Bullish Targets Up to $629M in NYSE IPO, Backed by BlackRock and ARK

Crypto firm Bullish plans IPO that could raise up to $629 million, joining a growing list of blockchain companies seeking capital as regulatory sentiment shifts in their favor, Coindesk reported.

The company has filed to list 20.3 million shares on the New York Stock Exchange under the ticker “BLSH” at a price range of $28 to $31. At the top of that range, the offering would be valued Bullish at approximately $4.2 billion, according to its updated F-1 filing with the U.S. Securities and Exchange Commission.

The IPO includes an option for underwriters to purchase an additional 3.045 million shares, which could further boost proceeds. The filing shows that funds managed by BlackRock and ARK Investment Management have indicated interest in purchasing up to $200 million of the stock at the offering price.

IPO Follows Favorable Shift in U.S. Regulations

Bullish’s listing follows a broader trend of digital asset firms entering public markets, a development that has gained momentum under the Trump administration.

The regulatory shift includes the recent passage of the GENIUS Act and the rollback of enforcement actions initiated during the previous presidency.

In recent months, firms like stablecoin issuer Circle and trading platform eToro have gone public, while others, including BitGo and Grayscale, have filed to follow suit. Major exchanges Kraken and OKX are reportedly considering similar moves.

Related: eToro and Circle’s Success Opens Up Crypto Public Listing Gates: Bullish Files for IPO

The Cayman Islands-headquartered Bullish said it will use IPO proceeds for general corporate purposes and possible future acquisitions.

Strong Balance Sheet Despite Recent Loss

According to the filing, Bullish operates an institutional-grade trading platform that offers spot and derivatives trading along with liquidity services.

The company reported a Q2 net income estimate between $106 million and $109 million, an apparent recovery from its $349 million loss in the first quarter. It had posted an $80 million profit for all of 2024.

Bullish also disclosed holding over $3 billion in liquid assets, including 24,000 bitcoin, 12,600 ether, and more than $418 million in cash and stablecoins. A small portion of those funds is allocated to decentralized finance (DeFi) protocols, though the company says those exposures are not material.

Bullish’s IPO arrives as crypto prices climb. Bitcoin has gained more than 1% in the past week, recently trading near $115,000. Bullish joins a class of digital asset firms betting that the public markets—and a redefined U.S. policy stance—will offer a more stable foundation for future growth.