Cryptocurrency Trading Platform Expands Initial Public Offering in Anticipation of Stock Market Debut on Wednesday
In a significant move for the cryptocurrency industry, Bullish, a leading cryptocurrency exchange, has expanded its Initial Public Offering (IPO). The underwriting syndicate for the offering includes JP Morgan, Jefferies, and Citigroup, with the institutions BlackRock and ARK Investment Management expressing interest in acquiring up to $200 million worth of shares at the IPO price.
The renewed Wall Street enthusiasm for cryptocurrency businesses, driven by regulatory clarity from Washington and Bitcoin's recent surge past $100,000, has played a crucial role in the expanded IPO. Shares will trade on the New York Stock Exchange under the ticker "BLSH," with the offering expected to price Tuesday evening and begin trading on Wednesday.
Bullish, which owns crypto news site CoinDesk following its 2023 acquisition, positions itself as a bridge between traditional finance and digital assets. The company was "conceived to enable institutional adoption of digital assets technology," according to Farley, who led a $10 million NYSE investment in Coinbase in 2014.
The expanded IPO plans to sell 30 million shares priced between $32 and $33 each. The target proceeds for the IPO are up to $990 million, a significant increase from the initial plans. The proposed valuation represents a discount to Bullish's previous $9 billion enterprise value from a failed SPAC merger attempt in 2022.
Despite the challenges faced in 2022, Bullish reported handling $250 billion in digital asset trades in 2024, more than double its 2022 volume of $72.7 billion. The company projects net income of $106 million to $109 million for the second quarter of 2025, a sharp turnaround from a $116.4 million loss in the same period last year.
The IPO is over 20 times oversubscribed, according to Bloomberg, reflecting the growing interest in Bullish and the broader cryptocurrency market. As Bullish prepares for its NYSE debut, it continues to solidify its position as a major player in the cryptocurrency industry.
In a statement, Bullish's CEO stated, "We are thrilled to bring our vision of bridging traditional finance and digital assets to the public markets. This IPO is a testament to the growing institutional adoption of digital assets and the potential they hold for the future of finance."
The successful public debut of Circle in June helped pave the way for other crypto companies to access public markets, and Bullish's IPO is seen as another significant step in the maturation of the cryptocurrency industry. As regulatory clarity continues to improve and institutional interest grows, it is likely that we will see more cryptocurrency companies following in Bullish's footsteps.
With the IPO now oversubscribed and the excitement surrounding Bullish's NYSE debut, it remains to be seen how the company will perform in the public markets. However, with a strong underwriting syndicate, a proven track record of growth, and a clear vision for the future, Bullish is well-positioned for success.
