives platform tailored for large-scale institutional clients.
In the first quarter, it handled an average of $2.6 billion in daily trading volume, according to its prospectus.
Bullish is riding the momentum of a stellar year for fintech IPOs. In June, USDC stablecoin issuer Circle Internet Group made its market debut, soaring 168% on day one.
The stock has since eased from those highs but still trades more than 130% above its starting price. Figma, the design software giant, delivered an even bigger splash in late July.
Shares jumped over 250% in their first day before settling down, now holding just above a 2% gain since launch.
AI infrastructure provider CoreWeave (CRWV) has surged more than 280% since launching in March. Galaxy Digital (GLXY), a blockchain and digital asset services company, has gained over 18% since its May debut.
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Bullish, too, is gaining momentum from the strong cryptocurrency rally this year.
Bitcoin (BTC-USD) has risen more than 28% since January. Ethereum (ETH-USD) is ahead by over 40%. Ripple’s XRP (XRP-USD) has jumped more than 57%.
Bullish’s debut adds to the evidence that Wall Street’s bleak outlook for the 2025 IPO market missed the mark.
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