Bullish Prices IPO at $37, Valuing Crypto Exchange at $5.4 Billion

Bullish has priced its initial public offering (IPO) at $37 per share, topping earlier expectations of $32 to $33, giving the cryptocurrency exchange a market capitalization of $5.4 billion.

Key Takeaways:

• Bullish priced its IPO at $37 per share, valuing the exchange at $5.4 billion and raising $1.1 billion.
• Trading will start on the NYSE under the ticker “BLSH,” with BlackRock and ARK eyeing up to $200 million in shares.
• The listing follows a wave of 2025 crypto IPOs, including Circle, eToro, Galaxy Digital, and Gemini.

The deal will raise $1.1 billion through the sale of 30 million shares, an increase from the 20.3 million shares initially planned at $28 to $31 per share, reflecting strong investor demand, according to a report by CNBC.

The underwriters, JPMorgan, Jefferies, and Citigroup, have a 30-day option to purchase an additional 4.5 million shares.

Trading will begin on the New York Stock Exchange under the ticker “BLSH.”

BlackRock and ARK Investment Management, led by Cathie Wood, have expressed interest in acquiring up to $200 million worth of shares.

Headquartered in the Cayman Islands and led by former NYSE President Tom Farley, Bullish targets institutional investors, combining decentralized finance protocols with centralized security.

Since launching in 2021, it has processed over $1.25 trillion in total trading volume as of March 31. The company also owns CoinDesk, a crypto media outlet that operates market indexes, analytics, and data services.

This marks Bullish’s second attempt to list publicly since its inception four years ago.

Backers, including billionaire PayPal co-founder Peter Thiel, are betting on favorable market conditions and a U.S. administration supportive of the crypto industry.

Bullish $BLSH IPO Tomorrow: (tldr)

– $37 per share (30 million shares total)

– BlackRock & ARK Investment plans to purchase up to $200 million in shares

– Backed by Peter Thiel

– They hold 24,000 BTC, 12,600 ETH, and $400 million in stablecoins pic.twitter.com/1scCVfcVQB

The listing comes amid renewed momentum for crypto-related public offerings.

The digital asset space has seen several notable public listings in 2025. Stablecoin issuer Circle made a splash with its IPO in June, surging more than sevenfold since going public.

Online trading platform Etoro, which offers crypto trading among its services, debuted in May.

In addition, Galaxy Digital, led by Mike Novogratz, moved its listing from the Toronto Stock Exchange to Nasdaq earlier this year.

Gemini, the exchange founded by the Winklevoss twins, filed confidentially for a U.S. IPO in June, signaling strong market confidence in crypto exchanges going public.

The Trump administration advanced its pro-crypto agenda this week with a series of policy and regulatory moves.

President Trump signed an executive order urging regulators to remove barriers that prevent 401(k) plans from including alternative assets such as cryptocurrencies.

If implemented, the reforms could allow millions of Americans to allocate retirement funds to Bitcoin and other digital assets through regulated channels.

Trump also nominated economist Stephen Miran, a digital asset advocate, to the Federal Reserve Board of Governors, signaling continuity in his administration’s pro-crypto stance.

The announcement coincided with Bitcoin climbing back above $117,000, highlighting the link between policy developments and market sentiment.

In a separate executive order, Trump moved to end “debanking” practices that target lawful crypto firms.

The Blockchain Association praised the measures as a “historic shift” that would expand consumer choice, empower wealth-building, and reduce operational barriers for blockchain businesses.

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