Bullish, which operates a digital exchange for cryptocurrency, announced terms for its IPO on Monday.
The Cayman Islands-based company plans to raise $599 million by offering 20.3 million shares at a price range of $28 to $31. Certain investors have indicated on $200 million worth of shares in the offering (33% of the deal). At the midpoint of the proposed range, Bullish would command a fully diluted market value of $4.3 billion.
Bullish is an institutionally focused global digital asset platform that provides market infrastructure and information services. Operating under the brands "Bullish" and "CoinDesk," the company provides several distinct but complementary services that span the digital assets industry: Trading and Liquidity Infrastructure (branded as Bullish Exchange), and Information Services (branded as CoinDesk), which includes Indices, Data, and Insights. Bullish Exchange's total trading volume since launch has exceeded $1.25 trillion as of March 31, 2025.
Bullish was founded in 2020 and booked $167 million in revenue for the 12 months ended March 31, 2025. It plans to list on the NYSE under the symbol BLSH. J.P. Morgan, Jefferies, Citi, Cantor Fitzgerald, Deutsche Bank, and Societe Generale are the joint bookrunners on the deal. It is expected to price during the week of August 11, 2025.
