TLDR
- Bullish raised its IPO target to $990 million, up from $629 million initially planned
- The crypto exchange now plans to sell 30 million shares at $32-$33 each
- BlackRock and Ark Invest have expressed interest to buy $200 million worth of shares
- At the top of the new range, Bullish would be valued at $4.8 billion
- The IPO is being led by major banks including JPMorgan, Jefferies, and Citigroup
Crypto exchange Bullish has increased the size of its planned initial public offering (IPO) to $990 million, aiming to capitalize on growing investor interest in digital asset companies. The company, which owns crypto news outlet CoinDesk, has raised both the number of shares and the price range for its upcoming market debut.
According to a recent filing with the Securities and Exchange Commission (SEC), Bullish now plans to sell 30 million shares priced between $32 and $33 each. This is a major increase from its previous plan announced on August 4, which targeted selling 20.3 million shares at $28 to $31 each, or about $629 million at the upper end.
The revised offering would value Bullish at approximately $4.8 billion if shares sell at the top of the range. This represents an increase from the previous valuation target of $4.2 billion.
Major financial institutions are backing the offering. Funds managed by BlackRock and Ark Investment Management have expressed interest in purchasing $200 million worth of shares at the IPO price, according to SEC filings.
Wall Street Backs Crypto Push
The IPO is being led by Wall Street heavyweights JPMorgan, Jefferies, and Citigroup, highlighting mainstream financial interest in the crypto sector. Bullish plans to list on public markets under the ticker symbol “BLSH.”
The company has shown improving financial performance. Bullish disclosed estimated net income of $106 million to $109 million for the second quarter of 2025, following losses reported in the first quarter of 2025 and fourth quarter of 2024.
This marks another major crypto company seeking to go public as the industry benefits from a clearer regulatory environment and heightened investor interest. The market has also been boosted by recent price increases in leading cryptocurrencies like Bitcoin and Ether.
Market Conditions Favor Crypto IPOs
Bullish is not alone in seeking to tap public markets. Several crypto-focused companies are looking to capitalize on favorable market conditions and strong investor sentiment.
Stablecoin issuer Circle was among the first crypto companies to go public in 2025, debuting in June. Since its IPO, Circle’s share price has risen dramatically, with reports indicating gains of over 90% from its initial offering price.
In its SEC filing, Bullish pointed to increasing activity in digital asset markets and growing adoption by traditional financial institutions as key drivers behind its decision to go public at this time.
Beyond stock offerings, institutional interest in digital assets continues to grow across multiple channels. Recent months have seen strong inflows into spot Bitcoin and Ether exchange-traded funds, while more public companies have added digital assets to their corporate treasuries.
According to data cited in the report, ETFs along with public and private companies collectively hold more than 13.5% of the total Bitcoin supply, demonstrating the growing mainstream adoption of cryptocurrencies.
Bullish expanded its business footprint in November 2023 by acquiring CoinDesk from Digital Currency Group in a $72.6 million deal, adding crypto media to its portfolio alongside its institutional-grade digital asset platform.
The revised IPO target reflects Bullish’s confidence in market conditions and investor appetite for crypto-related equities. The final pricing and allocation of shares will determine whether the company achieves its targeted valuation.
