Brendan Blumer, Chairman of Bullish, and Tom Farley, CEO of Bullish, pose collectively throughout the IPO of Bullish, a cryptocurrency alternate operator, on the New York Inventory Alternate (NYSE) in New York Metropolis, U.S., August 13, 2025.
Brendan McDermid | Reuters
Cryptocurrency alternate Bullish has priced its preliminary public providing at $37 per share, above the anticipated vary of $32 to $33 and giving it a complete market worth of $5.4 billion.
The corporate will elevate $1.1 billion within the providing of 30 million shares. In a measure of elevated investor urge for food, Bullish expanded the variety of shares offered within the IPO from 20.3 million, which have been initially proposed to be offered at between $28 and $31 a share.
Bullish granted its underwriters, led by JPMorgan, Jefferies and Citigroup, a 30-day choice to promote an extra 4.5 million shares. Bullish shares will commerce on the New York Inventory Alternate below ticker image “BLSH.”
BlackRock and Cathie Wooden’s Ark Funding Administration have indicated curiosity in buying as much as $200 million of the shares.
Bullish, which is led by former New York Inventory Alternate President Tom Farley and headquartered within the Cayman Islands, is a cryptocurrency alternate that is geared towards institutional buyers and brings collectively decentralized finance protocols with the safety of a centralized firm.
Since its launch in 2021, whole buying and selling quantity on the Bullish platform exceeded $1.25 trillion as of March 31.
Bullish additionally owns the crypto information web site CoinDesk, which incorporates crypto indexes, information and analytics.
That is the second try by Bullish to go public within the 4 years because it was launched. Backers, together with billionaire PayPal co-founder Peter Thiel, want to reap the benefits of the Trump administration’s favorable angle towards crypto, which has invigorated capital markets this yr.
In June, stablecoin issuer Circle made a extremely profitable inventory market debut, elevating greater than $1 billion. That adopted the switch to Nasdaq (from Toronto) of Mike Novogratz’s Galaxy Digital and inventory and crypto buying and selling app eToro‘s IPO that valued it at $5.4 billion. Crypto custody startup BitGo and crypto alternate Gemini have additionally confidentially filed for U.S. listings.
— CNBC’s Nick Wells contributed reporting.